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MONESE

Innovative banking model for improved financial and economic inclusion of population groups that find it difficult to open a traditional bank account

Total Cost €

0

EC-Contrib. €

0

Partnership

0

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 MONESE project word cloud

Explore the words cloud of the MONESE project. It provides you a very rough idea of what is the project "MONESE" about.

underserved    difficulties    history    transparent    annual    social    365    streamlined    prototype    remarkable    6000    formal    2020    introduce    model    onboarding    had    documentation    banking    income    inadequate    identification    people    deconstruction    residents    22    opportunity    architecture    policy    faster    gt    pushing    profitable    opening    chain    slowness    monese    proposition    causes    poor    launched    identity    97    irregular    online    population    fee    participating    services    million    capability    customer    uk    bank    accounts    proof    local    countries    takes    credit    underlying    serve    3000x    accessing    innovations    minutes    reaching    waiting    consumers    drive    disadvantage    business    fixed    area    combining    first    precondition    customers    attracted    groups    185    4x    place    mobile    manner    society    life    attempted    expensive    primary    service    time    practices    automation    revenues    modern    validates    economic    pricing    models    owning    innovation   

Project "MONESE" data sheet

The following table provides information about the project.

Coordinator
MONESE LTD 

Organization address
address: SALISBURY HOUSE LONDON WALL
city: LONDON
postcode: EC2M 5QQ
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country United Kingdom [UK]
 Project website http://www.monese.com
 Total cost 1˙607˙500 €
 EC max contribution 1˙125˙250 € (70%)
 Programme 1. H2020-EU.3.6. (SOCIETAL CHALLENGES - Europe In A Changing World - Inclusive, Innovative And Reflective Societies)
2. H2020-EU.2.3.1. (Mainstreaming SME support, especially through a dedicated instrument)
 Code Call H2020-SMEINST-2-2016-2017
 Funding Scheme SME-2
 Starting year 2016
 Duration (year-month-day) from 2016-05-01   to  2018-01-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    MONESE LTD UK (LONDON) coordinator 1˙125˙250.00

Map

 Project objective

Owning a bank account has become a precondition for participating in the economic and social life of a modern society. In the EU several population groups face remarkable difficulties in accessing a bank account service: 3.5 million mobile EU residents have had bank account access issues in their target countries and 22 million consumers would like an account but have not attempted to open one. Underlying causes include practices that place non-residents at disadvantage, irregular income, inadequate documentation, and cost and slowness of opening and owning a bank account. It is estimated that the annual opportunity cost of not having a bank account is €185-365 per consumer.

Monese has launched a prototype of a mobile-first banking service that validates customer’s identity fully online, enabling access to banking even for customers with poor credit history or no formal proof of address. Account opening takes place in real-time, enabling 3-3000x faster onboarding (3 minutes). Monese aims to provide local bank accounts across European Economic Area for a transparent low-cost fixed-fee pricing (4x less expensive). The service is currently launched only in UK and has attracted >6000 customers, with 60 000 people waiting to get access.

MONESE project aims to scale up the technical capability of the service for reaching and being able to serve growing number of users – to increase the level of automation of user identification, scale up service architecture and introduce features required for EU-wide reach. Combining these innovations with business model innovation (fixed-fee pricing, streamlined value proposition, value chain deconstruction, focus on underserved people) enables to achieve EU-wide scale in a profitable manner.

Improving the access to bank account services is becoming a primary policy objective, pushing the drive for new products and business models. Development of the service to an EU-wide scale would increase Monese’s revenues by €97 million in 2020.

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The information about "MONESE" are provided by the European Opendata Portal: CORDIS opendata.

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