42


THE BIG INTERVIEW


TB: The level of customers switching current accounts is low because the switching process is automated but the account opening process is like pulling teeth; you go to a bank and you have to fill in dozens of forms and wait weeks for anything to happen. It’s like they don’t want people to open new accounts with them.


Also, once you’ve gone through these massive hurdles, there is almost no differentiation between the banks. Why bother? They are all selling the same old stuff that hasn’t changed in decades. The Current Account Switch Service is like a weird mechanical solution to a problem that is driven


by lack of competition. It’s not actually an issue of the mechanics of the switching process.


That’s where Mondo comes in; you can sign up for a card in 60 seconds and it’s a truly differentiated product experience. And we’re only around 30/40% of the way there, there’s a lot more we can deliver when we get a full banking licence. With that in mind and taking into account viral growth mechanisms, you will start to see switching behaviour that is a lot more in line with WhatsApp and Snapchat; it will spread very quickly amongst groups of friends; they will download the app and get started straight away.


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