Monzo launches new feature on the Monzo app

Following this announcement, the new feature was designed to prevent customers from being affected by fraudsters who claim to be Monzo employees by stopping online threats and the possibility of being tricked into sending them money. 

Users will be enabled to see if someone works for Monzo or not by opening their application, heading to the `Privacy&security` area in Settings, and verifying the `Monzo call status`. If the status shows that an employee of the Monzo team is not talking to them at the moment, clients need to hang up the call and report it to the company. The report can be done by tapping the call status, available within the application. 

During the times when the client is not connected to the internet, the call status will reflect that on the application. In this kind of moment, the company recommends that the users won't speak to anyone who claims they’re from Monzo until they have an internet connection and can check the call status. 

Monzo also provides its clients with a list of questions they will never ask during a call, as well as a description of the official process of contacting its users. This includes a conversation in the chat of the application where the parties arrange a date when the customer can receive the call. 

Monzo’s strategy of development

UK-based mobile banking application that provides its customers and clients with secure and efficient financial services, Monzo had multiple partnerships and releases in the last couple of months, covering several different geographies around the world.

In July 2023, Monzo announced its process of exploring a potential merger with Denmark-based fintech Lunar. Reportedly, the two companies were currently aiming to see the potential benefits and possible changes that would come after joining forces and how the partnership would affect the global fintech space. 

Both of the digital banks were set to leverage each other’s capabilities and offerings while gaining the ability to expand their services into new markets around the globe. Customers and clients were set to also benefit from the merger by gaining access to new financial tools and products. 

Earlier in April 2023, Plaid announced its integration in the US with Monzo, giving users the possibility to connect their Monzo account to over 8,000 fintech applications. Furthermore, customers were enabled to safely monitor and transfer funds from their personal accounts to other banks and financial institutions, while using the Monzo app. 

Plaid incorporated Monzo via its Core Exchange platform, a free solution that allowed any institution to join the company’s data network by using secure API access. Menzo users were also given the possibility to link their accounts to multiple popular financial services and applications from several areas. The collaboration represented an important step towards providing Plaid’s clients with more financial power and balance.