Starling, Monzo & others are taking on major banks with a revolutionary new way of banking. There are no branches, all you need is available at the tap of your mobile screen. I’ve been using both bank accounts since 2016 and went "Full Monzo" soon as they launched current accounts.
I’m always sceptical about the whole “we can set up your account in 10mins” but the signup experience is delightful. Gone are the days of searching for a paper water bill under my bed and being sent home because it's too old.
All I need is an ID and the ability to take a selfie then the Ofindo powered artificial and human intelligence software does all the document verification. I was so impressed that when I had a problem all I had to do was load my app and have a chat without answering a billion security questions.
The game changer for me was the fact that I would get a notification that my card was used in a shop before the cashier finished printing the receipt. That’s super fast compared with major banks that make you wait up to 3 days to know the state of your finances. Using my bank card over the weekend has always been an anxiety inducing experience until I tried these new banks. This wasn't the case with these banks, they literally had my account ready to go in minuets thereby winning my goodwill.
Business banking has been another pain point and when I heard Starling were launching business banking I jumped at the opportunity to set one up. At the launch event for business banking I met I met Lucas Johnston, a 17 year old who had just started working at Starling as an engineer. He told me how he was struggling at 6th form a tough home situation and had to make a choice to go to Uni rack up debt or make the leap of faith and start his career now. I was inspired by Starling giving this young man a chance, He tells the story of his journey into tech - He has since built a current account for 16-17 year olds and went on to work for Monzo 👍
As someone who has freelanced for almost a decade there's one part of running a business that has always been a major source of anxiety...Taxes. Coconut have incorporated all that's good about Monzo, Starling and come up with a product that serves freelancers, self-employed people and small business owners that don't want to spend too much time on accounting and tax.
Coconut tracks your spending and income and helps you create invoices, calculate how much tax you owe, advises on what you can claim on expenses and last I heard there are plans to automate the process of paying directly to HMRC through the app. 🤯 I invested in Coconut because I really believe this is the future of business banking! Looking forward to seeing all that's to come!