 Well, thank you. Thank you. That was a very good intro. Do my best to keep up the expectations Hi, everyone. My name is Fernando Phantom. I'm a chief product officer of Monzo Hopefully a lot of you know Monzo. Monzo is the largest UK digital bank with 9 million users If you ever seen If you ever seen this hot coral card, and by the way, it's hot coral. It's not at any other color Don't make that mistake. That's one of the Monzo users so Monzo has a really Has the same mission for a long time our mission always been to disrupt and transform the banking industry across the entire world pretty humble ambition and The mission of the company which is something that everybody knows when you join Monzo Really says that is making money work for everyone The mission of the company is embedded on everything that we do I Join Monzo a year and a half ago and really kind of re-energized my lab for product So what I wanted to do today is to share a little bit in the 15 or 20 minutes that we have What is that magic? What is the Monzo way the way we like to call it internally? So I'll do my best to share a little bit of what I believe makes Monzo special what I believe makes Monzo product special With all of you today So before we dive into the agenda I'll tell a bit more why I join Monzo as you can see for my subtle accent. I'm not from the UK and from Argentina Most of you might know Argentina from football if you're French you definitely remember Argentina from football That was a great final, you know, yeah, it happens But anyway, I I could talk about football for hours, but I can talk about finance for 20 minutes for sure Argentina is actually not that different than the UK or the rest of the world Definitely not the case when I grew up in the case that Finance having access to great financial tools is not something that is available for everyone It's actually available for a lucky few for a very small part of the population The majority of the people do not have access to great financial tools to make the most out of their money as mission as Monzo's mission clearly wants to do So today I'm going to talk a little bit more about our Monzo way What makes it special? What are the ingredients that make the Monzo product special for our customers? And I will also talk about three examples That I hope bring it to life three of our products That is an investment product our home ownership product on our call status tool. We launched all these products in 2023 So let me share a little bit more about Monzo first Monzo has more than nine million customers and 380,000 business customers 2023 was an amazing year for Monzo. We added more than two million customers in that year alone And we're adding hundreds of thousands of new customers every single month Monster is really well known because of their customer experience and the NPS reflects that we have an NPS of 70 one of the highest in the industry known for NPS on the low teens and Of course, we're just getting started in 2024 in the next few months will be shipping more features and products that we have done in the next few years alone But really what I want to get in today is what power all of its access What is the secret sauce that really powers all the great numbers that you see in this light? We like to call that the Monzo way There's really not one single thing that I can mention But I definitely some key ingredients that I want to call out the first one is What we like to call first principles or start from scratch In Monzo, we all were every new product starts from scratch We don't look at what other folks have done. We don't look at other products We always start doing research from the beginning talking to our customers We like to say that we have no problem Re-inventing the wheel if we need to it's our customer needs that come first Know what anybody else has done and we believe that is very powerful Because allow us to create products without being biased by the past and actually to carve something that nobody has done Ever before and that's why we have a lot of first industry first products Because we are not we always look at the users first and the problem and then we come up with a solution The second part is how we build these products We build them in a constant dialogue with our customers All the time in every single meeting in Monzo. It starts with a conversation. What did our customers say? Did they like it? They're not like it our designers will go with pens taken level of detail about every small piece of feedback of our users But more importantly we'll also make sure that we know how they feel It's not only about customers if they like something if the UX is good or not How do they feel when they use the product? The third part is we test absolutely everything first internally We call this staff testing that's the milestone And every single feature or every single product at Monzo Never touches the hands of a customer if he hasn't gone first By the squad when each engineer designer product manager data scientist test them themselves And then the entire company And finally of course the moment to ship the product arrives and we put it out there for the users to try And the most important thing here is how fast you're going to learn and how fast you're going to iterate So we put a lot of emphasis on learning fast getting the signal from our users combining that quantitative feedback With the qualitative feedback that we get from user research And once we learn we iterate super fast because our platform Is great from a technical point of view and allow us to iterate really quickly within days We can put another version out there for our customers to try out So let's go from where it all starts Like I said before We always start from scratch in Monzo What does really mean is very simple if you want to do the same thing is very simple Is research research and more research We're absolutely obsessive about research in Monzo I know it's been quite refreshing for me because I never seen The level of depth of research that Monzo has It's been by far the most I've seen in my entire career included back in the day when when I was in Microsoft So the few nuggets of information to bring it to life We had more than 500 pieces of feedback for one single product in one single month our research team Wrote more than 172 research papers in 2023 alone That amounts to 16 full weeks with interviewing customers Which seems to be a lot of times going to Paris back and forth. I don't know why but 16 full weeks talking to customers And always like I said before the 3000 staff members that we have will be a key part of the Puzzle they will test it first give us some