In terms of Financial management and security of funds in different periods of time, the idea of Bank and banking always was interesting for people and also governments. However today especially in recent years, the world is facing a new type of financial management that is showing us the next level type of Banks in future. For sure online banking is now very usual for people but in this short article, we want to introduce and inform customers about “Monzo” as one of the challenges for traditional banking and as one of the ideas that make the future of banking more clear for all of us.

Monzo Bank

What is monzo? In 2015, the idea of Monzo became practical in real life and with efforts and investments, Monzo as one of the app-based banks took the official licence of the UK government. Shortly say, Monzo is just a mobile app that allows users to have an account and manage their bank account and also offers them prepaid cards for easier use anywhere. Users can have a full UK account just with their phone and start to save, spend and manage their money with the services that Monzo is providing. Also, Monzo offers different options like having the metal card that is made of steel that can give users travel insurance and bonuses. This Bank also with easy use and simple app, allows users to manage their account, access their balance and transactions information and also provides bonuses so they can save funds in their accounts. One of the most significant features of Monzo is that users can use the services and cards in their travel abroad; In this case, Monzo will not charge users with fees and also allow users to use their cards in any places that accept Mastercards. Another point that Monzo offers Loans and overdrafts to any users that are eligible and have the requirements; Additionally in case of safety and security, Monzo not just protected funds by insurance of FSCS but also compering Monzo to any other UK’s bank, it is more secure and safe especially in the online platform and virtual world. Should be mentioned, according to a 2021 survey that was made among UK customers and users, Monzo took the highest position in case of the best quality and safest platform in the banking sphere.

Conclusion

Definitely, the idea of the app-based bank still is something new for users; However Monzo as one of the UK’s Bank, with more than 5 million followers and customers count as a successful startup or idea in the sphere of banking and financial management. For sure there is a long way to go for Monzo and maybe there is a long distance between what Monzo is and what customers expect. However, with this short article, we aimed to show how the idea of Monzo and the special features and services that it provides, can change our future life in the sphere of financial management.