Are Big banks set up to ‘kill’ change? Monzo founder believes so

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This fascinating piece by Ryan Browne published on CNBC reports that “Monzo CEO Tom Blomfield says big banks are saddled with outdated tech and a risk-averse culture and that banks are “set up to prevent change” and are “hunting out change and trying to kill it.” Read on.

“Tom Blomfield doesn’t think big banks will ever undergo a digital transformation.

The British fintech entrepreneur says banking behemoths like Barclays and HSBC are saddled with outdated technology and a risk-averse culture to respond to the challenge that upstarts like his digital bank, Monzo, present.

“The banks really focus very hard on their existing set of financial products,” Blomfield, co-founder and CEO of Monzo, said in an interview. By that, he means things like mortgages, loans and credit cards — “balance sheet products, basically.”

“When you go out on the street and talk to people about their banking, they don’t mean their mortgage, they mean, ‘When am I going to get paid?’ or, ’Can I afford to buy lunch today?” he added. “Human beings mostly focus on day-to-day payment processing.”

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