COMPANY PROFILE -Monzo
Business Sector :Financial Services
Operating Geography :United Kingdom and United States.
About Monzo :
Monzo Bank is a digital- only bank platform based in the United Kingdom that provides access to a range of products and services to its customers. The company offers loans, savings, debit and credit cards, accounts checking and treasury services through its website and app. Monzo employs a workforce of around 1000 people, serving over 4 million customers as of early 2021. The company was founded by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman in 2015. Monzo has become one of UK’s fastest- growing banks with proven data that shows 18 people join Monzo for one person that terminates its services. The neobank promises customer support 24/7 and systematically tracks and provides notifications for all transactions going through one’s account. Monzo also offers additional benefits to its customers due to its partnerships with various brands.
Monzo has partnered with OVO Energy and Octopus, allowing its customers to switch energy providers in the app, consequently saving their bills. Monzo has succeeded in winning numerous awards due to its popularity. Monzo recently won the award for the “Best Banking App” at the British Bank Awards in 2019.
Monzo Bank’s unique selling proposition or USP lies in being UK’s most recommended brand. Monzo’s mission statement reads, “To build a smart phone hub for all financial needs, with importance placed on each user having control and knowledge of their finances. The user-friendly app aims to combat the complexity surrounding credit scores, investments and other difficult to navigate financial channels.”
Monzo Revenue :
£67.2 million – FY ending 29th February 2020 (y-o-y growth of +241.1%)
£19.7 million – FY ending 28th February 2019
Competitive Analysis of Monzo
The SWOT analysis for Monzo is presented below in a table followed by the detailed analysis report.
| Strengths | Weaknesses |
1. Strong growth in customer base in the United Kingdom
2. Increasing partnerships with leading industries across domains
3. Offers more flexibility and to traditional banks
4. Lean and customer centric business model
5. Increase in market valuation with every series of funding round
| 1. Customers complaints over poor support for victim of scams on Monzo
2. Traditional banking key features are missing from the tray
3. Profitability concerns over Monzo’s business model
4. Security issues may lead to decline in customer trust
|
| Opportunities | Threats |
1. Neo-bank’s like Monzo can always explore into trading and investment banking online
2. Monzo’s expansion to global markets can increase customers and market share
| 1. Freezing bank accounts to follow regulations resulting in poor customers experience
2. Increasing competition in the UK challenger bank space
|
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Detailed SWOT Analysis of Monzo
Strength
1. Strong growth in customer base in the United Kingdom: Monzo Bank previously known as Mondo is a neo-bank based in United Kingdom. As per Monzo, every one person out of twenty customers uses Monzo. Senior management and board of directors consider this as a key parameter to measure performance of Monzo against their strategy. Initially when Monzo bank started it took two years to reach 1 million customers in October 2018. In September 2019 Monzo witnessed customer count grow to 3 million which is a whopping 200% increment from the previous year. Monzo is working tirelessly to work towards providing its customers all products related to banking sector on one application.
2. Increasing partnerships with leading industries across domains: Monzo has been expanding its market and the number of users through establishing partnerships. It has been collaborating with leading brands across different domains to make travel, international money transfer and identity verification process convenient and hassle free for its customers. Monzo partnered with TransferWise for making international payment, transfer and currency conversion easy and that too at lower rates than traditional banks. Monzo also partnered with AXA to provide its Monzo Plus customers with travel insurance at a very low monthly cost. This will also cover lost valuables, medical bills, cancellation of trip etc. Families can also be covered under this facility on a very low cost. Similarly, Monzo also partnered with identification verification solution provider Jumio to make onboarding of customers easy. Jumio streamlines and simplifies the process and also stays compliant with anti-money laundering and KYC guidelines.
The remaining section of “Strength” is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
The PESTLE / PESTEL analysis for Monzo is presented below in a table followed by the detailed analysis report.
| Political | Economical |
| 1. Monzo to face challenges in US to secure a banking license | 1. Economic downturn due to pandemic impacting valuations |
| Social | Technological |
1. Inclination of millenials towards neo-banking
2. Challenges in offering gateway services
| 1. Continuous focus on digital innovation
2. Offering new products and services as open banking come into effect
|
| Legal | Environmental |
1. UK challenger banks impacted by “ring-fencing” regulations
2. Brexit uncertainty slowing challenger bank growth
| 1. Working with green energy companies to help customers switch to renewable energy
2. Paper-less banking increasing the eco-friendly quotient
|
On purchase the Monzo SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
Detailed Pestle Analysis of Monzo
Political
1. Monzo to face challenges in US to secure a banking license: Monzo has been securing investments from investors like Goodwater Capital, General Catalyst etc. who are familiar with complexity of operations in the United States. The federal and state politics in the US interact with Banking, Financial Service and Insurance sectors in a unique way. Federal and state regulations differ at every level in their own legislation. At the end of 2020, US will be going through presidential elections. Changes in political scenario may delay grants on banking license from both federal and state agencies.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Revolut
- Starling Bank
- Curve
- TransferWise
- Simple
Major Brands :
- Monzo Current Accounts
- Monzo Business Accounts
- Monzo Joint Accounts
- Monzo 16-17 Accounts
On purchase the Monzo SWOT and PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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| Monzo Segmentation, Targeting and Positioning (STP) Analysis |
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| Monzo Ansoff Matrix Analysis |
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Check Out Analysis of Other Relevant Companies
References used in Monzo SWOT & PESTLE Analysis Report
1. Spotlight on: Monzo Ranked 2nd in the UK -
https://home.kpmg/xx/en/home/insights/2020/01/customer-first-insights-customer-business-model-case-studies.html
2. Monzo Bank Limited Annual Report and Group Financial Statements 28 February 2019 -
https://monzo.com/static/docs/annual-report-2019.pdf
3. Monzo Bank funding rounds, valuation and investors -
https://craft.co/monzo/funding-rounds
4. How to get a mortgage - https://monzo.com/blog/2019/04/17/how-to-get-a-mortgage
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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In-text: (SWOT & PESTLE.com, 2024)
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Monzo SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.
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