Monzo is a real, all-digital bank with cool features that traditional banks do not offer

However, we still have traditional banks with brick-and-mortar offices that we have to visit every once in a while, and yes: this means lines and this means time wasted. Not only this, traditional banks do not seem to play well with a modern phone. Sure, most of them have a dedicated app, but for many services and for a truly digital recording of your activities, we're just not there yet.

That's where Monzo comes in: yes, it's an app, but it's also a bank in itself. A real bank, just without the long lines and physical offices. And it wants to set an example to show people what such a bank of the future might look like.

Being an all digital affair, Monzo is able to do things that traditional banks simply cannot do: install its app and you'd see that every transaction gets through instantaneously, no long waiting time required. Many of the legacy fees that came with some services in traditional banks are waived. And yes, you can even use emoji for your money transfers. The other benefits of using Monzo include a neat monthly report of your expenditures, the option to instantly freeze your Monzo card if you lose it, plus you can use your card abroad just as you'd do at home. In addition, you have the option to instantly send money to friends and family.