Fintechs: 4 pointers to secure your own bright future.

The economy and COVID-19

With large swathes of society working from home, schools shuttered, and the entertainment sector shut down, the economy is taking a big hit. We’re quickly diving deep into a big economic shock and long-term recession. International trade and travel have diminished. Supply chains are distorted as factories and borders are closed. Given a decline in demand, plus government measures to protect public health, whole sectors face a sudden, sharp decline in revenue. Whilst there are large differences between sectors, this will impact the entire economy. Governments have announced large aid-packages, but this will only help curb some of the shock.

Given this scenario, it’s easy to understand the fintech community is also facing losses.

 

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Fintech Snapshots

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Last week Monzo was voted UK's most popular bank, and RedSnap understands why. If there is one bank that has customer centricity in their DNA, it must be Monzo. From the start they have taken customer experience to the next level and we all should thank Monzo for this.

 

The latest on Monzo

The reason why we highlight Monzo this week is that they keep on innovating and building partnerships ...all with the purpose to delight the customer.

Last week Monzo announced it built a bridge between the old world (money deposits) and the digital world by joining the PayPoint network. This way Monzo offers their customers a cash deposit solution. The fact that Monzo really cares about the well being of their customers stole our heart. Monzo announced a cooperation with the Financial Capability Lab, a body that helps people to manage their money and prevent overspending....a huge problem for part of the UK's society.

Monzo is among the few challenger banks that achieved sizable scale, proving the point that customer centricity does pay off. All other challenger banks that are mentioned in the image below started with the customers...and provide the services they want in the way they like.

Please keep leading the industry Monzo!

challenger banks

Monzo was last week voted the UK’s most popular bank

Monzo to offer cash deposits via PayPoint

Monzo joins with Financial Capability Lab to test new services

 

 

 

Other Fintech News

 

 

 

 

 

ABOUT THE AUTHOR
RedSnap

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