There are ethical issues, however. Michael Anyfantakis, Chief Architect & Head of Product, UK at Capital One, raised a scenario where someone orders a takeaway and pays for it using a Buy Now Pay Later option because they don’t have the cash. ‘What’s the responsible thing to do there?’ he pondered. ‘Should we use this moment to give them a nudge and advice not to spend £50 on a takeaway but rather spend £10 buying food to cook themselves?’

For some customers, this would be considered an invasion of privacy and overshoot of a bank’s function. But for some, including many vulnerable customers, it might prove a useful intervention for their financial wellbeing. And there does appear, certainly among younger demographics, to be an appetite to have a more personal and friendly relationship with their bank – even if that relationship is entirely virtual.

Sujata Bhatia, Chief Operating Officer of Monzo, highlighted press criticism of the bank’s branding, tone of voice and customer engagement during its early days, sharing one headline that read ‘Grow up Monzo, you’re a bank, not our best friend’. ‘The media were full of venom but we knew people were craving this so we doubled-down and the results show it was right,’ said Bhatia, sharing the bank’s many plaudits and best-in-class NPS.

It’s not just a nice-to-have. This connection with customers has enabled Monzo to innovate relevant products that resonate with customers to improve their financial wellbeing. Its accessible savings and investment products, for example, include gamification techniques to get people to build virtuous habits – and enabled the bank to access a whole new customer base with its products..