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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.

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

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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