But... What will Monzo do for me?

So I love Monzo, been full Monzo since I signed up… all in!

However, I really struggle to sell Monzo to some friends… I always say why don’t you check out this new amazing bank, so open and new and upcoming…

They turn around and say… “Well, looks good… but what does it do that my old bank doesn’t?” it’s at that point I stumble… ermmmm… Analysis of your spending… “Ok… anything else…”… easy to send money to each other… pretty Hot Coral card… Hmmm…

Boom conversation over, the friend doesn’t move over because they don’t see the benefit…

So my question is… what do you tell people when they ask… “What will Monzo do for me?”


Instant notification is by far the best feature and also most banks charge non-sterling fees on debit cards.

Also amazing live-chat Customer Support for the people like me who absolutely hate being on the phone to do any kind of business apart from talking to friends.

Also IFTTT, but that has limited appeal to a niche audience :smiley:


Ultimately I could probably talk for ages why I like Monzo :smile: but…
I tend to highlight the following:

  • Slick app
  • In app support (no need to stay on hold :raised_hands:)
  • Instant notifications
  • The Summary Screen (analytics)
  • No fees (besides ATM one abroad)
  • I then mention some of the things that are on the road map like shared pots, bill splitting… which they all seem to like.

My personal opinion is that some of the coolest Monzo features are yet to come :arrow_right:


I try and say:

  • It can give you beer money every time your team scores a goal via IFTTT.
  • It will let you see what you spend at the till in an instant, not showing as a pending transaction for a few days.
  • It has features being brought out which have been pushed by the community to get in because it’s what they need.
  • It has a pretty good looking roadmap of things to come.
  • It won’t rip you off if you use you card on your holidays, and gives you access to £200 charge free whilst away

I get the same thing but without a demo mode or being able to hide things in app I don’t bother talking about it now tbh


On another note I’ve had 3 or so people instantly turned off using Monzo when I mention Summary. Their response: "I don’t want to see where all my money goes thanks :sweat_smile:"


I had this conversation with a friend the other day, the only things she said that Monzo offer her over her legacy account are: Instant Notifications, Slicker UX/Design and possibly in app chat. Everything else is already provided by her legacy bank and so she was very reluctant to sign up as there wasn’t anything significantly better in her eyes

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I think this is the same for most people tbh.

Money goes in, money goes out and that is that, most people don’t care about a fancy app unless you are into that kinda thing.


Exactly and this is the kind of thing Monzo will run up against in their goal of 1 billion users, just general apathy as long as you get paid and bills go out


That I think is the problem at the moment… No interest is something people shy away from…

The average customer like my friends have no use to IFTTT, they don’t want to set it up or use it so although I think its cool along with lots of the community, the average Jo won’t use it…


Although good to have and I love them… some people just don’t care… they respond with “I know I’ve spent money because I just did it” then go on to tell them about spotting fraud quickly etc

Yeppp… this is why I think Marketplace will set it apart but its got to be done right…


It’s worse than that.

My current bank will let me use websites that require 3D secure, pay in cash, save payees, edit standing orders, pay me interest and cash back, and various other basic things.

There’s a lot to like about Monzo (the app is fairly well designed, spending insights are useful) but they have a lot of work ahead of them.

I want to switch to Monzo but I can’t quite convince myself that i’m ready just yet.

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To me Monzo is valuable to people who care about user experience and people who want to go cashless. I think if you’re one of those people it sells itself, but for everyone else the reality is that there’s nothing that special for them.

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All of these things are coming, most of which are on the big list to be implemented in the next few weeks so that should solve some issues for you


But in all honesty does the average person on the street really care about any of that stuff? I mean I don’t care about any of that other then interest which tbh would be a pittance anyway

Money in, money out done job done.


And I think for most people, that’s true. Monzo’s an ideal bank for people who want someone to watch every penny for them, who are technophiles, who who are trusting of phone based services, who are keen to try new things, who will trust a bank they may have never seen advertised.

It’s just not for everyone. People change banks for one of two main reasons, I think. Either they’ve had an issue with their current bank which has left them unhappy, or they’ve spotted another bank which offers them something they want which their current provider doesn’t. Monzo’s selling point, I think, is that it offers some services which people haven’t come across before and so if they didn’t need those things yesterday, they’re not likely to need them tomorrow.


Having spoken to a friend who is a senior person at a large monolithic UK bank a couple of weeks ago it was clear to me that the big banks have a very specific view of current accounts:

a) they see current accounts as easy money through fees/overdrafts etc
b) they don’t see neobanks as a threat as their millennial customers have no money, their own customers tend to be older and wealthier
c) customers are sticky. You can be TSB with all their failures and yet very few users leave

I found his response cynical and completely at odds with what we know about Monzo’s transparency and reasonableness. So why change? Because the big banks want to rip you off and give you a terrible service. Be part of a movement that insists on transparency, honesty, integrity and customer service.

Also, Monzo have cool app icons!


They would care if they changed to Monzo and suddenly realised they couldn’t do those things. Or if there was some friction when setting up direct debits, or if their card was declined for no apparent reason.

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Yep - quite true. Maybe @Dan_R should wait a few weeks before trying to convince anyone to join!

I’m playing devils advocate here. I’m a bit of geek, I like new things, and I like to be a relatively early adopter.

But I’m not the average personal banking customer. Winning over people like me (and you) isn’t going to get Monzo to 1 billion customers. These basic features need sorting out first.


That’s my plan for now… I’m waiting for The Big List then going on a recruitment drive again :stuck_out_tongue:

Once Marketplace is here in the future and working it should be an easy sell… Imagine a time where you don’t search for the best deal its all done for you :wink: imagine that @tom :wink:


I don’t understand why people wouldn’t leave after something so dramatic as what’s happened with TSB? Surely using CASS and moving is pretty easy?