Airbnb changed the way we travel. JustEat changed the way we ordertakeaway. Uber changed the way we get around. Netflix changed the way we watch. Now Mondo’s going to change the way we bank.
Mondo has been a consistentlyhot topic in the fintech world for the past few months and for good reason: this banking app is at the front of a massive industry shift towards the future of financial management.
To put it plainly? Mobile-only banking.
Let’s take a look at Mondo – what it’s done, what it’s currently doing and what it plans to do in just a few months.
Mondo is banking for those who live on their smartphones, those who are accustomed to getting things done in just a few seconds.
Mondo is a mobile-only banking app co-founded by Tom Blomfield, who serves as the company’s CEO. In an interview with The Financial Brand, Blomfield says, ‘Mondo is fundamentally different because our entire experience is designed around the smartphone. Legacy high street banks have thousands of branches to support and seem to think of mobile banking as an afterthought. We’re building our core systems from the ground up, based on today’s technology, rather than simply building a veneer over existing legacy software…We’re focussed on making the best current (checking) account in the world, rather than trying to sell additional services such as mortgages, credit cards or payment protection plans. The customer will be able to access many of the services offered by others from within the Mondo app. What we want to provide is a great mobile current (checking) account.’
Just like most banking apps these days, Mondo lets you check your account balance and view your recent transactions, but the similarities end there. Mondo updates your purchases in real time, gathering data on location and type of shop so you can visualise your spending habits instantly. It also groups similar transactions with hashtags (like #coffee or #expenses) and sends you push notifications as it tallies your daily spending – ‘you’ve spent £6.50 today so far.’
Mondo will also alert you of any inconsistences: for example, the app will notify you if your electric bill seems higher than usual so you can work out if you’ve been incorrectly charged. The appalso linked to your Oyster card: it will tell you when you’ve forgotten to touch out and remind you to complete the journey on the TFL website. And there’s no need to notify Mondo in advance if you’re going to be travelling; the app works seamlessly abroad.
Jessica Furseth, writing for fintech magazine FusionWire(powered by Misys), sums things up nicely: ‘This bank would be less a walled garden, and more a financial hub with direct ties to the rest of your life.’
Mondo plans to release around 500 prepaid debit cards that are compatible with the app next month, with a proposed full launch next year. It also hopes to secure about £15 million to meet capital requirements, in addition to the £2 million investment they’ve already received from Passion Capital. And according to an article in Finextra, the smartphone bank just hosted a two-day hackathon in London as it looks to ‘tap into the creative expertise of outside developers with the release of its first Application Programming Interface (API).’
If your bank has you looking like this poor guy, perhaps it’s time to think about switching. Sign up to join the waiting list for their beta version on their website.