Mike Hudack

yeah yeah why monzo is a bank it has a very specific position in people's lives of trust you know when i first started working there we didn't actually say the word bank anywhere on the website and one of the things that we realized pretty quickly was that we had all of the i don't want to call them downsides but all of the consequences of being a bank in terms of the regulatory framework and the you know

yeah yeah why monzo is a bank it has a very specific position in people's lives of trust you know when i first started working there we didn't actually say the word bank anywhere on the website and one of the things that we realized pretty quickly was that we had all of the i don't want to call them downsides but all of the consequences of being a bank in terms of the regulatory framework and the you know

the constraints that it places on you and so on, with very little of the upside because people still thought of us very much as a prepaid card. And I think that one of the most important things that we had to do is shift people's perception from thinking that we were a prepaid card to thinking that we were a bank. And we built a whole program around becoming people's primary bank account.

the constraints that it places on you and so on, with very little of the upside because people still thought of us very much as a prepaid card. And I think that one of the most important things that we had to do is shift people's perception from thinking that we were a prepaid card to thinking that we were a bank. And we built a whole program around becoming people's primary bank account.

the constraints that it places on you and so on, with very little of the upside because people still thought of us very much as a prepaid card. And I think that one of the most important things that we had to do is shift people's perception from thinking that we were a prepaid card to thinking that we were a bank. And we built a whole program around becoming people's primary bank account.

Before we even got there, we had to figure out how we even measured that. Like, what does that even mean to be somebody's primary bank account? How do you know? Salaries. Yeah, for sure. But then how do you know that it's somebody's salary? Lots of people earn in different ways. We eventually settled on one, and then we built a goal around that.

Before we even got there, we had to figure out how we even measured that. Like, what does that even mean to be somebody's primary bank account? How do you know? Salaries. Yeah, for sure. But then how do you know that it's somebody's salary? Lots of people earn in different ways. We eventually settled on one, and then we built a goal around that.

Before we even got there, we had to figure out how we even measured that. Like, what does that even mean to be somebody's primary bank account? How do you know? Salaries. Yeah, for sure. But then how do you know that it's somebody's salary? Lots of people earn in different ways. We eventually settled on one, and then we built a goal around that.

And we built a goal around increasing the percentage of people who treated Monzo as their main bank. Then we built a bunch of... products and a bunch of features, fewer than Revolut, but like very targeted, very specific, I believe very innovative products around the idea of being somebody's bank. What can you do when you are somebody's bank? So like Monzo Flex, for example, is a lending product.

And we built a goal around increasing the percentage of people who treated Monzo as their main bank. Then we built a bunch of... products and a bunch of features, fewer than Revolut, but like very targeted, very specific, I believe very innovative products around the idea of being somebody's bank. What can you do when you are somebody's bank? So like Monzo Flex, for example, is a lending product.

And we built a goal around increasing the percentage of people who treated Monzo as their main bank. Then we built a bunch of... products and a bunch of features, fewer than Revolut, but like very targeted, very specific, I believe very innovative products around the idea of being somebody's bank. What can you do when you are somebody's bank? So like Monzo Flex, for example, is a lending product.

It's a credit card product, kind of integrates almost like buy now, pay later directly into your bank account. That takes a lot of work. to get right. It takes a lot of regulatory work, a lot of product design work, a lot of engineering work, and hopefully those bets that you make, you make fewer of them and they are more meaningful over time.

It's a credit card product, kind of integrates almost like buy now, pay later directly into your bank account. That takes a lot of work. to get right. It takes a lot of regulatory work, a lot of product design work, a lot of engineering work, and hopefully those bets that you make, you make fewer of them and they are more meaningful over time.

It's a credit card product, kind of integrates almost like buy now, pay later directly into your bank account. That takes a lot of work. to get right. It takes a lot of regulatory work, a lot of product design work, a lot of engineering work, and hopefully those bets that you make, you make fewer of them and they are more meaningful over time.

One of the most influential experiences that I had at Facebook was getting into ads having conversations with people where it felt very much like, and in fact, somebody said this to me explicitly, they were like, the thing that we have to do is we just have to build as many features as possible and ship them as fast as possible to see what works because we don't know what's going to work.

One of the most influential experiences that I had at Facebook was getting into ads having conversations with people where it felt very much like, and in fact, somebody said this to me explicitly, they were like, the thing that we have to do is we just have to build as many features as possible and ship them as fast as possible to see what works because we don't know what's going to work.

One of the most influential experiences that I had at Facebook was getting into ads having conversations with people where it felt very much like, and in fact, somebody said this to me explicitly, they were like, the thing that we have to do is we just have to build as many features as possible and ship them as fast as possible to see what works because we don't know what's going to work.

And, you know, I was like, okay, like if we truly don't know what's going to work, I agree that that is the right strategy. But maybe we should try to figure out what's going to work. Maybe we should develop a theory of the world. Maybe we should do fewer things well if it's knowable. And it took a lot of work to say, oh, OK, well, we have people's identity.

And, you know, I was like, okay, like if we truly don't know what's going to work, I agree that that is the right strategy. But maybe we should try to figure out what's going to work. Maybe we should develop a theory of the world. Maybe we should do fewer things well if it's knowable. And it took a lot of work to say, oh, OK, well, we have people's identity.

And, you know, I was like, okay, like if we truly don't know what's going to work, I agree that that is the right strategy. But maybe we should try to figure out what's going to work. Maybe we should develop a theory of the world. Maybe we should do fewer things well if it's knowable. And it took a lot of work to say, oh, OK, well, we have people's identity.