Monobank
heads in new directions

CEO Bent Gjendem is cautious about proclaiming that his bank holds the world record for the launch of a bank, but, based on his own research, he has not found any other bank that has been launched on the market faster. It only took five months from when the bank received a licence from the Financial Supervisory Authority of Norway until it opened.

Innovative environment
With experience from Sbanken (formerly Skandiabanken), Gjendem points out that Sbanken’s commitment to technology and customer focus was an inspiration for Monobank.

“The innovative financial sector in Bergen was a prerequisite for us having faith that we could succeed,” says Gjendem.

Monobank uses Stacc's solution as an additional banking system alongside its proprietary systems, and Gjendem points out that an important element of the technological development is that it allows a bank to operate in the cloud. With consumers increasingly using their mobile phones for financial services, it also means that user friendliness is one of Monobank's focus areas. 

New focus areas
Monobank chose to focus on unsecured consumer loans, which Gjendem found to be a niche that the traditional banks did not spend a lot of time and energy on. We have gone in the right direction since our launch, with good profitability and expansion. Last year Monobank entered the Finnish market. At the same time, the bank will also acquire depositors in the EU through a third party located in Berlin. The next step is a new credit card project in cooperation with Widerøe.

“We envision further expansion, but we have not yet finalised which countries we want to get into,” says Gjendem. 

He stresses the high level of satisfaction among customers and employees as the key to success, in addition to the benefits offered by a new and simpler technology platform compared to what many established banks must operate with.

“We measure the satisfaction of our customers and employees all the time and follow up by implementing specific measures. Make it fun and simple, use technology and enthusiasm interchangeably, says Gjendem.

Monobank is currently listed on the Oslo Børs marketplace, Merkur Market, and has announced that it will be applying for a full listing on Oslo Børs in October this year.