Monzo, a UK-based digital bank, has launched Monzo Labs, a new facility that grants users early access to latest features, and enable them to share feedback and ideas.
Through the latest initiative, the challenger bank, which secured a UK banking license in April 2017, aims to build a better bank.
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Users can join Monzo Labs with a few clicks on their iOS and Android apps. After that, they can turn on and try any of the features the bank is experimenting with.
Every feature that the bank adds to Labs will have its own discussion on the community forum, where users can share feedback and ideas.
The first of these features is called ‘Summary’. It is a redesigned method by which users can see their spending. It also shows how much money goes to fixed costs such as bills, rent or mortgage payments, and how much is left to spend every month.
Monzo head of marketing Tristan Thomas said: “This is a very early version of Summary, and it’s far from perfect still. But that’s exactly why it’s in Labs. If you find bugs or issues, or have ideas about how we can improve it, please let us know!”
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By GlobalDataThe bank, which is talking with the regulators to acquire the banking licence in the US, received the regulatory approval to operate in the Republic of Ireland in February this year.
