I’m not denying there are possible constraints and weaknesses in prepaid. They’ll still need to have a banking licence to do prepaid though no? From what I’ve seen they are partnering up to obtain the De Novo Licence but likely business model to roll-out a “lite” product before building upwards.
I agree - just stating (Which I am sure they have done), do research in the new market, dont assume either approach will work. Look at the data
One thing I think that cant be underestimated is a differing in cultures from UK to US banking.
It can be very easy for us to assume that a UK solution can be pushed out and fix a US solution but without some actual US customer inputs I think assumptions are just that.
Whats made Monzo so successful here is the community, for Monzo to be successful in the US i think they’ll need similar buy in to say sorry we dont do things like that here or to point out differences/expectations from a US users point of view
For example, cheques? are they used more in the us than here? will that mean higher emphasis needed on the autoscanning. Interest? will account interest be needed as a norm.
All challenges that im sure Monzo are chomping at the bit to meet.
My only fear and one ive said a few times now is with all this new book of work I hope hope hope that more devs are onboarded quickly as there is so much more existing improvements needed on our side of the pond too.
I’m pretty sure the YC money is for the US rollout, therefore Monzo have £100m dedicated to specifically this.
I wondered if the 100m was from the bank they potentially are partnering with in the US
That is not set in stone unfortunately, things change and at the end of the day its monzos money to use where they see fit to make the most profit.
Look at the Business Accounts for example, pretty sure it was only 6 months ago that it was mentioned BAs would not impact CA development and they would be dealt with separately then there was a complete u-turn on this stance within a month or two.
I hope im proved wrong obviously as I want to see Monzo grow be it BAs, CAs, US accounts whatever as an Investor and general Monzo fan. Just as a CA only user (and the bulk of monzos main user base) I dont want it to get less love
Obviously it’s Monzo’s money to use as they see fit (unless the contract says otherwise) but Monzo are constantly hiring more developers. I’m not sure the current account has suffered due to business accounts as business accounts have meant more developers overall.
Obviously there will be times when you need something done urgently and you put all hands on it but overall business account development will lead to more functionality for the current accounts, for instance it wouldn’t surprise me if it turned out businesses needed cheque imaging and it ended up getting developed due to business accounts. Additionally, businesses may have a more compelling case for BACS/CHAPS which could lead to Monzo having that functionality for all users.
Both you and I are making alot of assumptions here in terms of dev numbers, the only thing i can use to back up my argument is whats been released for the CA in coming up to 6 months.
If you look at the big list, that was lot of things developed in a short space of time that really benefited the CA.
This year there hasn’t really been an awful lot developed for this worth talking about, the small tweaks that have been developed were all on Monzo time… happy to hopefully be shown up with some incoming announcements though
Not sure that is strictly true - off the top of my head we have had
- Complete intended overhaul of UI
- Monzo Plus
- Monzo Points
- Easy Access Savings (x3)
- ISA Savings Pots
- Credit Card Connectivity
And there is probably more!
Not sure you can look at it this way, lots of things get half-built and not released because they’re waiting on something else. There was a period before the “Big List” where other than current accounts Monzo released basically nothing for a year. The Big List was either quick wins or things that ground work had already been laid for. We don’t know how much stuff is currently being worked on in the background or how much time a one piece of development work requires versus another. Monzo are hiring devs and have been constantly doing so since launch.
So whats coming that is big
Maybe I am being too negative in that alot of the stuff they have been working on just wont ever be of use to me. I’ll always personally go for best price over convenience so the savings pots, plus account, loans, energy switching just aren’t useful for me but thats where the money is i suppose.
I’d love the little things to be built and prioritised like payee management, rebuild locked pots, committed spending pot, pot feeds on ios etc.
Nothing. We’re all looking at other stuff now…
But you said:
What they’ve done are big leaps - unfortunately those little things you have said, whilst impactful for some, are largely too “small” to warrant pushing out at a faster rate. I’d rather Monzo build more actual product/ integration than the small little features - that can and will be done as time passes on.
Following the round of funding and crowdfunding, it was always going to be a period of building up revenue streams and places where Monzo can start to become profitable - unfortunately that means the features that don’t do that will fall to the wayside periodically.
I feel your frustration. I think the last useful thing that Monzo developed for me was joint pots, around a year ago.
I guess more of the development work that Monzo is doing now its more meaty and time consuming than the UI & app features
Don’t forget the important second part of that context
I’d say those smaller things have the greatest impact though. I’m not annoyed at Monzo for building out other profitable aspects just more so I see alot that can be improved upon that seems to slip through time and time again while things seem to come out of nowhere and be developed rather quickly.
Yeah I didn’t forget that part - it clearly hasn’t seen less love, it is just not the love you want to see. I’ve not seen anything in terms of BA having extra features being developed for them but have seen as I posted numerous CA/ JA features and products being implemented.
I agree a whole lot can be improved with the current half-baked products and I do hope that Monzo go back to tackle them. I personally don’t think i’ll use the majority of new things Monzo have brought out recently but I can see that it makes more sense to develop those rather than smaller aspects.
I think no matter what that is a subjective statement - for you it would have great impact (probably for me to) but it appears that it is profitability > small impactful changes.
This is a problem with the removal of the Big List - I’m sure ISAs have been in development for much longer than we knew about them for - its just we don’t have the transparency for these sort of things (likely due to confidential information).
The problem with that list, is outside of Savings Pots which have just come back (and require little further development), the rest of the features are incredibly half baked.
Adding more and more unfinished (but released) features into an app with a huge amount of unfinished features creates a real dismal user experience.
The MVP approach might have worked at the beginning, but it simply doesn’t translate well with a mature service - Unless the core of the app is actually fully functioning and good!
Oh for sure - I’ve said its getting to the point where it should be less about the new features and more about polishing everything up (I don’t think an expansion should even be considered until all of the parity/ half-baked issues are resolved but that’s just my 2p).
I disagree that MVP can’t translate - many big banks do MVP with new products.
MVP can work - and does work, but it only works when there is a commitment to iterating further and providing timelines/ transparency in doing so. That is the problem Monzo have - they bake in products, promise that things will develop, but unfortunately get caught up on the next deliverable.