Objective Owning a bank account has become a precondition for participating in the economic and social life of a modern society. In the EU several population groups face remarkable difficulties in accessing a bank account service: 3.5 million mobile EU residents have had bank account access issues in their target countries and 22 million consumers would like an account but have not attempted to open one. Underlying causes include practices that place non-residents at disadvantage, irregular income, inadequate documentation, and cost and slowness of opening and owning a bank account. It is estimated that the annual opportunity cost of not having a bank account is €185-365 per consumer.Monese has launched a prototype of a mobile-first banking service that validates customer’s identity fully online, enabling access to banking even for customers with poor credit history or no formal proof of address. Account opening takes place in real-time, enabling 3-3000x faster onboarding (3 minutes). Monese aims to provide local bank accounts across European Economic Area for a transparent low-cost fixed-fee pricing (4x less expensive). The service is currently launched only in UK and has attracted >6000 customers, with 60 000 people waiting to get access.MONESE project aims to scale up the technical capability of the service for reaching and being able to serve growing number of users – to increase the level of automation of user identification, scale up service architecture and introduce features required for EU-wide reach. Combining these innovations with business model innovation (fixed-fee pricing, streamlined value proposition, value chain deconstruction, focus on underserved people) enables to achieve EU-wide scale in a profitable manner.Improving the access to bank account services is becoming a primary policy objective, pushing the drive for new products and business models. Development of the service to an EU-wide scale would increase Monese’s revenues by €97 million in 2020. Fields of science natural sciencescomputer and information sciencesdatabaseshumanitieshistory and archaeologyhistorysocial sciencessociologyindustrial relationsautomationsocial scienceseconomics and businessbusiness and managementbusiness modelsengineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phones Programme(s) H2020-EU.3.6. - SOCIETAL CHALLENGES - Europe In A Changing World - Inclusive, Innovative And Reflective Societies Main Programme H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument Topic(s) SMEInst-12-2016-2017 - New business models for inclusive, innovative and reflective societies Call for proposal H2020-SMEInst-2016-2017 See other projects for this call Sub call H2020-SMEINST-2-2016-2017 Funding Scheme SME-2 - SME instrument phase 2 Coordinator MONESE LTD Net EU contribution € 1 125 250,00 Address Salisbury house london wall EC2M 5QQ London United Kingdom See on map SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes Region London Inner London — West Camden and City of London Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Other funding € 482 250,00
