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Great stuff. As a loyal user of IFTTT, I'd love to see my banks opening up to IFTTT recipes à la Monzo.

PS: Headline needs to be corrected to IFTTT.

How about making 'em mobile wallet fintechs and carrier billing MNOs and alternative payment Dwollas of the world to answer for their claims to"kill credit cards next year" for the past 10 years?:)

Poor Visa - it's only reacting to threats of "death by thousand cuts" from these new kids on the block by cutting down its availability by one Nine every year until it's now operating at Two Nines or whatever availability:)) 

What happened to mobile wallet fintechs who have been claiming for nearly 10 years that they'd kill credit cards?

First HSBC, now Citi. Uh oh, I fear this Open Banking thingy will soon become just another way for traditional banks to talk to other traditional banks. Whither fintechs? Not so long ago, they used to take pride in their "move fast and break everything" culture and claim that they'd disrupt traditional banks by launching new products faster than them.

"Fincumbents" - i.e. suppliers of technology to financial services - who are the recipients of Citi's tech budget know that Citi and other traditional banks individually spend more on tech than all fintechs put together. It's no secret that many leading IT companies in the world earn maximum revenues from BFSI. For some of them, BFSI revenues exceed revenues from all other verticals put together.

Nonbank Financial Product Marketplace is par for the course e.g. MoneySupermarket, BankRate.com, etc. While the category has seen a lot of mortality - e.g. MoneyAisle, TransFS, Payments R Us - the basic concept looks sound. Wish I could say the same of Bank Financial Product Marketplace. I've never been too convinced that a bank that has its own checking account will also offer checking accounts from other FIs on its Financial Product Marketplace. Starling Bank's recent move to terminate its proposed partnership in payments with TransferWise racheted up my skepticism by a few notches. 

https://techcrunch.com/2018/05/30/starling-raising/

@FinextraMember:

People shop around even for clothes, gadgets, etc. I find it very hard to believe that they'd buy all their financial products blindly from their current account provider. 

While CX plays a role, the basic human instinct to "shop around" drive is the main reason why, as you say, "a small percentage of people have their mortgage and investments with their main bank".

Going by the numbers cited by you, Monzo does seem to be doing well with Current Account. But it's not a given that, if a Challenger Bank does a better job than an Incumbent Bank with Current Account, it will be able to do a similarly better job with a Financial Product Marketplace. Scaling up constraints arise from regulatory / compliance factors, as Simple's Founder CEO explains in this Slate interview.

Why would you pay with your car wallet or mobile wallet rather than your plastic card? Why would you pay with your car wallet or mobile wallet or plastic card rather than cash? End of the day, just as Edmund Hillary/George Mallory reportedly said they climbed Mount Everest because "it's there", companies hope that there are enough EH/GM-like people out there who will buy their products because "it's there". 

A bank customer with mainframe core used to liken doing any changes on the monolith with "performing open heart surgery without anaesthesia".

"...55% say they believe the potential risks outweigh the potential benefits of open banking". So I thought when I wrote Open Banking Needs A Blockchain Boost.

On a side note, I don't find it hard to believe the results of this survey. The  raison d'être of Challenger Banks was to deliver better CX than Incumbent Banks. Assuming that they delivered on even 50% of their vision, it'd be easy for them to trump Incumbent Banks on CSAT. But, the real question is, how many surveyed people had their primary / sole accounts at a Challenger Bank?

Given that Challenger Banks offer only a fraction of the products of Incumbent Banks, their scoring better on CSAT reminds me of a line that was used as an example for a certain figure of speech I forget in my Wren & Martin high school grammar text book: "He had nothing to do and he did it well". Like I keep saying, it's not very hard to offer a seamless experience across all products when you offer only one-and-a-half products:)