When the makers of Back to the Future imagined today’s world 30 years ago, they really got their creative juices flowing. There were things they got right – like video calls from your TV and 3D movies, and there were things they got very wrong too. So when 21st of October 2015 finally came around, everybody’s focus was on how we don’t have hover boards, flying cars or tiny pizzas that expand in the oven to feed the whole family. However, they were things.
In reality, the way we think about innovation is much more groundbreaking than the physical things that represent them. Take the sharing economy. There’s nothing new about renting holiday apartments, but the idea that you could share your own place for some extra income with holidaymakers from around the world is a global trend built entirely on a new way of thinking.
Another great example is banking. In its essence, the product Monese offers is quite simple – it’s a banking account for you to be able to hold your money on, safe and sound, make online transactions and card payments anywhere in the world with your debit card. But the way we’re thinking about it is very different from the banks.
We’re thinking in terms of accessibility, rather than offering a full spectrum of banking services. That’s why we don’t offer credit or loans, as they would require us to consider our customers’ credit score before giving them access to Monese. But we believe this sets unnecessary barriers. We’re also thinking in terms of cost, rather than the need to have a Monese banking branch on every street corner. Not only does not having physical branches drive down the cost of our services, but your branch is literally in your pocket 24/7 in the form of our handy mobile app.
And how can we do it? Well, the truth is, it’s because of you. We can think differently, because you – our customers – are also thinking differently. It’s been just over a month since we introduced Monese to the world and we have no doubt anymore that ease of access, speed and low cost are more important to you than a personal bank manager.
If you’ve been wondering how it’s possible to open a banking account regardless of your citizenship in under 3 minutes with Monese, Business Insider published the magic tricks we use. Read the full article here.