Revolutionizing The Banking Industry: The Monzo Way by CPO, Monzo

1. Revolutionizing The Banking Industry:
The Monzo Way
by CPO, Monzo
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Act Like an
Owner,
Challenge
Like a VC
by former
CPO,
Tripadvisor

5. 5
Revolutionising the
Banking Industry:
The Monzo Way
Fernando Fanton,
Chief Product Officer, Monzo

6. Agenda
1
2
3
Intro
The Monzo Way
Investments
Home Ownership
Call Status
Close
1
2
3
4
5
6

7. 7
Founded in 2015
More than
customers
(+2m in 2023!)
>380,000
business
customers
Launched products the
industry has never seen
NPS ~70
way above the industry
norm of low teens
9m

8. The Monzo Way
Discovery
Work from
first principles
“start from scratch”
Build
In a constant
dialogue with users
Pilot
Test internally -
sweat the small
stuff
Growth
Capture signals,
iterate, and
accelerate

9. Start from scratch
More than 500 bits of
feedback for just one
product every single month
3,000+ colleagues
involved in staff testing
In 2023 alone,the team
wrote 172 research reports
and spent 16 full weeks
speaking to customers
With the total hours spent in interviews, you could have driven round trip non-stop
from London to Paris approximately 68.5 times!

10. Community
UK bank in overall
service quality
(4 years running)
#1

11. Celebration Need
Connection
Difficulty
Joy

12. Investments
Oct
‘22
When I look at investing options - it’s
always like, minimum £500 or a grand.
And I just don’t have that kind of capital
I love this message as I have no
background in finance and have
wanted to invest but don’t know how
“
”
“
”
Aug
‘23
Sounds simple, I still have some
choice/control but hard work done by
experts, so seems less risky
I think this is simple, explains the concept
and emphasises the expert help - a lack of
expertise being the key barrier for me
“
”
“

13. Investments
13

14. Home ownership
Based on discovery research ~50 depth interviews and
>2,500 customer survey responses
Really love the thought that has gone into
reframing what many people just view as debt!
“
”
This new mortgage summary and the ability to
model the impact of interest rate changes is a
delight to use.
“
”
It will be a lifesaver at the moment to remember
when mortgage is up for renewal and o be able
to tinker about with the numbers and better
understand things like how much has been paid
off, is just so good.
“

15. Home ownership

16. In-app call status
16
UK Finance figures show
over £1.2 billion was stolen
through fraud in 2022
45,367 cases of
impersonation scams in 2022
costing at total of £177.6m

17. Call status
~700 per month
fraud reports
directly within
Call Status

18. Monzo
Way
Connection
Equitable design
Community
Co-creating
Mission
driven
Celebration
Dialogue
Simplicity
Transformative
No jargon
Customer-first
Industry
firsts
No hidden fees
Research
Joy
Delight
Best in class
tech stack
Reinvent the
wheel
First principles
Data driven

19. Thank you

20. Revolutionizing The Banking
Industry: The Monzo Way
by CPO, Monzo
productschool.com