THE CHALLENGER BANKS ARE COMING FAST
MOBILE PAYMENTS
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THE CHALLENGER BANKS ARE COMING FAST
Monzo and nimbler organisations like Tide are already making business banking more competitive . The recent funding from RBS ’ alternative remedies package has helped more players enter the business banking space . Competition is healthy for customers and will help to promote positive change .
Monzo trialled 100 business bank accounts earlier this year , and is rolling out more as a result . This is unsurprising : Monzo has created a great product by taking an iterative approach to experience design and considering the needs of end users across every touchpoint . Monzo ’ s success in retail banking comes from its culture which retains a relentless focus on customers , including them in the design of new features and services .
Other challengers such as Anna , Tide and Coconut have introduced their own business banking services with varying degrees of success . Fundamentally , Monzo nails the right ingredients and methods at an organisational level ( i . e . people and approach ) to tackle business banking ’ s problems from
JUNE 2019