Ep214 – Monzo: The First Truly Digital Bank - a podcast by 11:FS

In this episode

When most banks are bribing people to join with £100 or a Rihanna CD, Monzo is doing the opposite: building a bank customers love, involving them in its development, and being so amazing the network blows up like Facebook. Monzo, the bank that broke Crowdcube, now has more than 100,000 customers. Next milestone: 1 million. Here’s how they’ll do it.

“We’re trying to build the first bank with real network effect. Skype is a great example. The more people you bring onto Skype, the more people you can call,” Tom says. “How did Instagram or Snapchat or Facebook grow? It wasn’t marketing. It was an amazing product with true network effect. We’re trying to learn those lessons. 85 or 90% of our new signups come through referral.”

Loving this podcast? Don’t keep it to yourself,tell a friend about FinTech Insiderand help us create our own network effect. And while you have five minutes, go on andleave us a review on iTunes. You’ve been meaning to for a while – today’s the day

The postEp214 – Monzo: The First Truly Digital Bankappeared first on11FS.

The postEp214 – Monzo: The First Truly Digital Bankappeared first on11:FS.

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