Monzo has been hitting the headlines recently and is proving to be an interesting challenger to the traditional banks, in the way it is going about appealing to the consumer.
The idea of an app-based bank taps right into the current trends, with mobile banking predicted to overtake high street branch visits in two years.
Clearly, the ease of access and use that mobile banking offers is a great benefit in the present day. With internet access readily available to users, either by WiFi spots or your mobile data, it is both convenient and useful to be able to access your bank accounts wherever you happen to be.
Monzo takes this concept and applies a seemingly simple design to their banking app, which enables the user to conduct all their accounting activities with a few taps and swipes on their phone screen.
Monzo currently offer a promotion whereby you will receive a £5 credit into your new Monzo bank account when using the following referral code link, which can be found here.
The app essentially has four main tabs, offering different information on your state of accounts and functionality options.
The Home tab provides a clear overview from present day to previous days, of all incoming and outgoing payments to your account. This is displayed clearly and concisely, with the amounts being debited or credited to your account a good size to view. Once you have had your account for a few months, a handy graph displays at the top of the Home tab, which you can scroll through to view how your balance has fluctuated over time.
The Summary tab offers an overview of your amount left to spend in any given month. A message is displayed notifying you of how much you are set to have remaining in your account by the end of that month. Now, this is most useful if you use the Monzo account as your main account, as it can predict spending based on previous months direct debits and incoming payments to determine the balance left over amount. If you’re ready to go all-in with Monzo, this would certainly be a handy feature.
The Account tab allows you to view and switch between multiple accounts, if you have these, including any joint account you may wish to set up with Monzo. You can add and remove money between accounts, check your PIN and card number, freeze your card (to cease it being used, if for example it has been misplaced or lost) and manage the card (report damaged, look at your spending limits etc.) There is also the ability to create ‘pots’ which can be used to section of some of your account money into a separate area, useful if you are saving for something special.
The final tab, Payments, allows you to pay organisations or other people by bank transfer, pay frequent individuals, and set up and manage scheduled payments. The process on the app to achieve these things is incredibly easy, and the app doesn’t have too much of a learning curve to understand its functionality.
All-in-all, the Monzo banking app offers a great user experience, and is one which it isn't difficult to see the traditional banks looking at and modifying their offerings to ensure they aren't left behind. It's definitely worth a try, particularly if you find yourself banking more than ever with your phone and feel your current banking app options are a little dated.