5 ms·
Seems like a particularly poor article. The title is an unsubstantiated claim based on the author's passion project, rather than any sort of real analysis. Ok,
by _lex 11y ago
Seems like a particularly poor article. The title is an unsubstantiated claim based on the author's passion project, rather than any sort of real analysis. Ok, so banks do loss-leaders and cross sell. SO does your supermarket, payroll provider, and many, many other businesses. Yes, that means that the things they cross sell will be more expensive because they have to subsidize other parts of the business - but without that entry point to the customer, they'd be paying google and all sort of other marketing companies to deliver customers for each segment of the business - and they'd have to overcharge to fund that marketing as well.
Or if the argument is that he plans to charge fairly for each bit of the ecosystem, he's about to learn some hard lessons in strategy.
To the author: I hope everything works out for you - but do some research first; you're underestimating your competition.
- raesene4 11y agoI'm not sure I'd class Mondo as a "passion Project" they're a company with a product in alpha (payment card) and in the process of getting FCA accreditation, which requires quite a bit of work to get started on... As to whether their vision of financial services takes off, I think that remains to be seen, but it's very interesting to see the large number of new banks starting up in the UK market which has previously been dominated by a few large players.
- alexbilbie 11y agoAside from Mondo and Atom Bank who else is there?
- deleted 11y ago[deleted]
- raesene4 11y agoThere's quite a crop, some of the ones I've seen so far - Starling http://starlingbank.co.uk/ http://starlingbank.co.uk/ - Tandem https://tandem.co.uk/ https://tandem.co.uk/ - Loot https://loot.io/ https://loot.io/ - Fidor https://www.fidorbank.uk/ https://www.fidorbank.uk/ - Metro (been around a bit longer but still relatively new) https://www.metrobankonline.co.uk/ https://www.metrobankonline.co.uk/ - Aldermore http://www.aldermore.co.uk/ http://www.aldermore.co.uk/
- ultimatejman 11y agoand Moven https://www.moven.com/ https://www.moven.com/ - Curve http://www.imaginecurve.com/ http://www.imaginecurve.com/ Osper (kids bank) http://www.osper.com/ http://www.osper.com/ - Secco http://www.seccobank.com/ http://www.seccobank.com/ granted, osper, moven and curve are not much more than prepaid cards
- iaskwhy 11y agoI have been a client of MetroBank since a few years ago and just love it. My recent experience with Aldermore has also been nice. Anyone tried any of the others?
- aembleton 11y agoI was very happy with MetroBank until I moved away from London; they don't have a branch in Manchester yet. Also, their debit card now charges for purchases outside of Europe so they would charge me for AWS purchases. Now I'm with Halifax; the customer service is no where near as good, but at least I have a Mastercard with free foreign currency transactions.
- mst 11y agoMy Halifax branch staff have always been wonderful; fortunately for me, said branch is five minutes' walk from my office so I can basically go via there when walking into town to scavenge lunch. Otherwise, yeah, YMMV.
- krmmalik 11y agoFFREES and Monese. Although Mondo looks like it will be the most slick and feature rich
- _lex 11y agoI'd hope he's passionate about his business. I think you may have thought that I meant passion project as in "small, unimportant thing he's passionate about". I meant "thing he's passionate about". I think YC is probably sama's passion project.