Several startups are hard at work right now trying to build new, truly digital banks from the ground up.
They include Atom Bank, which has a banking licence, Starling Bank, and Mondo, both of which are applying for banking licences.
All of them want to launch banks with no branches, only apps and website.
One of them, Mondo, gave Business Insider a look inside its “smart” app that customers can control their current account from.
Mondo is currently in a testing phase and will be releasing around 500 pre-paid debit cards that can be controlled from the app in September. It hopes to get its full banking licence at the start of next year and launch a current account shortly after.
Founder Tom Blomfield says Mondo’s “entire experience is designed around your smartphone.” Check out what it can do.