Biggest threat to Monzo in 2019

(Andre Borie) #21

It’s an absolute disaster? Given how it behaves I don’t even want to know what the code looks like, I’d probably have a heart attack.

It is not rocket science, they just have to load some JSON from a server and parse it. An app that does this should load instantly and definitely shouldn’t freeze for a few seconds every so often.

Design isn’t much better to be honest. Monzo led the way on the prepaid beta, now it’s just about average (transaction detail screen is meh on iOS).


They will be doing so. They’ve already promised they’re getting a banking licence now, it just depends how fast they can get them in other countries. But regardless, I’d they get local account details and become profitable, support direct debits, I don’t think the average Joe would care about it being an e-money. Everyone I know thinks it’s a bank regardless, because of the “better than your bank” line :ok_hand:t2:


My 2019 worry is less the new features and more that existing feature may not be built upon. pots(glad to see some upcoming work on that), authorising online transactions, retailer info, etc. All need some serious improvement, they feel a bit half baked at the moment.

My hope is a lot of existing features get some serious overhaul and improvements over the next year. I would take that over new current account features.

(Graham - Mental health professional) #24

Revolut have, frankly, promised a lot and yet still struggle with the basics.

They’re certainly not a bank in any real sense of the word (though their strong suit - FX - is still a winner), and I shudder to think what CS would look like in handling any transition to full current account + frills.

They’ve never solved support provision and as far as embracing community forums is concerned…:woozy_face:.

They just don’t yet sit in the same arena as Monzo or Starling.


They’ve promised a lot and delivered on all the basics, imo

I mean, they don’t have a banking licence. They do offer insurance as well as loans though. All your money is stored in a ring-fenced client account at Lloyd’s so you’re protected up to 85.000£

Their customer support is great as it stands, they’re all educated and haven’t had to go and ask anyone else questions for a while. They also reply within 1-2 minutes normally and 30 minutes at peak load. Crushing Monzo as it stands with CS, Starling is about the same as Revolut, so is N26.

Do you mean their early support problems addressed in the open letter? The lack of CS compared to customer base? That’s fixed.

I can’t blame them, forums are two sides of a coin. It can go really well and you can have a cult behind you, shunning every user that criticises your product or you can have one where people are all rational. The latter can backfire.

I personally get on pretty well on their forums though, the staff is on there and they answer questions. The people who frequent there from the community are very knowledgeable. Why waste time moderating irrelevant threads when the idea of the community is to ensure people have a port of call for questions without bogging support down?

I beg to differ, I think once GBP Direct Debits launch they’ll start stealing the customer base. They’ve already launched it in regards to SEPA direct debits and they’re doing pretty well in Europe outside the UK. People actually use it to get their salary paid in occasionally even, as they make it easy if its awkward to get a bank in a country you move to.

(Nico Mueller) #26

I will say its the elephant in the room, brexit. It will affect the financial sector dramatically - the legal uncertainties and implications of a prolonged period of half in half out or the disaster of a no-deal…


Are you sure? My understanding is that ring-fenced emoney accounts do not provide the individual customer with FSCS protection (or the equivalent in other countries). I’ve found it extremely hard to find information online on risks and protections involved with emoney accounts so I am left to assumptions based on little snippets of information. My assumption is you are relying on the account-holding bank correctly doing what it is supposed to be doing (i.e. ring fencing the money). If they mess up the ring-fencing, I assume you could lose your money in the (admittedly unlikely) event the bank goes under (due to no FSCS protection on these accounts). I don’t work in financial services though, so would be happy if someone could clarify.

(Graham - Mental health professional) #28

I don’t wish to be flippant, but I’m wondering if there are two “Revoluts” as I’m blowed if I recognise these characteristics :flushed:.

(MikeF) #29

And here’s one of the biggest issues - people react to what they feel about something and as we all feel differently, this is a very fine line to try and tread.

‘Half baked’ is an expression that keeps being trotted out but it’s the skeleton of a complaint that I’ve never seen any meat hung on. It’s easy to say something isn’t quite good enough but it’s not a lot of use if that isn’t followed up with a definition of why we feel that’s the case. Even then, it doesn’t mean the feelings are correct.

