Mobile is transforming everyday behaviour including how we make, spend and share our money. It is expected that by 2020 the world of finance will be shaped strongly by technology; with non-traditional fintech companies expected to gain significant ground in key markets.
Mobile engagement is at its highest level ever, with people spending approximately three hours a day on their mobile devices, compared to just one hour a day five years ago. Consumers are not only comfortable of with the idea of mobile money, they are actively seeking an intuitive, reliable, safe and fuss free money service. High street banks are failing to provide a service that fits this new diverse customer base; they simply cannot keep up with the innovation culture driven by fintech companies. Consumers are tired of outdated bricks and mortar stores, lost hours when trying to open accounts (or even just trying to contact customer support) and the exorbitant fees and charges for using your money abroad.
A survey conducted by the Economist Intelligence Unit asked senior retail bank execs about their views on the future of banking. Over half of those asked (57%) agreed that more money will flow via fintech firms than traditional banks. This is where Monese steps in by providing the future of mobile money. Monese allows new arrivals to have a current account in the U.K, regardless of citizenship and also plans to allow them to hold multiple currency balances (Euro accounts due 2016), which will help to avoid foreign exchange fees for trips. Leveraging this, it attacks the segment on international remittances, which is 10 times cheaper than traditional bank offerings. The intuitive app gives it’s customer the familiar, yet technologically advanced service they demand, without sacrificing the ability to be fully adaptive and add in new features as and when they are needed.
Its features like this that present one of the biggest thorns in the side for traditional banking. Bound by tradition, rules and regulations, they cannot keep up with the fast changes in fintech.