Index score: 25
Monzo is the new word on the street in London and other large cities. Founded in 2015, it’s rare a banking service competing with an oligopoly of mainly 4 banks that have been around for 100s of years. In that time, it’s built so much hype that Mashable called it the “bank that’s apparently so cool it’s become a chat up line in London’s bars.”
Frequently hailed as one of the most exciting challenges the technology industry poses to high street banks, this smartphone-only disruptor’s ambition is to “build a better bank.”
Monzo wins top spot as a disruptor brand in The Conversation Index - here’s why:
Putting you in charge of your bank
The way Monzo engages, consults and interacts with its predominantly millennial customers is true to its label as a disruptor, moving away from the tried and tested method of broadcasting and informing. Right from the outset, it instilled a collective sense of ownership by raising capital through crowdfunding in 2016 reaching £1m in 96 seconds.
How did a pre-paid card with no cash incentive to join managed to gain a six-week waiting list and over half a million UK customers?
Interactive banking service
It’s been an incredible marketing feat. Transforming customers into active ambassadors is something that brands who spend millions if not billions on advertising and marketing campaigns can only dream of. Every brand is striving for brand loyalty and word-of-mouth stamp of approval, which Monzo managed through this dialogic strategy.
Monzo has done a great job building trust through transparency. It's dialogic without even having to try, treating customers as community members consulting them on key aspects of service design, brand image and even its name change was conceived by one of its customers.
Social media let down
It’s therefore disappointing that Monzo does not win top spot in our Conversation Index. The reason? Its social media channels, such as their Twitter account only reach averages across our set of criteria, with its driving channel largely pushing out broadcasting messages with medium levels of engagement, which does not mirror how dialogic the organisation truly is.