Monzo recently reported that they lost £6.7 million for the year ending February 2017.

I was staggered by that number. It's tiny considering what they are looking to achieve. Some traditional banks probably spend that on toilet paper (I just did the sums.) Cat photo sharing apps raise more than that in Silicon Valley on a daily basis.

With that investment they're building and marketing a disruptive financial services brand. They're creating all of the technology to support a credit card and current account both in the back end systems and front end mobile apps. They are meeting all of the legal and regulatory requirements. They're providing pretty good customer service and assuming all of the infrastructure costs associated with growing and running a company etc.

They also do it all of this from central London, using a really small team of highly skilled engineers who use the latest technology such as AWS, Docker, Kubernetes and cloud native architecture.

This is resulting in 5% growth in customer accounts every week. So it's not a science experiments, it's feeding through to market success too.

To me this is a very real advertisement of just how efficient a bank or indeed any large regulated enterprise could be, proving exactly the model that we preach. You don't need thousands of people and huge offshore suppliers. Just get the best people you can find, strip back the process, throw away the corporate overhead, integrate them with the product owners, give them modern tools and automation platforms, and let them innovate.



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Benjamin Wootton

Co-Founder and CTO

Benjamin Wootton is the Co-Founder and CTO of Contino. He has worked with tens of enterprise organisations on DevOps transformation and is a hands-on DevOps engineer with expertise in cloud and containers.

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