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Monzo SWOT matrix
Strengths
Consumer-friendly features and
application ease of use, include real-
time expenditure alerts and an easy-to-
use budgeting system (Nic & Anu,
2021).
Among the security precautions that
might reassure clients are options for
card freezing (Monzo, 2017).
A novel energy-switching system that
might help Monzo stand out from
rival businesses (Monzo, 2017).
One of the best ethical contemporary
accounts is Monzo (Jones, 2018).
Because they are covered by FSCS
deposit protection, Monzo customers
may feel even more reassured about
the security of their money (Monzo,
2020).
Capable of using the app on an iPad,
iPhone, iPod touch, and Apple Watch
(Monzo, 2017).
Opportunities
According to Fawthrop (2019), 40%
of people in the 18–27 age range
prefer to use a mobile banking app as
their primary bank over a more well-
known brand.
Mimiro impersonation and fraud
prevention using artificial intelligence
(Fawthrop, 2019).
Weaknesses
Lack of human interaction, which has been
shown to be valued (Farrell, 2020).
Monzo is now losing money, which is
extremely risky for a business, and it looks
like this pattern of loss will continue due to
costs associated with hiring staff and
purchasing technology (Withers, 2021).
The company had a security breach that
may have damaged its reputation and cast
doubt on the security procedures used by
digital banks (FinTech, 2019).
Threats
Challenger banks are forcing incumbent
banks to cooperate with and invest in new
technology suppliers in an attempt to better
compete; this might hurt digital-only banks
(Thales, 2022).
Fewer people are using digital banks as
their main source of banking, and those
who do often have lower balances (less
 than £1000 in their account is the case for
Expanding their influence 47% of digital bank users) (Greaves, 2019).
internationally, especially into Asian
countries where digital banks are
starting to take off (Raj, 2023).

Monzo TOWS matrix

SO WO
Construct and implement long-term company plans. Pay attention to
developing a devoted
In order to supplement the word-of-mouth aspect of clientele and word-of-
company, increase your visibility on traditional marketing mouth marketing.
platforms like Google, Youtube, and Facebook.
Gatherings in the
community and
hackathons to raise
awareness.
ST WT
introduces a number of solutions to assist customers in redefining the meaning
managing their finances more effectively. of dealing with
customers' money
offers a wider range of account types and more mobile wherever they may be.
banking possibilities than traditional banks. These choices
include Monzo Plus, a premium account that offers creating innovative
comprehensive financial insight with all other bank items that actually
accounts and credit cards in one place, along with address issues raised by
company, junior, and joint accounts. customers.

putting all of your

money on "radical
transparency" to draw
in new clients.

References
Andrew Fawthrop. Rise of digital banks in the UK is gaining momentum, finds FIS
survey. Available from: https://www.nsbanking.com/analysis/rise-digital-banks-fis/. [16
April 2019].

Aaron Raj. Digital banks: What’s driving success in Southeast Asia?. Available from:
https://techwireasia.com/10/2023/digital-banks-whats-driving-success-in-southeast-asia/.
[3 October 2023].

Colm Farrell. Monzo: A digital offering that has traditional UK banks scrambling.
Available from: https://d3.harvard.edu/platform-digit/submission/monzo-a-digital-
offering-that-has-traditional-uk-banks-scrambling/. [9 February 2020].

Withers. Monzo discloses money laundering probe, losses increase. Available from:
https://www.reuters.com/business/finance/monzo-discloses-money-laundering-probe-
losses-increase-2021-07-30/. [30 July 2021].

FinTech Futures. Almost half a million Monzo customers affected by data breach.
Available from: https://www.fintechfutures.com/2019/08/almost-half-a-million-monzo-
customers-affected-by-data-breach/. [6 August 2019].

Thales. HOW TRADITIONAL BANKS CAN COUNTER NEO-BANKS AND FINTECHS

WITH DIGITAL-FIRST MOBILE SERVICES. Available from:
https://www.thalesgroup.com/en/worldwide-digital-identity-and-security/bank-
payment/magazine/how-traditional-banks-can-counter-neo. [21 February 2022].

Edmund Greaves. The digital banking revolution is here. So why are so few people
putting their salaries into app-only bank accounts?. Available from:
https://www.ii.co.uk/analysis-commentary/digital-banking-revolution-here-so-why-are-
so-few-people-putting-their-salaries-app-only-bank-accounts-ii512930. [28 May 2019].