UK-based mobile only bank Monzo has partnered with the UK’s Financial Capability Lab to develop and test new banking technologies.
The Financial Capability Lab has been formed by the Money Advice Service and the Behavioural Insights Team.
It focuses on the development and testing new ideas addressing various money challenges faced by UK people.
Subsequently, the promising ideas are implemented in field pilots to support the development of new products and services.
Overall, the Financial Capability Lab aims to help the consumers set spending goals and inform them about their progress.
Aim of Monzo and Financial Capability Lab partnership
Monzo will work with Financial Capability Lab to provide the customers more control over their finances with new banking technologies.
The partnership plans to add new controls to enable customers to set new financial goals and work on it. Additionally, the improvements may allow the customer to nominate a person to notify and approve certain transactions.
The new controls will be developed on existing features already available to Monzo customers.
Currently, they can freeze their cards and stop gambling spending from their accounts from the app.
Monzo head of financial difficulties Stuart McFadden said: “At Monzo, we’re on a mission to make money work for everyone. And that means helping people achieve their financial goals.
“We’re looking forward to harnessing the skills and experience of the Money Advice Service and the Behavioural Insights team to inform and develop new ideas that will help people manage their money.”