The banking system is changing at rocket speed. Because nowadays people prefer to open their bank accounts in those banks, which offers them an excellent quality service. Now recent reports are coming, which states that Monzo, a UK based digital friendly bank, has decided to roll out their services in the US market. Monzo has more than 2 million users, and investors have valued it as a unicorn startup. Monzo is one of the best banks when it comes to providing digitized payment services.
Company has decided to start US-based service for its users by launching Monzo app along with Mastercard debit cards, which are going to be issued to new customers. As of now, we haven’t got any information on which data company is going to launch its first Sign up event. But, it’s predicted that US customers are pretty soon going to get able to open their bank account with Monzo. Many financial experts had already predicted that Monzo is going to enter into the US market, but one thing which they didn’t couldn’t predict is when.
Monzo’s CEO and Co-founder said that the key to winning banking market in North America is to give a fully localized service to users which they need it. The banking sector is getting lots of changes from last few years because the way digital payment system has emerged the future of banking is definitely online. Monzo is going to adopt cultural factors when they are launching their service in the USA because it’s for sure that Brits and Americans have very different cultures. In the UK Monzo is receiving more than 200000 sign-ups for every month which shows how popular this app has already got in there. Reports further indicate that 60% of its sign-ups are in long term nature and they are expecting same success from the US market as well.