Monese is part of the flourishing industry of online banking and debit card offers within Fintech innovation. The banking channel lets immigrants open UK bank accounts regardless of their nationality or financial status. This brand of online banking was started by Estonian entrepreneur Norris Koppel, and offers people the chance to open a current account and get a Visa supported debit card by just simply getting a snapshot of a passport and a photo which saves all the stress of having to open a regular account. Through the use of an app, one can easily open the account from anywhere. The platform was created to help approximately 90 million people across Europe who are financially excluded because banks find it difficult to confirm their identity or credit score.
Seeing as financial products handle people’s money, it is key to gain user trust and loyalty, which is why is so much is invested in the Monese brand. One can link their Monese account to their existing online banking services, including PayPal. This will make it easier for Monese account holders to transfer their funds from their account and withdraw and pay using their Monese debit account, which helps as their exchange rates are more accurate than banks.
According to Koppel, at-least 700,000 have signed up for this account. To him, this way of mobile banking has impacted a large number of European immigrants and are hoping that as time goes by other immigrants with the same challenges will have enrolled for the Monese account. He reports that most of its users make do with primary accounts. Along with this, he plans to launch a business account very soon. The Business will help grow businesses across the UK and Europe. Along with this they have launched its new features which include paying your contacts, 3D Secure support, smart transactions screen, and Recurring payments.
Koppel also says what’s to come for 2019 which includes:
1. New payment methods. In this, it plans on introducing an additional payment channel. To him, these features will help both with added convenience and also helps support security for the transactions.
2. More ways to fund your account. This includes funding your accounts through debit card top-ups, bank transfers or cash deposits. The online banking technique has atleasr40,000 deposit location available.
3. Better ways to manage funds. They will introduce a variety of money management tools that will help their customers take control of their finances right from the comfort of their Apps.
It has not yet received their full banking licenses so they don’t offer credits or any sorts of loans. There is no charge for opening these online banking accounts. Only transactions like ATM withdrawal are the ones charged. Account holders each receive five free credits every month and earn more by inviting at least 5 new users to it. Once these credits are out the users can now be charged for their transactions. The online banking transfers are cheaper compared to high street banks and Are Charged at mid-market rates. According to this banking is much safer than the traditional method of banking, in-case Monese collapses at least 100% of their customer funds will be returned unlike in banks. The app is currently available to only android users and they boast of having at least 55,000 pre-registered users awaiting to register.
Koppel is proud of his product, stating “we are working to create the world’s most connected and portable banking services. We believe banking should be smart, inclusive and built around you. Thanks again for all your support over the last twelve months, we really do appreciate it. We can’t wait to share more updates, products, and features with you in the coming months.”
The UK is going through a chain of developments and growth in its online banking platforms. Many new start-ups are coming up with I the hope of bringing in technology to banking to create sustainable development.