feedback if any little thing no matter how small Is not perfect. We won't ship it to our customers. So we sweat the small details in Monzo We really care. I still remember one day There was a my our head designer Voco was showing me in the app How if you actually move it a little bit One of the cars that is active has a bit of a sparkle running across and it actually took me like three minutes to notice it But then after what you realize is a lot of those small details in the app that transmits something very powerful To our customers So it's really that dialogue with our users Well, our community what makes in my opinion in our opinion Monzo special We kind of co-create with them The product together they turn us their needs And their their ambition and their goals and once we know what those are we bring them to life So let me tell you a little bit more about the community. What are the different places when we gather feedback from our users? First you will see the Monzo community has more than 40 000 members That posts constantly about any topic in finance could be Monzo could be something else And we're constantly looking at those posts. There's no one single post That does that goes unseen Uh by an engineer customer support agent or a product manager We'll read each one of them And i'll be honest with you some of them are no fun to read Because they really really do tell us exactly how they feel So sometimes it's great. It's a celebration. Sometimes it's some feedback that we need to take into consideration And we'll then bring it back to to the to the squad The second is our social presence. You might have seen Monzo is very well known for his Social dialogue. I think it's one of the most fun undynamic Social presence out there for banking for sure But across the entire world and you can always see how that dialogue continues in a social presence And finally our customer support team, but it's leading the polls Is a constant source of information They're constantly feeding back to the squads Some pain point of a user or how they felt or some specific detail that we have missed So a way to visualize this which I think If you're thinking how can I bring this back To to my product or my team or my company? It's almost every single meeting at Monzo. Definitely every product meeting, but almost every meeting Starts with some feedback from a customer It doesn't start with some sort of ROI or business planning start with the feedback from the customer It's a researcher or a designer or engineer or a product manager saying this is what we learned This is what customer told us. This is what they told us in the interviews This is what we heard from the community and almost ends with okay. What are we going to do about it? So I want to bring that point which is What does it all mean what what is this really deep dialogue with our users with our community really mean What it translates to what why is it important? Why we think it's really important is because of the connection It's a deep connection between the community and Monzo What it means is that The users or community shares with us through an entire life journey What the desires their needs and their goals are And sometimes those are sorts of celebration and joy and sometimes those are difficult moments Or something very painful that they're going through So I'll give you some examples on the left. You can see Get paid early is a feature that we had for quite a while Get paid early. You have your salary. You have a job. You get paid one day early It's a celebration and the product really embodies that you can see the confetti popping up And clearly we're celebrating with you. It's a good thing and we want to celebrate it together But we're also there for the bigger milestones If you're putting some if you're hitting some savings target We'll also celebrate with you or if you're paying your loan early. It's also a celebration But of course in life, not everything is joy and our users have Go through like each one of us to all kinds of moments throughout their throughout their life So there's moments of difficulty as well So we allow you to put some money In a safety net or for a for a rainy day because we know that someday you might need it and even when Other issues like if you have something That you want to share discreetly that is going on your life It's actually impacting Your relationship with monso with money We allow you to share it with us secretly whether it's a problem you have dealing with hthd Or even if it's domestic abuse, whatever that would be You can share it discreetly with monso and our specialists will read it and we'll act accordingly We believe this connection is what sets up monso apart It allowed us to work with our customers to understand what the real goals are How those translate to the daily lives And our job is just to work with them to bring them to life to make them real So now let me talk about some products Launches that we done in 2023, which I hope exemplify everything that I described before about the monso way of building and designing products This is one that is close to my heart is investment product Raise your hand who invests here today What if you who invest every single month Relitiously every single every single month Yeah, okay, not that many not that many Which is remarkable. Not not that many of you invest every single month That's a no surprise to us because our research again tells us that in the uk 18.5 million people Think investing is not for them Kind of couldn't believe that right? So we ask What is it? Why do you think it's not for you? The main reason was they didn't think they had enough money to do it So what did we do? We build the product or investment platform. We only need one pound One pound and you can get started To find 2.5 million people that actually invest told us we kind of wing it They were at least quite honest to recognize the winger. They didn't know what they were doing So what we did is of course, we build education right in the product So as you get started with only one pound you also learn and get educated about investing For example in the right hand side, you can see That we allow we show to you You show to our users what it means to invest 50 quid a month And 50 quid sounds like a lot, but it's two or three cup of coffee per week And we show them what is the difference if you could save that money and invested as you can see On the right hand side So what happened when we launched? We launched this product in 2023 and within days 250,000 Will already people were on the wait list Quite remarkable. The demand was clearly there More amazingly though One third of everybody