April Open Office Streaming here from 7pm


(Naji Esiri) #1

As we wave goodbye to the prepaid card and more people than ever start using current accounts, the next step is to work towards building Monzo into a sustainable business. Find out how this will shape our plans and priorities in 2018 and beyond, as we work to achieve our mission to build a financial control centre for one billion people.

Share your thoughts and questions with our CEO Tom Blomfield as he talks about the biggest challenges and most exciting opportunities ahead.


(Marcel Ruhf) #2

That was very interesting.
Definitely worth watching, for both enthusiasts and critics (for lack of better words) alike.


(Gareth) #3

Some quick screenshots if you don’t have 20 minutes…

Cost of running an account per user:


Number of users depositing their salary:


RBS plans on opening a digital challenger bank
Go Away Go Henry
Hello Monzo, TransferWise here! [Discussion]
Should Pots balances be counted for overdraft fee calculations?
Monzo NOT On Credit Report
#4

Why do the earn more money from people paying salaries in?


#5

Interest I’d guess (more money in)

And debit card top ups


(Danny) #7

What it coz I’ve just started to watch it?


(Marcel Ruhf) #8

Fair enough - I don’t see why anything in that video would upset you, but each to their own.


(Jack) #9

I think they also get a few pennies for accepting the deposit maybe?


(Danny) #10

Also they get money like this


#11

Are people who pay their salary in more or less likely than those who transfer money in to sign up for that?

(Insert punctuation as you see fit)


(Marcel Ruhf) #12

Yep.
Lending (overdrafts) and marketplace will be their main revenue sources, according to the video.


#13

I don’t see how they’re more likely… just assumptions?

Granted I’ve not watched the video tbf


(Danny) #14

Seriously does no one from the forum go to these things coz I did not hear a single cat question :thinking: :rage:


#15

I don’t suppose you could expand on why? I’ve just watched the video and I can’t fathom what he’s said that’s annoyed you?


#16

Hello @anon38274058,

I’m really sorry to hear that! Can you let me know what made you feel this way so we can use it as feedback moving forward.

If you would rather do this privately, you can do.


(Excited about Christmas) #17

Topups cost money, and card swipes make money, so by removing the need for topups, and increasing the chances of people using Monzo for more purchases, the economics improve considerably.


(P Burrows) #18

I found it alarming that it costs big banks £120 to service an account for a year! Surely this is financial motivation to innovate their technology.


#19

Why different figures for non-salaried migrated v non-salaried new?


#20

That was genuinely interesting. Doubt the Barclays CEO says w**nky in public tho :smirk:

Question though. Is the difference between prepaid and migrated accounts not to do with the introduction of foreign ATM limits and charges? That would have been at around the same time


(Marcel Ruhf) #21

I suspect that salaried accounts don’t / rarely use debit card top-ups.