Lumi<>Monzo

A unique partnership opportunity to differentiate Monzo's new children and family account

Source: Monzo's Families research deep dive, August 2022

to compete against free Junior bank accounts to successfully earn new customers in this space

to encourage current customers to upgrade to a paid-for service for their children

to introduce a new children's account with a strong market differentiation

Monzo's Goals

Lumi can help you to proactively and meaningfully engage through a unique, tailored programme,the like of which is unseen in the banking sector

Financial Literacy, Solving Local and Global Issues

Lumi can engage and educate children in:

Cue Lumi x Monzo

All this and more is on offer, yet none work differently to truly engage and develop children...

With Lumi, go way beyond the same old free resources and activity route commonplace for large banks

Monzo changed the game for banking once. You can do it again for young people. Let families "invest in their child's future with Monzo"

Budgeting and financial decision-making embedded implicitly

Financial literacy by stealth

Go deeper by investing in children to become future changemakers, who are future ready

Needs vs. wants and other financial lessons cleverly interwoven with social issues

Gives parents something tangible to switch for with an educational and financial RoI

How Lumi Can Help Parents

A unique account that provides competitive rates and teaches their child critical skills with potential for awesome rewards (financial, recognition)

Every child that signs up gets a free enrolment into exclusive Lumi Quests only for Monzonauts

How Lumi Can Help Children

The chance to win:Run a competition where the Monzo community votes and innovations win cash rewards e.g. the top prize sees Monzo open a £3,000 ISA for the winning child - keeping the money within Monzo.Innovations also eligible to apply for exisiting global competitions.

A fun way to 'earn and learn':Earn money for doing good. Learn new things about the world. Aquire financial literacy by stealth. Solve real-world problems they care about. Give them a voice. Equip them with skills of the future. Get external certification. Advance their DofE Award through Quest participation.

https://www.youtube.com/watch?v=OnslrrEhUsA

Click to play the video

So what is Lumi?

Students develop tech-enabled solutions to real-world problems whilst building and developing critical skills for the future

Digital-first, scalable programme with the potential to run Quests with multiple, different schools and with young people globally

Lumi's Quest programme: a structured design-thinking led journey designed by a Stanford University professor

Students can win formal certification from Stanford-affiliated design-thinking institution Singapore BioDesign

Live, online facilitated sessions by design-thinking-trained students and near-peers from top universities across the world (Harvard, Minerva, UCL, University of Cambridge etc.)

We create an unrivalled opportunity for a parent and child community made up of vibrant, forward-thinking families

We build skills for the future (critical skills, agency, empathy and foundational tech skills)

We provide an exciting complement to traditional education, one which focuses on design thinking, innovation and entrepreneurship

A structured, global online programme that empowers 10-18 year olds

...and what do we do?

Offer automatic enrolment into an async Lumi Quest which a child can do individually or with others

Over time, Lumi could bring customers to Monzo e.g. automatic enrolment into a Monzo account

Monzo could reward product users with gated financial rewards e.g. here is £50 for opening your account, received after your Primary Quest

Monzo could sponsor promising solutions to go beyond the async stage to develop financially responsible innovators

Provide differentiation as parents incentivise their children through the Quest with real rewards

Develop a frictionless-gamified Quest, integrated into the account, that seamlessly integrates financial literacy

How Lumi Can Work with Monzo

How does Monzo envision integrating Lumi's Quest into the Monzo platform?Our own platform hosts content and community interaction inc. feedback, is GDPR compliant and has an API. We are happy to use our own platform however we would need to map the user journey to ensure it is seamless.How will the reward system be built and linked to the various incentives and milestones throughout the Quest? Will Monzo work with us to architecture this?An oversimplified way to do this would be to trigger it with an API every time a milestone is achieved and then in Monzo's backend, the reward is credited.

Tech integration

Key Questions (1/2)

Commercials

Who pays for the Quest? e.g. Does Monzo:a) pay for the entire Quest, at least initially, as part of the marketing pushb) subsidise it 50% for the parent or fund part of it (i.e. 25% after which the family decides if it is worth it) with a possible financial prize incentive for the best innovationsc) split the cost with parents e.g. parents part fund it and Monzo "tops up" the remaining cost Does it make sense for us to partner with a charity who specialises in financial literacy (in an advisory role)?What are the terms of engagement between Lumi and Monzo? e.g. there will be an initial outlay to develop the offer

Identify and map out roles and teams e.g. tech team, partnership team etc.

Lumi and Monzo teams meet again after Easter, week commencing Monday 17th April

Key Questions (2/2) and Next Steps

Product Lead

Hem Somasekharan

The Lumi Team

Prashant Raizada

Founder and CEO

Christopher Shen

Co-Founder & Chief Innovation Officer

Rohit Vaish

Product Delivery Lead

Rosie Nicholas

Partnership Lead

Continue for Appendix:Quest Journey, Partnerships &Children Case Studies

Stripe, payment processing platform

" We like entrepreneurial people.They can become our customers. "

ADVANCED QUESTTest launch, showcase, apply to competitions

INTERMEDIATE QUESTBuild a tech-enabled prototype targeting the chosen problem

PRIMARY QUESTCreate a storyboard to solve a large global problem (based on SDGs*)

Further develop prototype with expert help

Evaluate ideas & build wireframe

Select a specific problem- conduct interviews

Research a global problem

Enter the Lumiverse

Develop plan to launch an idea IRL

Take formal assessment to obtain certificate

Create a prototype using in game low code tools

Showcase to potential sponsors

Apply to global contests

PROTOTYPE, ITERATE

EXPLORE, SYNTHESISE

INVESTIGATE, IDEATE

Lumi's design-thinking-led virtual Quests allow young people to solve real-world problems, collaboratively.

Lumi's mission is to develop one million changemakers, entrepreneurs and tech innovators and to create a global network that accelerates their impact

Lumi's mission

Partnership case studies

Click the image for partnership video

As part of their UK Green Homes initiative, Nationwide teamed up with Lumi to put young people at the heart of the solution to tackle climate change.

Developing an alliance with a Big Four global consulting firm to harness the creativity of young people to tackle real business & social threats e.g., Cyber & Risk. The vision is to integrate Quests as a unique and powerful way to incorporate their Apprentices' ideas to solve problems critical for their organisation, their clients, and for society at large.

Partnership case studies

Click the image

What do parents think of Lumi?

Our Luminaries have gone on to...

have their energy-focused innovations showcased at the UN's Climate Change Conference (COP27) in Sharm el-Sheikh, Egypt

Senior Partner,one of the Big Four consultancy firms

" Today it's become really difficult to differentiate between the thousands of graduates who apply to us. They all have great degrees from great universities - but they're missing real-world skills that immediately set them apart from one another. We need something to help us pick them out, and this is it. "