The Financial Technology (FinTech) market is booming right now, and it’s very exciting. Almost every other aspect of our daily lives can be managed online to a greater extent than banking can, so it’s great news for everybody that banking is becoming more accessible, affordable and transparent. But here’s a question: Have you ever wondered why the majority of financial innovation is coming from tech companies and not from banks? Here’s why.
We are more agile
We’ve talked about high street banks’ legacy systems in our previous blog posts. In short, the systems that are still largely in use in high street banks today were built decades ago and are therefore unable to support the level of technical solutions that the customers have come to expect in other industries. That’s where the tech companies have an edge – we build our systems from scratch, integrating latest technical solutions. We know that no technology is going to last forever so the systems are built for continuous improvements from the start.
We put the customer first
The main reason for taking on any challenge is wanting to solve a problem. And undoubtedly one of the major problems of the financial industry is the lack of customer centricity. Slow service, opaque fees and poor access are just some of the issues the FinTech challengers have set out to solve, and we are doing so by putting the customer front and centre and building the service around the people, and not the idea itself. Because without the customer, there is no business.
We combine the best of both worlds
Monese is licensed by the UK Financial Conduct Authority as an Electronic Money Institution. Although our operations are overseen by the FCA, we’re not a bank, and there are some huge benefits to not being one. We keep our customers’ money safe and sound at strong European banks, but we get to build our own systems that let you open an account within minutes, even if you don’t have a UK address, and help you stay on top of your finances with ease. Our modern systems add a 21st century layer of security to our services, because we use the latest technologies to make sure your data and funds are always highly protected. Because we don’t have to operate costly branches, we can offer our services for a fraction of the cost of the same services at high street banks. We have no monthly charges or signup fees, and can offer a number of free payments too. And trust us, our mobile app looks so good and is so intuitive to use, you will have to look twice.
We are excited to see so much forward movement in the financial industry towards better, more open and honest services and we are very proud to be contributing to the change.
We launch this summer and we want you to be the first to know about it! Secure your invite now at www.monese.com.