Mark Bailey, Novo, UK discussed on FT Banking Weekly
Percent of the discretionary money each month, and you save nothing. What exactly do they do because they're awesome clear behaviors that differentiate the people who spend all that money and the people who save quite big proportions and not sort of the start of the journey. We're not asking. You to change your main Bank account. We'd thing run this account to the companionship, existing Banken. It doesn't have to be not west could be Lloyd. Right. Just basically your Santander and just start getting back in control of that discretionary spend each month. And as you start saving, we think that will allow you then to sort of have more ambition, and then move onto some other areas that will radio allow you to take back financial control. And I think the stock which struck as most when we started this was from the money advice service estimate sixteen point eight million people or forty percent of the working age adults of the UK have less than one hundred pounds of savings. Are there any fees for both? It's started motor within the K, which is free and credit free in credit. Okay. And as you might imagine we have been out there all skiing monzo, and the other digital to Novo banks. What they think of both. They say it's very flattering. They think you're learning some of them new tricks, but they say storied Bank like obvious just come operate with a startup culture like. How would you respond to that Mark? Well, it's a communist made quite often and undoubtedly the new banks have created some quite interesting cultures. And they've definitely delivered quickly. And we've unapologetically copied a lot of the good things that happened so running the business entirely separate from the core on a separate technology stack with the Decatur people. He's only job is to deliver bow and people who came with the purpose in mind. So who look out there with the world and say actually customers need more help us the problem. We're gonna solve has worked and his created this huge amount of pace and a huge amount of desire within the business to solve that problem. I think reflective one of the things that was said when we started this by some of the Novo banks was banks could never react quickly. So they may see what we're doing. But they'll never be able to copy it in any time, and it's taken as about two year to build a working Bank. So I think that some evidence that we can copy the culture. The other thing I'd say is to coach within banks isn't all bad so risk coach masters and understanding to you dealing with the precious assets. If somebody else, and you've got to be able to monitor the fraud you've got to be able to do sanction screening you've got to be able to run a Bank properly. I think there's a slight offset. We can probably go quicker in the longer term because we understand the risks already taking okay? Well market secure hit to create Bo. Hopefully, you'll join us again check back in and tell us how it's going a little bit sooner than that. Thanks a lot take castle be letting. Yeah. Well, that's it for this week. All it's left me to do this to. Thanks, Steven Laura, and our guest, Mark Bailey and to thank you to for listening.