Businesses can now apply for a Monzo Business Account – comments from CTO of Financial Services at Fujitsu

This morning Monzo has announced that it is launching free and premium business accounts. This means that from today, businesses can apply for a Monzo Business Account for £5 per month, or a Business Lite account with no monthly fee. You can read more on the news here.

If you are looking to cover this story and would be interested in comments, I’ve inserted thoughts below from Ian Bradbury, CTO of Financial Service at Fujitsu whose comments look at how as challenger banks continue to diversify their offerings it will be interesting to see how they differentiate themselves from one another.

I hope the below if of use, please do let me know if you need anything else or would like to discuss this area further with Ian.

Ian Bradbury, CTO of Financial Service at Fujitsu said:

“Monzo’s announcement that its customers can now apply for business bank accounts is another example of how the challenger bank continues to diversify its offering portfolio. Similar to other challenger banks, its business model allows Monzo to quickly implement and trial new offerings and solutions – for example the 12 months beta testing for this account with small businesses – to find what their customers prefer. This is perfect example of them acting quickly to implement new services in  an increasingly crowded and competitive marketplace.

“It’s clear that challenger banks continue to disrupt the world of traditional banks – so much so that our research found that 61% of leaders in the financial services industry said they have experienced radical change over the past five years. And technological innovation will play a critical role in the continued popularity of the disruptors in the financial services industry. However, as the sector matures, it will be interesting to see how these challenger banks differentiate themselves from one another.