14 Apr Member Spotlight: MoneYou
Member Spotlight: MoneYou
MoneYou is an online bank, operating under the umbrella of the ABN ARMO Group as an independent entity. The company focuses on providing an ever-growing selection of financial products to those customers who prefer online over offline. Located in the Science Park in Amsterdam, MoneYou has made the somewhat unorthodox step for a bank of cozying up to science students of the University of Amsterdam and innovative tech companies, rather than its financial peers on the Zuidas. The firm is also set up as a community instead of a rigid company structure, with over 200 people working on and off on their projects, although the permanent Moneyou-staff only consists of 40 employees. The bank services around 500.000 customers across Europe, having expanded internationally to Germany in 2011, Belgium in 2012, and Austria in 2014. Currently, MoneYou offers banking services such as mortgages, lending, and saving, but they are currently exploring the options to add payments to their portfolio of products, moving closer toward becoming a full service online bank with ambitions to expand in North-western Europe.
MoneYou first began way back in 2001 as an initiative of ABN AMRO Mortgage division, originally focusing on online mortgage applications, which was at the time real novelty. Moving on from its inception, MoneYou became an independent subsidiary, and started targeting the online savings, lending, and investment market, offering a wide range of options, including an online execution-only mortgage. All these services have been distributed through a single online platform, which allowed MoneYou to scale effectively, while enabling their clients a more positive, cost effective customer experience. With more and more financial services firms establishing online service provisions, MoneYou will need to continue to differentiate itself from its peers, which it intends to do by focusing on a smooth customers experience, with a friendly online environment, paperless on-boarding to financial products, and swift handling of applications.
To achieve these goals, MoneYou believes in the power of co-creation. That is to say, when starting a new product or enhancing a current offering, the most important piece of input can simply be gathered from the target audience. As the first online financial services provider to publicly post product and service reviews on its own website, MoneYou has clearly demonstrated from the start that it is dedicated to making its customers feel listened to. The more advanced pieces of co-creation can be found in a current experiment underway in the Netherlands where MoneYou will soon beta-launch a payments offering designed on the basis of target group input.
The goal of co-creation was also very important in choosing the location where Moneyou was to be situated. At the Science Park in Amsterdam, MoneYou sponsored the co-working space at StartupVillage, where it teams up with residents such as Bitstudents. In collaboration with Ace Venture Lab and InfoSupport, a summer banking course is being developed for ambitious students to work on new propositions around better banking, in order to create solutions for the challenges awaiting the financial service industry. This method of co-creation is heavily reflected throughout MoneYou, from its workforce and shared history with ABN AMRO, as well as its approach to tackling a core aspect of banking: IT services. To be an independent entity, MoneYou must be capable of developing and implementing and implementing an IT infrastructure that is completely its own, as this enables it to have greater flexibility in executing new offerings on its platform, in addition to the ability to work together with outside parties to optimise services. * Fintech firms that are interested in collaboration should contact Menno van Leeuwen, who is responsible for New Business Development.
Altogether, Liesbeth Rigter, CEO of MoneYou, is looking forward to the coming period, with a lot of new opportunities for the company knocking at the door. The idea of co-creation is also a major strength within the Dutch fintech sector as a whole, with many cooperative projects creating the new solutions which are requested by the modern consumer. MoneYou is glad to be a part of this wider movement, and you can rest assured that innovation will remain a key aspect of its business, so that the business will always be prepared to meet the constantly changing demands of the modern day.