Of course you could always ditch Starling, because your branch–based bank will also scan your cheques.
True, but branch-based banks are starting to become outdated (especially given the pandemic) and there have been a fair number of closures in the local village that I live, and even in the nearest town. Which leaves the Post Office, and it’s only a matter of time before they start going away too (at least around here).
2 Likes
At a reputational cost though. Unfortunately Monzo does still suffer from not being seen as a serious/proper bank by many. I think stuff like this contributes to that reputation.
9 Likes
Whilst I do appreciate cheques are not common, I also believe the fundamental ability to pay money into your account with cheques AND cash is not great with Monzo. I know there are ‘alternative’ methods but I firmly believe this will have to change for Monzo going forward.
3 Likes
I wonder what it would take for people to use Monzo as a main bank, not say, a spending “card”.
I don’t understand why they still have cheques in circulation given the tech we have today.
1 Like
I got my first of two actual cheques yesterday. Paid it in with Starling. Job done.
It’ll now sit in that account along with my other savings. Zero hassle etc.
If Monzo had imaging, I may have used it, but it’s no huge loss for me
1 Like
Ask the hundreds of thousands of people who are about to receive their energy rebate, but who don’t pay by direct debit.
The councils already have their addresses. By issuing a cheque, they don’t need to securely store bank details, nor deal with the inevitable countless mistakes and misdirected payments which will be generated by asking that many people for all those digits.
It exists because it works, and is efficient.
7 Likes
Probably not one thing. I think it’s more the general addition of features/products you’d expect at traditional banks, e.g.
- More accessible/visible customer support
- Better support for international money transfers
- Mortgages
- Post Office counter services
Even though not everyone would need all these services, I think it would lead to more people adopting the view that Monzo is a ‘proper’ bank.
2 Likes
I could see how this may impact for converged services as such.
Post Office, not sure on, I guess it comes to demographic, and those who need a branch-like service. I’ve used it once to pay cash into Starling as wasn’t sure where there was a pay point for me.
I believe they’re looking at the support aspect, however, I personally feel self help in majority of cases should be the way forward as most can be done through the help section.
Never used international payment services so don’t see why it’s inconvenient to the likes of Wise etc.
I think the biggest problem with Monzo, and indeed a lot of these app-based banks and financial institutions is the lack of being able to sit down face-to-face with somebody to discuss their financial issues. Certainly, back in the day when I stopped being student and started to work, I had a good sit down in a local branch of my bank (NatWest) to discuss mortgages and financial planning. And when I needed a consolidation loan because my student bank decided to cut me off as soon as stopped becoming a student and needed to pay them back immediately, or else. Midland Bank, you were utter gutter trash.
Now it’s all app-based chat (which is a pain in the arse - I’d really like to be able to do it on the web where I can type faster and more accurately) and extremely limited telephone support. I recently signed up for a credit card. There were technical issues during the set-up and the app is half-working. I can use the card both physically and virtually, but if I try to use any other feature I just get “Sorry, we are having problems”. It’s been 4 weeks and no resolution - and the only way I can communicate with this company is through email. I can’t even use the in-app chat because it’s broken. They don’t publish a phone number.
Granted, a lot of people can bank online/through an app and perform most of their needs through this, but it is extremely hard to replace the human factor in banking. My father has had an exceptionally good relationship with this bank - and is good friends with his old financial adviser/bank manager who used to work there and who has been advising my dad even when he left the bank. Heck, he’s even helped me and my sister too (especially when she was buying her first property). And his bank was there when a financial issue popped up - he could talk to them and given their long relationship, got the help he needed. With Monzo and other systems that deploy smart algorithms - the computer says ‘no’.
As for cheques, most of the time I’ve received them from other banks and financial institutions who have refunded me fees for screwing up (including PPI) and they didn’t contact me for my bank details before issuing them. Otherwise, I’ve not cashed (or even written) a personal cheque in decades.
Fintech is all well and good, but it still needs the human touch, and if you’re coming from a bank where you’ve built up a relationship for over 40+ years then there’s no question you’re not going to move to Monzo or others like it. Who’s my relationship with when it comes to app-based banks vs a more traditional bank? A bunch of microservices and cloud VMs and a bunch of random customer service folk, or with a bunch of people who will look after your money?
7 Likes
I agree with many of the comments above. Monzo is my main account, and my wife’s main account, and our main joint account and our business banking account.
But things like lack of cheque imaging are a real inconvenience and in the absence of branches or an agreement with the post office that facility should be provided in my opinion (others will disagree).
But the inability to actually have a conversation with someone will be a big thing for many people I think - not necessarily face to face but even over the phone would be good, and that just doesn’t exist. In app chat just doesn’t cut it if you want to discuss financial difficulties for example.
I’d also say that the other bugbear for me is the often poor quality of help through chat. Monzo are still building the bank and adding functionality. That’s great and one of the things I love. But I’ve just had to post a question on here to see if the community can answer a question because the business banking team can’t. They suggested I test it and let them know the answer to the question I’ve asked, which isn’t really acceptable.
We’re drifting away from the topic thread here (although the specific question was asked by a Monzo person) so I’ll leave it at that 
(edits to correct typos)
11 Likes
I think one of the problems Monzo suffers from is a form of group think and not thinking widely enough about the basic needs for how potential customers would like or need to interact with them.
Monzo isn’t alone in this but it’s more pronounced, given your size and how long ago Monzo was founded.
It reminds me of another (much smaller) fintech, where they wanted to use photo driving licences for something - as none of the staff had ever seen a paper driving license or known they had even ever existed.
Because some people and companies want to use them? Certainly enough to issue around 185m last year.
Its also easier for many as they don’t need to obtain and/or store bank details of others.
Monzo doesn’t support receiving incoming international payments nor IBAN numbers despite requests going back years.
In my view, Customers don’t expect or want to be forced to use a third party whether it’s for international payments or cheque imaging with another bank or paying for the “privilege” of depositing cash into their bank accounts.
Monzo also needs much better and consistent support as others have said - especially 1st line support who don’t seem empowered to do much.
12 Likes
The sooner someone from Monzo turns up to say, sorry not sorry this feature isn’t coming at all, the better
2 Likes
Sorry not sorry… don’t have a clue 
2 Likes
I could never trust anything you say not after the IBAN fiasco 
5 Likes
I honestly don’t know about cheque stuff.
IBAN will forever be a mystery. Just assume it works and if it doesn’t arrive blame the other side
1 Like
I know I’m selectively quoting, but surely getting a refund from your council via Bacs, without having to complete a form (as you do with my local council) and then wait for a cheque to posted, then pay it in and wait for it to clear, is more efficient?
(Also too many commas in that sentence but hopefully the meaning is clear!)
3 Likes
It’s not on the radar, and won’t be any time soon 
4 Likes
For me this sums up the problems Monzo have.
Stop trying to understand why cheques still exist. They do. Cater to this.
(Don’t worry I realise this was a personal opinion over a company one).
I get that Monzo want to change banking. But increasingly I keep seeing things like this. You don’t change banking by ignoring something. It’s there. Embrace it now, change behaviours and weed it out at a later date.
21 Likes
If a Council doesn’t already have your bank details then issuing cheques is likely to be cheaper and easier as they already have your name and address.
That and it only takes one day to clear a cheque now… and coming back to the topic… customers of most banks have the option of just paying in cheques in via app.
Collecting bank details, (especially for a one off payment), entering them into their finance systems and then making payments is likely to be slower and more expensive, both in staff time and cost.
9 Likes