Nigel Dore

Monzo Bank has become the latest bank to join the MTD goldrush as the digital bank announces that sole traders and landlords will be able to file taxes directly to HMRC from their business bank account without the need for separate software. The filing tool, provided via a partnership with Sage Embedded services, supports the quarterly MTD submissions and end-of-year returns, starting from the 2026/2027 tax year. Monzo joins the likes of NatWest Group, Starling and Tide in the race to attract business bank accounts -- a recommended step in the MTD process. Full story in the comments below 👇

124

9 Comments

Interesting FT Lex column citing Enders Analysis data. It's not surprising that Monzo Bank is positioning itself as a disruptor in the mobile space in the way that it has been in banking, but I'm not convinced that customers really see mobile contracts "...as a pain point". In-contract price increases from the network operators do though encourage recontracting (and hence churn inevitably), even if customers are not quite as irritated by them as they were when they were linked to very high inflation. Whilst Revolut and Klarna have yet to launch their planned services in the UK, it seems likely that the fintechs will have a reasonable degree of success given their sizeable and happy customer bases, although their impact will be limited by e-SIM-only distribution, for now. Whilst the Financial Times article talks about the limited impact this would have on the fintechs, the bigger consideration in my view is for the mobile industry, particularly given the ever-rising investment demands on the sector. We'll write more about this in our UK Mobile Quarterly report next week and subscribers can read about the strategic issues around MVNOs in our report from last year, and related updates. https://lnkd.in/ebRBWRNJ Full FT Lex article here. https://lnkd.in/e74_-fw2 James Barford Artemis Loynes Henry Millen Noah Quli

55

6 Comments

Our CTO Andrew Elmore is featured in the fall edition of Financial IT. Andrew shares his views on the evolving architectural changes made by many financial services firms and the role of AI on their roadmaps. Read the full issue here: https://lnkd.in/eWcHMJQk #AI #FinancialIT #ITArchitecture #TechRoadmaps

63

1 Comment

Having spent a long time working for a large tech firm, and frequently facing the innovators dilemma as a result, it’s interesting to reflect on the dilemma facing central and commercial banks as regards digital money. This came home to me at today's excellent Bank of England's Payments Innovation conference during a BIS presentation on Project Agora, where correspondent banking is being transformed by 7 central banks, 40+ commercial banks and 5 currencies, using a shared universal ledger. A great question from the audience: “If you have a universal ledger why do you need correspondent banking?” This is spot on, central banks and incumbent commercial banks have a motivation to transform (re-plumb) the existing model rather than build an entirely new model (with the potential cannabilisation and innovators dilemma risks). Whilst Agora is to be applauded and will doubtless move the industry forward, it’s not yet addressing the bigger opportunity which the fast evolving stablecoin and TMMF developments are accelerating towards.. Tony McLaughlin Lee McNabb Peter Left Ryan Hayward John O'Neill #stablecoins #tokenization #digital assets

81

14 Comments