MONESE project aimed to scale up the technical capability of the banking service, develop new features for expanding into wider European area and increase the level of customer onboarding automation. Combining these developments with our business model innovation (fixed-fee pricing, streamlined value proposition, value chain deconstruction, focus on underserved people) enables us to achieve EU-wide scale coverage in a profitable manner. Monese banking account service becomes available to a large group of mobile, underserved and unbanked consumers (>56 million in EU), significantly increasing the economic and financial inclusion of these people.
In order to achieve the main objective, several specific sub-objectives have been defined. By the end of the project we have achieved the following results:
1. To scale up system architecture in order to be able to serve at least 20,000 simultaneous users.
We have successfully tested ability to serve 10 000 users in a live environment and are confident our own technology is able to serve over 20,000 users in an offline mode.
2. To finalize new features in order to be able to reach wider markets.
Monese now enbales customers to easily sign up for a GBP or EUR account in minutes from a smartphone. Once the first account is opened (after the initial on-boarding) in either GBP or Euros the customer can add a second account in the other currency at the tap of a button. This allows our customers to have multiple accounts across Europe, keep all their funds in one single place and significantly reduce any currency conversion charges.
3. To decrease the average time spent on user identification, allowing streamlined user experience and customer acquisition.
By introducing a new ID document verification flow to our KYC processes, as outlined in WP3.3 we were able to increase the percent of our automatically onboarded customers more than 5 times.
4. To test and assure the functionality of the improved service and validate the improved efficiency of the processes on 5 000 users.
Monese Euro account and card product was successfully tested on tens of thousands of users. Our system load handling capabilities has been tested on 10,000 users.
5. To implement business model innovation for wide-scale market introduction – validate a fixed-fee pricing model EU-wide and build a network of at least 20 stakeholders for commercialization.
By the end of the project we had validated the fixed-fee pricing model on EU-wide market, built up a strong stakeholder network for commercialization, and performed comprehensive dissemination and explotation activities.