(Graham - Mental health professional) #30

Just occurred that I may have, in my haste, contributed to offing the topic (a phrase now coined). If there’s a thread for Revolut, my apologies - I didn’t look before responding above. :smirk:


Because its easier than spending the time to describe the problems or lack of features of the existing features. They’ve been discussed a number of times in several topics, but its not clear if they plan to improve some of them.

Just for one example of a half baked feature is approving online payments. The idea is great, you go to the app, approve the transaction, and your done.

The implementation is just a bit crap. You click the pop up, that takes you to the app, which needs to authenticate you, then it doesnt take you to the approval screen. Instead you need to click the waiting transaction for approval, then click approve, then authenticate again, then go back to the app or page where the transaction was happening. Then, finally, your done.

That’s a half baked poor implementation. It’s not easy, its not nice to use, and its not any simpler than other methods.


I don’t think it’s anything like as bad as that on Android


It does depend on if you have authentication enabled in the app as well, which you probably should :smile: but I had this issue on android as well. It should be far easier. You should in theory be able to approve right from the notification in android. You should at the very least be taken to the specific approval screen when clicking the notification.

If the android and iOS app have diverged again, that’s another issue :smile:

The issue with all these features is the real danger of falling behind if they don’t finish them off. When they had their roadmap with their deadlines, a number of features that came out looked rushed so they could say they were done. It was the wrong approach.


Yeah I dont have authentication on the app cos I have it on my phone, but I’m pretty sure it just brings up a button to approve. There will be differences between Apple and Android because of their own restrictions occasionally - for example you can’t tap to activate on Apple cos they won’t let third parties use the NFC chip.

(Jordan) #35

I think the things I think Monzo will struggle with is/are:

  • Everyone would ‘like’ to move to somewhere like Monzo - but with a linked Mortgage/ Interest rates on the big Clearing Banks is the move that “attractive”?
  • The “effort” of having a hub and spoke model - some customers probably just don’t want to deal with the faff incurred in using Monzo as a hub.
  • Gross Expansion - how to go from 1m users to 5m to 10m - can Monzo keep the hype running and acquire that market share.

Very high level I know but just my thoughts.

(MikeF) #37

That reads as a set of improvements you’d like it to work rather than any promised functionality not yet delivered. I understand that you don’t like these aspects of functionality but I think that’s a long way different from things being unfinished.

That’s the point I was making. By holding people to a standard that they haven’t offered themselves up to we’re painting a somewhat disingenuous picture of the state of things and trying to make someone else responsible for that.

Clearly, the opinion is a valid one, I’m just not clear why Monzo are responsible for not having done something that they haven’t claimed to have done.


That still leaves it being half baked. They delivered what they promised, i’m not disagreeing, but this thread isnt about things they promised and failed to deliver. You can still deliver something that’s badly implemented, and that will have an impact on the future when competition is knocking on the door.

In the context of this thread, its a valid concern i think. If they don’t improve over basic functionality and poorly implemented features, they will fall behind everyone else.

(MikeF) #39

No, it doesn’t. But I won’t go and make the same points again or I’ll be shouted at for going round in circles.

(Nathan) #40

Can i just make a point on this:

Summary was brought in as a replacement for targets and in my opinion was pushed to the masses far too early.

Chat again was brought in and pushed to the masses far too early and left alot of people confused and simply baffled at a lack of basics.

Tom made a very good analogy in the q and a about moving prepaid to current and the boeing plane mid flight and moving everyone across… i think with future features they need to take this approach and think is the customer experience on par or better with this change.

I’d argue these were “half baked” in that customers in the short term were actually losing out on functionality. Ill admit in the long term the benefits will be clear but i have to say pushing things in this way to 1.2m customers is going to cause unnecessary bewilderment instead of leaving in labs or testflighting for longer.

( related to Monzo CEO, Investor in Monzo ) #41

I agree MVP process is great when you have a small ish set of committed tech “savvy” customers, when you have over 1 million maybe not so tech savvy customers, its just a potentially broken product :slight_smile: that my friends, that Ive encouraged to use it, don’t understand why this or that doesn’t fully work - ah its a bug - Ok - but it doesnt work