Dear Monzo Senior Management,
I’m Monzo User #585 and have been in huge admiration of everything you have done and accomplished. You haven’t always got it right, but when you haven’t you went back to drawing board listened to opinions and came back stronger.
I have seen all the news reports about furloughing and latterly the redundancies that are hanging over your team and I haven’t quite been able to come to terms with them. Seeing your staff’s tweets on twitter is really heart braking. I understand that I am not privy to all the information that you have to arrive at the decision you have arrived at, but I refuse to believe that there is not another way out of this.
In my opinion the three cornerstones that helped make ‘Monzo Monzo’ were the community, your staff and your dedication to transparency. More recently (last 6-12 months) I have felt you have moved away from the community and you have ditched your attempt to be as radically transparent as you once were. Making staff redundant, for me, I’m afraid is the final straw. I will keep my Monzo account open in hope that you return back to your core values, but until then I will be switching to another bank account as my primary.
There are many alternatives that I believe you could have at least attempted before you made redundant the incredible staff that contributed to making Monzo the best bank in the UK (and probably Europe).
I appreciate that what I say next is comparing Apple to Orange’s, but I’d like to draw your attention to this Tweet.
I know a publication is a million miles away from a bank but look at the response when you do the right thing.
I perosnally would pay for a Monzo Plus subscription during these times, even if Monzo Plus was only 1/10th finished. I’d do that just to do my bit to give you revenue so that you could carry on the journey to hopefully reach the vision that @tom pitched to the room when I had to pick up my pre-paid Mondo card way back in 2016.
Another thing that you could do is level with your community - ‘All - things are pretty tough for us right now, we’d love to get your help by you referring as many people as you can to join Monzo’. I think you’d be pretty amazed at the response.
When the going gets tough is not the time to lay off the incredible people who have helped Monzo so far, it’s the time to turn to these incredible people and their incredible minds and seek alternative ways to overcome this adversity that Covid-19 is causing. Clearly intercharge fees have plummeted as less people are using their card due to lockdown but that can’t be the only way for a progressive bank like Monzo to make revenue.
For all the above reasons I will be using another bank account for my Direct Debits, Standing Orders, Salary and regular spend. This will only negatively impact your revnue ever so slightly as I am only one person. But this is one of the only ways I can show my displeasure at the recent ongoings at Monzo, by doing my talking with my feet.