In June 2015, Mondo launched a mobile app for both iOS and Android phones. The app provided instant notifications to customers. It also allowed the customers to view their transactions history, categorize their transactions, mark expenses, and get an overview of their spending habits. To create this app, the bank took the help of a web-based list-making application, Trello . Blomfield stated, “Monzo is trying to build a ‘home screen app’ that helps you live your life. We then link into all of the other parts of life that impact your finances. If you bought dinner for friends last night, we can automatically help you split the bill and remind people to pay you. If you’re saving for a holiday or wedding, we can send you little “nudges” to make it effortless.” ..

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INNOVATIVE OFFERINGS FOR MILLENNIALS

In October 2016, Monzo launched a new feature, Targets, for all Monzo iOS users to help them track and manage their spending. It allowed the users to set their own spending targets per category per month, and to personalize their spending. Once the user had set up his/her Targets, Monzo sent them notifications to warn them if they were spending too fast. As they neared their limits, the bars changed from green to orange and then to red, and they got notifications when their limits were likely to be crossed. It also allowed the users to set Targets at any time to suit their lifestyle or plans for the upcoming month. At the end of each month, the bank provided a spending report to the users detailing exactly what they had spent so that they could use this to change their Targets for the next month and track the expenditure

THE ROAD AHEAD

According to a recent study by Moneysupermarket.com Group PLC (Money Supermarket) , as of 2018, the awareness level for the Monzo brand among people was 10% while for its competitor Atom Bank plc. (Atom Bank), it was 19%. So, creating awareness among customers could be a challenge for Monzo.

EXHIBITS

Exhibit I:Comparison of Prepaid Monzo Card and New, Upgraded Monzo Current Account
Exhibit II: Features of Different Types of Pots
Exhibit III: Details of Monzo’s Competitors