Big banks are set up to ‘kill’ change


Monzo co-founder and CEO Tom Blomfield.


Tom Blomfield doesn’t think big banks will ever undergo a digital transformation.

The British fintech entrepreneur says banking behemoths like Barclays and HSBC are saddled with outdated technology and a risk-averse culture to respond to the challenge that upstarts like his digital bank, Monzo, present.

“The banks really focus very hard on their existing set of financial products,” Blomfield, co-founder and CEO of Monzo, said in an interview. By that, he means things like mortgages, loans and credit cards — “balance sheet products, basically.”

“When you go out on the street and talk to people about their banking, they don’t mean their mortgage,…


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