It’s exciting to see new companies and new tools to manage money, isn’t it?
Over in the United Kingdom, Mondo – an app-only banking startup that gives customers more tools to manage their money on the go – got their banking license today. Previously, you could only use Mondo by loading your money onto a prepaid Mastercard.
There are a few things we like about Mondo, but I’ll let their co-CEO sum it up. (For all my fellow Americans: Tesco is a grocery store.)
“Mondo is trying to build a ‘home screen app’ that helps you live your life. We do that by providing a current account, debit card and overdraft. We then link into all of the other parts of life that impact your finances. If you forget to tap-out on the tube, we can automatically go and get you a refund. If you shop in Sainsburys or Tesco, we can automatically accumulate and redeem Nectar or Clubcard points. If you bought dinner for friends last night, we can automatically help you split the bill and remind people to pay you. If you’re saving for a holiday or wedding, we can send you little ‘nudges’ to make it effortless.”
You know what that sounds like? Customer service. Basically, Mondo is saying “we know your current bank isn’t serving your needs, and we want to make your life easier, and we can do that automatically.”
In 2016, bots, apps, and fintech may be everywhere, but customer service is the real headline. Companies that recognize that customers are underserved by their current banking options are going to win.
At Far West Capital, we don’t have an app. That’s because our customers are small businesses who need much more than an app – they need our service. No app is going to do the work that we do – customizing working capital solutions, analyzing our client’s risk on their behalf, looking out for their interests, knowing their pain, knowing their success, knowing their personal and their business goals.
But the impulse is the same as Mondo: Enable your customers to live their life or run their business without worrying about financial capital.
In short: unleash potential.