Marginally better banking
A few years after ‘bank account in an app,’ 'challenger banks’ first emerged, I’m finally ready to make one my main account.
I shifted my business account over to Monzo’s beta business account
service last week and I’m 95% happy. They don’t accept international payments yet, making things slightly less convenient in that regard, but overall, it’s a much more modern approach to banking than I had before.
My old bank once asked me to fill in a form on a web page, then print it out and post it to them! And that was just to apply for the possibility of doing something they could have done in a minute over the phone if their systems allowed for common sense.
And given I now have my business account with Monzo, I’m tempted to move my main personal current account to them, too.
The new app-centric banks offer better convenience, faster service, and more rapid innovation. Features like being able to allocate savings pots within your main account is useful for budgeting, for example. But I still have a niggling feeling they could be rethinking banking more radically.
I remember about three years ago talking to someone in the tech startup world who thought these challenger banks weren’t different enough. He was right. They still present a list of recent transactions in the same way as a paper bank statement did; they’re not rethinking what a bank account should be from the ground up.
Maybe there’s nothing else a bank account can be, but I doubt it. Surely, they could be reimagined more radically?
That said, I’m quite a keen early adopter of technology, and even I have taken a few years of using Monzo casually before I felt ready to shift a main account over to it. Maybe a truly, radically different bank account would be just too scary for too many people.