Well, it's not a bank, yet. Their banking license restrictions could be lifted next year. That said if they are successful it will probably go a long way towa

Well, it's not a bank, yet. Their banking license restrictions could be lifted next year. That said if they are successful it will probably go a long way towards disrupting the customer experience of retail banking. The banks will be able to compete with this, but having something like this to model their improved experience on is good for them and good for customers in general. I am, however, a bit cynical about this. I think if Monzo takes off they will hit a hurdle or event along the way that can sink the company. Most fintech companies are overly vulnerable to making the same mistakes as most banks made many decades ago. In the end it will probably mean they will get salvaged by being bought by a bank. Then the customer experience won't improve so fast any more, while the back end and processes are being made robust to allow it to remain in business long term. The culture in the company will also change to be somewhat more, uhm, traditional and boring. The result will still be that the customer experience has been pushed forward in general and that is a good thing.