Launched CASS after the period covered
Monzo didn’t launch CASS until the tail end of the data study period which is why they won’t be showing yet
Either Monzo’s 800,000+ customers in this year is not seen as a big number (in which case Starling bank must have a huge customer base in comparison ) or the Mirror doesn’t want to report on Monzo (or doesn’t like Monzo).
Also surprised more folk aren’t leaving TSB (and more surprised people are still signing up)
Thought it would be simple as that!
My own questions answered before I had time to finish my post
A similar discussion was started here a few days ago so I’ve merged the threads. Hope that’s ok
Can’t understand how the reviews are so bad… I have added my thoughts to try to help…
If we all headed over to TrustPilot and rated I’m sure we could make a difference
It’s mainly the people who had their accounts blocked or closed due to fraud. They don’t tend to take it well
The problem with review’s in general is that people only tend to leave one if they want to vent about their negative experience. People don’t always go out of their way to leave a positive review.
I have found this could not be truer. People (in general) are all to quick to shout about what they dislike, but rarely take the time to share good experiences.
I’m reading ‘How to win friends and influence people’ at the moment, which drives home this exact point
I always question the validity of a review where someone has only ever done one, surely other companies must have pissed them off enough to actually leave other reviews.
I leave reviews good or bad
I was very surprised too, doesn’t chime with NPS scores or polls like the MSE one at all (for Monzo or Starling).
Maybe just a simple link to review on Trustpilot at the bottom of an email or in the app somewhere would help bump the numbers up very quickly. I guess the vast majority just don’t know its there, and don’t have any reason to go looking for it
Whilst that’s technically true, there’s a considerable amount of spin there to claim that as a win, when the overall figures are so low, and the big banks in comparison are seeing tens of thousands of CASS switches every quarter.
By the same token, if you literally had 1 outbound switch in a quarter and 10 inbound, you’d be “the winner” by using that ratio as the goalposts.
I don’t know if there’s any rules on us publishing any figures officially ourselves or if it will need to wait until the next official CASS report but let’s just say we are pretty happy with the numbers.
Actually, if the next CASS reports happens around the same time as us surpassing a million users that would be a pretty epic double win ️
These CASS reports are great PR because they make people realise how damn easy it is to switch banks, and that lots of other people are doing it. All of which massively works in Monzo’s favour - both for new users and for existing users switching salary into Monzo. I think there’s something to be said for holding tight and then absolutely smashing it out the park on the next official one to really capitalise on this effect
It amazes me that despite the millions spent on marketing campaigns and the guarantee that so many people still think using CASS is risky
Having used it inbound to both TSB and Halifax the user experience was not good. The switching system was a bolted on web page with no indication that anything was in motion once I had completed it. They then sent me snail mail to give me updates
I hope one day to experience switching to a challenger bank since I’m sure it’s a delightful and well integrated process that won’t involve felling trees to update me on the progress!
The only issue I ever had with CASS was that for some reason (can’t remember what bank) kept saying my address didn’t match?
I gave up in the end and just moved it manually. It was only a burner account anyway for some incentives
It sounds too good to be true