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Tristan Thomas shares the story of Monzo:
“So we started Monzo just over two years ago we were looking at the banking industry and realised that it was just very stuck in the past compared to almost every other industry you look at:
food delivery or taxi cabs or ordering online and all of these things have suddenly been brought up into the 21st century and you can order an Amazon delivery to be delivered in the next 80 or within an hour if you’re in London you can get a car to your door within 20 minutes and banking just felt totally the opposite, anything you wanted to do you had to call them up on the phone or go into a branch even to open an account and everything required paper to do.
It wasn’t something that most people nowadays are used to and so we wanted to fix that and we started off by building a prepaid card because we wanted to really learn how people use their money.”

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On the 17th of October, BBC Watchdog investigated Monzo’s approach to dealing with financial crime, with a focus on how and why they freeze accounts. Tom Blomfield came on the Fintech Insider News show to have his say on the investigation and Monzo’s approach to #fincrime.

Approaching the issue broadly, Tom says there has been a big rise in #bank fraud (particularly authorised push payment scams) and that banks have been under scrutiny for not doing enough to combat it. They have an obligation to identify and block financial crime, report it to the authorities, and to then exit those accounts. Tipping off is strictly prohibited, which creates a challenge for the customer-centric challenger bank. #Monzo have to balance their duty as an FS provider with treating their customers fairly. At no time are they allowed to tell the customer that they are suspected of money laundering.

It’s no surprise that customers take to social media to vent their frustrations when their account has been blocked, and when Tom is messaged directly, he says he investigates each one of these complaints. “Honestly, in 95% of cases, it’s an absolute slam-dunk. This is a criminal.”

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Monzo Co-founder and CEO Tom Blomfield joins Michael on the latest Capital Conversation. He discusses Monzo’s success in just three years and the moral obligation he believes big companies have to make a positive impact on the world.

The show reveals the secrets of what it takes to be the best in business today. Author and entrepreneur Michael Hayman interviews the business leaders at the heart of London’s most exciting success stories.

The Future Of Monzo’s Opening talk with CEO and Co-Founder Tom Blomfield