3 ms·

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in

by cmdkeen 11y ago

Disclaimer: I'm seriously considering investing in this. There was a very good talk about their back end infrastructure at NDC London that makes me confident in their tech chops. Some of the value add concepts on their website look really useful for attracting customers. Crucially I'm aware of just how much legacy cruft is holding back more established retail banks. In the same way that things like newer airlines can offer much better customer service at cheaper rates than the established competition Mondo seems to have real potential to disrupt and innovate. Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit. Finally banking has a pretty high barrier to entry, Mondo seems to have the backing and management experience to get a licence. However it isn't something that loads of Uber for X types or Samwer-esque clones can spring up overnight.

boothead 11y ago
Got a link to the talk/slides? As someone who works in a bank I'd be really interested what a truly green field approach looks like!
- cmdkeen 11y ago
  Slides are at https://speakerdeck.com/mattheath/handing-failure-in-microservice-architectures https://speakerdeck.com/mattheath/handing-failure-in-microse... Sadly not many of the videos are up yet. I'm pretty certain they were recording all of the sessions so they should be coming at some point via NDC.
- jhuckestein 11y ago
  Here's a video from a similar talk at Golang UK: https://www.youtube.com/watch?v=cFJkLfujOts https://www.youtube.com/watch?v=cFJkLfujOts
- deleted 11y ago
  [deleted]
easytiger 11y ago
> Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit. If they are operating as a retail bank they will have the same regulatory constraints. I recall a previous attempt to create a bank was dropped after a basic set up of the legal framework to meet the regulatory requirments was estimated at £50million
- grabeh 11y ago
  To encourage competition in the space, the UK recently reduced certain capital requirements in relation to banking start-ups, compared to established banks. This article has some good background: http://www.bloomberg.com/news/articles/2015-08-18/mondo-s-ceo-wants-to-build-a-bank-for-people-who-hate-banks http://www.bloomberg.com/news/articles/2015-08-18/mondo-s-ce...
blibble 11y ago
> However it isn't something that loads of Uber for X types or Samwer-esque clones can spring up overnight. they are springing up overnight, there's already 5 or so in the same exact category (Atom, Starling come directly to mind). the first few are taking on all the risk, once it's seen that the FCA will approve a project like this then you'll get a load more springing up overnight

by cmdkeen 11y ago

boothead 11y ago

Got a link to the talk/slides? As someone who works in a bank I'd be really interested what a truly green field approach looks like!

cmdkeen 11y ago
Slides are at https://speakerdeck.com/mattheath/handing-failure-in-microservice-architectures https://speakerdeck.com/mattheath/handing-failure-in-microse... Sadly not many of the videos are up yet. I'm pretty certain they were recording all of the sessions so they should be coming at some point via NDC.
jhuckestein 11y ago
Here's a video from a similar talk at Golang UK: https://www.youtube.com/watch?v=cFJkLfujOts https://www.youtube.com/watch?v=cFJkLfujOts
deleted 11y ago
[deleted]

easytiger 11y ago

> Plus there is a still a significant anti-banker mood where being a retail only operation could be of significant benefit. If they are operating as a retail bank they will have the same regulatory constraints. I recall a previous attempt to create a bank was dropped after a basic set up of the legal framework to meet the regulatory requirments was estimated at £50million

grabeh 11y ago
To encourage competition in the space, the UK recently reduced certain capital requirements in relation to banking start-ups, compared to established banks. This article has some good background: http://www.bloomberg.com/news/articles/2015-08-18/mondo-s-ceo-wants-to-build-a-bank-for-people-who-hate-banks http://www.bloomberg.com/news/articles/2015-08-18/mondo-s-ce...

blibble 11y ago

> However it isn't something that loads of Uber for X types or Samwer-esque clones can spring up overnight. they are springing up overnight, there's already 5 or so in the same exact category (Atom, Starling come directly to mind). the first few are taking on all the risk, once it's seen that the FCA will approve a project like this then you'll get a load more springing up overnight