Traditional Banks Resist Change, Extend Runway For Monzo And Others

Despite increasing competition from digital banks, Monzo’s co-founder and CEO doesn’t believe that big banks are looking to change the way they do business. In fact, he says they’re actually designed to stop digital transformations. “The banks really focus very hard on their existing set of financial products,” said Tom Blomfield, co-founder and CEO of Monzo, explaining that those include “balance sheet products” such as mortgages, loans and credit cards...