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NEWS Starling and Monzo in giving mood
International Literacy Day during September by donating £1,000 to the charity, MyBnk, which specialises in teaching young people to be financially literate as well as how to set up their own enterprises. The donation followed a high profile prank on rival Mondo.
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In August, the latter announced its new name (Monzo) during a gathering at its London HQ which was live streamed on YouTube. It was forced down this route following a legal challenge by an undisclosed company, leading it to invite feedback from the general public (10,000 people gave 12,560 suggestions). Starling gatecrashed the party, guessing at what the new name might be, buying some of those domains, posting congratulations message there and then redirecting traffic to a designated landing page for sign-ups. At this point, it should be pointed out that the venture is the brainchild of Anne Boden, a former Chief Operating Officer of Allied Irish Bank (AIB). Last year, she was left looking for a new management team, following the departure of CTO Tom
K challenger bank Starling marked
Blomfield (who went on to launch Mondo, taking a number of key members with him).
The original plan was to raise money for MyBnk through an auction of the domain names. However, it was decided that the buyer should be Monzo. So Starling decided to give £1,000 to MyBnk and asked its rival to match it in return for the domains. Guy Rigden, CEO of Mybnk, says: “We would like to thank Starling Bank and Monzo for their generous donations. We applaud your spirit of friendly competition and fun; attributes which also run through MyBnk’s financial literacy and capability programmes developed with young people. Your money will help us help the next generation engage with money and build knowledge, skills and motivation to make money work better for them.”
Scott Thompson Digital push high on Misys agenda
at its Misys Connect Forum in London during September. Digital transformation and the cloud were the watchwords for the opening presentations. There was certainly a receptive audience, as polling suggested that between 70- 79% of the 300 delegates were interested in moving their business forward with an outsourced model.
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Misys’ Managing Director for Europe, Tim Goodhind, started things off by declaring that there had been a 15% increase in investment in digital transformation by banks in the past few years. There’s a shift in what they define as their operating models. Now the customer is becoming the focus – a big change for a traditionally insular industry.
isys outlined its push towards digitisation
He fired out some bigger percentages: 74% cloud penetration in the next five years demonstrates just how much more banks are placing their trust in off- premises solutions.
“Technology in financial services can change lives,” added Simon Paris, Misys President. The firm’s vision, he added, is to “transform the industry” – and not just the banks. It’s doing this through a mixture of digitalisation and transformation initiatives. “Two billion people don’t use formal financial services,” he said. Misys wants to uplift these people as a service – though, he admitted, there is also a huge opportunity for revenue.
www.ibsintelligence.com © IBS Intelligence 2016
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