
Monzo Lost £6.7M Last Year: And This Should Terrify Traditional Banks - benjaminwootton
https://www.contino.io/insights/monzo-lost-6-7-million-last-year-and-this-should-terrify-traditional-banks
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micael_dias
No idea how the article justifies traditional banks should be terrified
because Monzo lost £6.7M?

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glutamate
Because they are using "the latest technology such as AWS, Docker, Kubernetes
and cloud native architecture"

/s

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Daviey
TBH, this shouldn't be sarcasm. Having first hand exposure to finance infra &
software architecture.. traditional organisations are crippled by tech debt
and decisions made 20-30 years ago!

I'm betting most traditional organisations are envious of being able to start
their architecture from scratch.

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jbob2000
I just started working for a "traditional bank". To my surprise, we're
operating just like Monzo (and other tech startups); small, talented teams
working closely with product owners, using the latest and greatest tech (our
tech stack is very similar to Monzo's).

The banks aren't stupid. If there's a buck to be saved by switching to a
different operating model, they will absolutely swap. In fact, it's already
happening.

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themanual
there is also another company called Revolut in London doing the same thing.

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asherwood
They're very different, they don't have a banking license, don't want one &
are mainly focused on international payments, rather than current accounts &
an open marketplace.

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vizzah
"don't want one"?

they are offering personal bank accounts and recently, business bank accounts
(apparently powered by Barclays).. the growth and interest seems to be not
less than Monzo`s, so one would guess they'll have to get their own banking
license soon.

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baybal2
I asked google.com what mozno is and haven't found a thing

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richmarr
Monzo, not mozno. It's a startup aiming to provide a replacement for the
traditional current account.

