Introduction to the audit

Introduction to the audit

An excellent marketing auditing ought to be not only systematic and comprehensive; but also periodic and independent. These are the core principles under which this market auditing is premised. The market environment is highly dynamic due to constant changes in the realms of technology and innovation, consumer distribution patterns, consumer preferences and tastes, and geographic mobility of consumers. These factors have required periodic conduction of a marketing audit to establish the real image of market demand. And so, this task is constructed on the quest to evaluate the current UK market for Monzo, and assess how it is best suited to compete favorably in the market space. In-depth knowledge of market forces and circumstances will excite the formulation of relevant response scheme to the available crises. Thus, the aim is to carry out a detailed Marketing audit analysis of MONZO in the UK market sphere. Besides, this study will explore and establish current opportunities and threats underlying Monzo in the context of the UK market, and after that, recommend a detailed action plan for the betterment of performances.

Company/ brand background – including mission statement & objectives

Monzo is a United Kingdom-based digital challenger bank that mainly offer retail banking services to customers. This company offers variety of services including overdrafts, current accounts, fixed term loans, partnerships with third parties and saving pots which by the end of the day help customers have access to modern banking services. Currently, the company has more than two million customers with active accounts. The bank is constructed on the aim to offer services that are easy and easy to use, yet with impeccable customer service and creative features to assist her customers understand and manage their finances effectively.

The company’s long-term vision is to provide her consumers and customers the capacity to view and manage a broader range of financial and non-financial services that are provided through the Monzo App. Monzo Company was conceived to with a mission to make money work for everyone, and therefore assist its customers to manage their finances with little effort and stress. The company ensures this mission is actualized by ensuring customers’ money attains more value, and by finding affordable mechanisms to borrow through the App. Currently, more than two million people have access to hot coral cards to help them, manage their finances and spend globally. Key to the company’s mission is the concept of long-term sustainability that the company intends to generate lifelong profits while taking part in social transformation

The other goal is to bring Monzo to the capture more than one billion active not only in the UK but also beyond. The bank recognizes that a quarter of the world population has no access to banking services and therefore its aim is to harness this market, and also support vulnerable customers in debt management through financial literacy. This objective is in line with the authentic vision of the company of launching and actualizing a hub for all customers’ money

Macro analysis (e.g. PEST/ PESTLE)

Monzo Bank Limited is one of the major challenger banks in the UK alongside other banks such as the Starling, Revolut, Tandem and Atom. These banks are highly flexible, quicker to adapt to user demands and indeed more user-friendly relative to traditional banks. In this section, this review examines the external environment under which Monzo Banking Limited operates in the context of the UK. This involves critically examining the prospects of the bank’s political, environmental, sociological, technological, legal and economic (PESTLE) environments under which the bank is thriving.