After today’s outages at GPS, and the effect that had on just about all mobile banks (bar Monese it seems), customers will start to look upon reliance on external agencies for access to their money as a line in the sand.
It will help settle a few stomachs if the banks affected express their respective positions on future safeguarding. This could mean building in-house tools to gain control.
I think I read somewhere here that Monzo plan to do just that…
In my opinion I think it’s quite a sad state of affairs… they had an awesome platform to do great things, but they seem to be lagging massively. However as they are very closed with their ‘roadmap’ it’s possible something interesting is going to happen.
Their aggregation idea is a sound one, but others do it, Cleo for one, who do it amazingly with other features as described above.
Can’t help to think that their loss of serious backing hit them really hard
I’m massively behind but I’ve just tried signing up to Revolut and did the initial top up of £10, but didn’t realise it was either a virtual card or pay £5 to get a physical card. I really like the look of the Premium cards but didn’t want to pay £7 a month to use it- plus, if you cancel immediately just to get the card you get charged £10 and it expires after a year. I would get it if I was travelling for a long period but I’m not that bothered with it right now- so I’ve tried using that virtual card to pay me on my Monzo.me link to get out the £10. It says “card is not supported”.
Oh well. I thought it would be easier than faffing about with bank transfers.
I like how you can filter transactions by country too, but the design isn’t as appealing as Monzo’s imo. For some reason it keeps opening the support page and I can’t stop it (took ages to verify my identity too). I’m sure other people can get a lot more use out of this with the overdrafts, mortgages and insurance coming soon (the airport lounge option seems amazing) but at the moment I’m not interested in getting it as a card I’d routinely use, maybe just as a backup for Monzo since there are less limits. Maybe someday- that baby pink colour is absolutely gorgeous/ unique! If Monzo do more card colour options + people have mentioned having different colours for investors etc., I wouldn’t mind paying a one-off fee for a choice of more colours/ ability to customise.
Maybe I’ve just been hit by so many "free trial"s that I’ve gotten charged for when I forgot to cancel that I’ve gotten iffy about it, but I’m really suspicious of subscriptions. If offered to me, I’d pay £60 for an upgrade but if I was told “you can pay £5/ month for this extra service!” I would think ‘wow what a scam’. Like I mentioned in this thread, I would much prefer a one-off fee than having the charges spread across each month/ to everyone.
Not quite three times. This is assuming linear growth so far anyway, which probably isn’t the case so it’s likely a load of rubbish.
Four calendar months to gain 100,000 is 25,000 pcm.
If they continue adding 25,000 users pcm, with 5.5 months remaining, a further 137,500 people will join. This puts them at 837,500. Leaving a shortfall of 162,500. Which is a bit over twice the number of new users per month rather than three times.
Using the dates on those tweets, with the one on the 30 March saying 600,000, it’s taken less than four months for 100,000 too.
It’s also interesting to see what time does to the trend. Does more users equate to a faster increase due to a higher amount of visibility, or does your pool of would be users start to diminish…hopefully with national customer acquisition efforts the positive.