One of the problems I see reading through the forums is the differing expectations and varying needs of people belonging to Monzo. I’m 61 and a semi retired business owner. The attraction in Monzo for me was that the outlook is to provide a personalised and customisable service that overcomes the impersonal nature of a computer says no high street banking network full of little people with no power.
That’s a big challenge for Monzo. What’s important for me will not be important for others. Selectable services from partnerships are therefore critical but even how they are categorised and evaluated changes from person to person. Some want the cheapest insurance for example, I choose my energy from an ethical supplier where I may pay a little more every year but will do so because of my desire to save the planet. So in choosing a range of partners maybe Monzo would categorise them cheapest, ethical, best value based on services to price? Tough one.
I want to source as many services as I can from one provider. Banking, saving, insurance for sure and maybe other things like energy too but in return for that loyalty I want loyalty back. To know that the service you provide me is the best for me and not necessarily the biggest profit earner for you. As a business owner I know that’s difficult but in my opinion it’s the future of sustainable business. A return to mutual coexistence where we support each other through trust. I trust you to provide me with quality, reasonably priced services and you trust me to stay with you and keep giving you my business.
That’s a significant move away from traditional banks or insurance companies who will do their best to screw you when your renewal is up and you have to be on your guard to test them in the market every time.
I think you have a very tough job Monzo but I wish you every success. It’s about time the financial markets were shaken up and you and Starling must have the big 4 worried to death. I just hope you don’t follow the Innocent example and sell out to ‘the man’ and have your ideals watered down to the point they become unrecognisable.