How Monzo’s ‘radical transparency’ approach is disrupting banking


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Disruptor bank Monzo doesn’t care about traditional media, marketing or banks. The challenger says it cares only about consumers and it’s a focus that seems to be working: the bank now has more than 1.2 million users since it was founded in 2015.

Monzo recently toppled First Direct from its near decade-long reign as Britain’s best bank for customer service, according to a Which? annual survey. And it has just raised £20m in just three hours in a crowdfunding campaign it will use to fund research, development and marketing.

Yet that growth has not come without difficulties. Despite nearly 336,000 customers taking part in the crowdfunding, its& decision to allow customers to go overdrawn to take part has been widely criticised,& according a to report by The Times.

Companies are banned by the Financial Conduct Authority from granting loans to customers to buy shares but overdrafts are not covered by the rules.

However, when customers are risking losses, is the bank doing enough to educate their often young and inexperienced consumers about investment? Thomas says the company always tries to be upfront, although admits its mentality of “fixing things and moving on” might need rethinking.

Speaking to Marketing Week at Madfest London last week, the

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