— Phil Morton , Head of Strategy , Foolproof

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Incumbent banks must not be complacent as they were when startups entered the retail space a few years ago . Thinking that business banking is “ too complex ” or “ too hard ” for Monzo or its peers to impact is wishful thinking . Incumbents must update their internal culture , ways of working , tools , skills and technology while they have a headstart . This means bringing customers to the forefront of everything they do . If they are to be successful in this space , the needs of people ( both customers and employees ) must come first . If incumbents can reform their internal structures and ways of working , they can have a voice in defining the future of business banking . Many have the ingredients , customers and data to do so – what ’ s missing is the right approach . Without commitment of this kind at an organisational level they will see their market share slip away .

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