that uses this product never invested before And this number rises to 45 percent When it comes to women, we're having historically underrepresented on on this category But of course, we didn't stop there. We keep talking with our users We continue the dialogue and our users told us I would like to make it easier for me to invest all the time I want to set it and forget it I know investing every month is important. How can I make it easier? So we set up this feature called roundups when all the roundups that you have when you spend with bonzo Go directly to your investments and one seventh of the investment product users Already use that today What you can see is Sometimes the right answer is not To make things more complicated It's actually to make them things simpler We can definitely have gone the route of building a niche product for a small number of people That were quite wealthier or any other sort of need But we actually talked to our customers. We realized the majority of them were not investing So we made it really really easy. It goes back again to our mission Make money work for everyone So you can see here 45 percent of people of women Are investing now and they weren't before Let's talk about another example Again home ownership How many of you have a mortgage would like to have a mortgage We'll have to have paid off your mortgage already quite a few Um, okay a few questions a few questions about it Do you know when your mortgage deal ends? Yes, I heard one. Yes, majority. You know, do you know what your loan to value is today? Yeah, do you know what your home equity value is today? Okay, very confident some very confident folks out there. Maybe they're pretty sure they're using the product already Um, so this is not news for us kind of Miss my hooker there this This is not news for us because our users told us the same thing. They told us it's very difficult To know exactly what's going on with our mortgage to keep up to date So we launched this tool Even though even though we don't have support mortgages now a month So we don't give mortgages our users told us they really want to do better and manage their mortgages better They want to prepare better. So we launched this tool in 2023 and as you can see the feedback was overwhelming But we didn't stop there So we asked our users one we launched it. How do you feel? Do you like it? And a lot of them told me a few things one some people told us look looking at the balance of my mortgage is depressing, right? And they truly did, you know, it's actually depressing So the team went in and said, okay, we need to fix that. So what we did is we went in And look at all the transactions back to 1995 add some magic to it And we basically Change it and swap it. So now we show the home equity value instead of the balance So you can actually see what was your initial goal when you have a mortgage you wanted to build home equity And of course you want that number to be to the actual and to this day. That's exactly what monso does A lot of people told us I have no idea what's going on with the mortgage rates in the news going up and down What does it mean for us should I pay more or less? I don't know So we build an overpayment calculator And in the calculator itself you can click Find out if you pay X amount more per month exactly what's going to happen to your mortgage So as you can see this is a product that wouldn't have existed if you didn't talk to our users We weren't we don't have a mortgage product. It really come directly from them The need and we were delighted to provide a tool that they loved Okay, last but not least fraud as you all know is a big issue in the uk More than one billion pounds were stolen from fraud in 2022 And 45,000 people were victims of impersonation fraud in the uk Impersonation fraud for you that don't know is somebody calls you And pretend to be from a bank or somebody you trust and really trick you to send money to them So one of our engineers Knew this was a problem and in an internal hackathon in a few days develop a solution And again, that's one of the benefits of having a tech stack that is modern and easy to change We look at it and of course we loved it and we were able to launch it very very quickly After launch The reaction was as you can imagine super positive for the industry alike as well as our customers This was an industry first Nobody has done it before and again going back to the monso way That was expected because we never thought about anybody did it before or not Which I thought it was a great idea It will tackle a real problem in a way that nobody has done it before and you can see the results Right now basically the way it works is you can go in the app and if somebody from monso is calling you you can see it right there You can see what we're talking to you And if you are not if it's a fraudster, of course, we'll tell you we're not talking to you reporting now So you can report it in the tool 700 people report fraud through this tool today every single month Okay, so let's try to bring it all together now um like I said before The monso way is not really one single thing is a combination of factors To me it's a little bit of everything you see on this slide. It's about Thinking from first principles. It's about reinventing the wheel if you need to it's about this deep connection with our customers It's about the sign and sweating the detail. It's about an obsessive amount of research But to me more importantly is the connection with the mission Every single person in monso engineer designer. There are scientists every person in business Connect with the mission. They want to make money work for everyone. They want to stay close to our customers They want to stay close to the product. They want to test it. They want to try it It's much easier to do it if you try it than you're five five thousand miles away And we believe that's really what makes monso special the connection between monso notes and the community That deep connection that we have The reason why I was very thrilled to come here today is because we don't believe that this is unique to monso In any way or to finance in any way We actually believe that this is the way when you build truly transformative products that change people's lives Particularly in this moment when some conversations are our product. I believe is an even important message Product well done. It is transformative. It changes and disrupts industries And we believe that this can be applied to any other product in any other industry So hopefully a little bit of what I shared today is useful to you and you can take it and disrupt your industry as well Thank you very much