Cheque imaging would benefit all those who do still receive cheques. It shouldn’t not be introduced due to costing and the fact it wouldn’t be widely used. The stats are flawed, only a very small portion of Monzo customers send Monzo a cheque to clear because you have to post it which can take 2-5 working days using freepost, you then have to wait for a human to allocate the cheque to your account which may take 1-2 days to do on receipt of cheque. Why wouldn’t you keep a legacy account open just for cheques with all the messing around you have to do. If you introduce cheque imaging people wouldn’t think twice about uploading it to Monzo.
CEO Tom Blomfield told financial times in a interview in October 2018
“The banks are so obsessed with their financial products and optimising them that they forget the human. [They] end up optimising each financial product rather than thinking holistically about what makes a human’s life better. What are [customers] anxious or worried about?” His company starts with trying to solve these problems, he says.”
Mr Blomfield and investors if you are trying to create a bank for the future and that aims to give customers what they want then you should be looking at all aspects and it shouldn’t matter if only 1 out of the millions of customers would benefit. Especially as Monzo are not a high street bank you should look at introducing the cheque imaging. It would benefit all who may need to cash in a cheque. Introducing systems like this would in essence potentially give customers the excuse not to use legacy banks anymore. It’s okay having a vote on the forum but how many customers do not use the Monzo Community? How many use Monzo Community but aren’t active regular? How many non community members would think cheque imaging would benefit them? Majority of the users on this forum are investors and staff, therefore they only see profit. So when a idea comes up that may potentially cost more than they get back then straight away it’s an idea that can do one.
Don’t forget your aim Monzo. Customers come before making your bank more profitable. I get you need to make profit to be able to trade. But you are making profit. I use my Monzo account as my only account, so to hear investors and staff tell me that cause I’m in the minority it means you aren’t bothered if the feature benefits me or not does disturb me slightly. My rant over, it’s how I see the current situation. My own personal thoughts. So please don’t fight me over it, I’m entitled to my opinion as you are.