Just so we are aware what competitors like Tandem, Atom, Monese, Fidor etc are up to it may good to post news about them in the community.
So to start the ball rolling here is today’s latest news:
Fidor Bank has entered into a partnership with Nutmeg to provide investment opportunities to their customers. Nutmeg is an online investment management service and has now been added into the Fidor banking platform to help customers build and manage investment portfolios.
Fidor Bank has introduced a new verification process. Customers now have the opportunity to verify their account via a video identification process.
but isn’t this just self advertising of Fidor bank on Monzos website ? whilst I agree feedback of usage of a competitor is great as a comparison , if you work for the competitor it strikes me as a bit hmmmm trying to anonymously influence Monzos customers so they switch to your brand as a perceived better brand. -
I am not a staff member at Fidor. I don’t work for them. Just volunteer as a Moderator on their community.
I have also previously covered Mondo (now Monzo) and Tandem and Atom developments in their community too.
I have interests in multiple banks as both customer and investor, so no particular interest in promoting one over another.
Knowing what other competitors are up to is useful from a business perspective, so assumed it of interest to Tom and others in Monzo and to those in the community with an interest in wider banking news
There have been previous instances of competitor non-disclosure so I don’t think it was unreasonable that you raised your doubts. I can see that Richard is a regular contributor and crowdfunding investor so I’m glad this has been cleared up.
There’s quite a few people here who work for competitors. Like myself, I work for lbg which isn’t exactly a direct competitor but still. I am however an investor in monzo so have a mutual interest in both
Had a look at Fidor. Didn’t like it. Registered but searched to find an apply for a smart account link for ages to no avail. They seem to charge for transfers too. I’m still thinking Mondo as I still call it is by far the best out of all others you mention. IMHO
And their internet banking site is the most user-UNfriendly unintuitive sites I have ever used. Looks like it was designed by a civil service committee. The Monzo interface (even the Android beta) is so much clearer and hopefully retains this once they have current accounts and need to add much more menu options.
They do charge (as you say) for SEPA transfers but their site makes you enter the amount in one currency and just shows an exchange rate. Monese by comparision lets you enter GBP or EUR amounts and instantly displaya the amount in the other currency aa you type in either currency. That’s the way I hope Monzo will do it when we have current accounts.
depending on how long Monzo stays as a prepaid card I would like this Monese idea to be incorporated into the top up feature - being given an idea of the amount you are topping up in local currency when travelling would be very helpful - whether its worth the effort for the next 3-6months before full licence - don’t know how difficult it would be or if a priority if bank licence is imminent ? - maybe show your bank balance in local currency as well when abroad when Monzo is a full bank
or even just have option in account to display in a second currency, even if not abroad, as this may appeal to those emigrating to UK but not used to our currency
Integration with nutmeg is smart - hopefully Monzo pursue that at some point with their vision of bank as a market place (similar to Fidor’s vision). I am a very satisfied Nutmeg user
N.B. I am all in favour of competitor updates - it is important to know what other financial management options are out there and what they offer - there is no point in blind loyalty to a brand/product - that wont help convince any new people to join.
To me hopefully Monzo can do better as it looks to me (and I may be wrong) that the link in their internet banking purely opens up the Nutmeg site with a referal code. A full integration into Monzo site such as a white labelled product would be nicer
ah right - i was hoping it would be something deeper such as linking the accounts and the ability to pay into savings right from the current account (that would be fairly useful in monzo - ability to sweep remaining cash at end of month/next payday into savings)
Also Monese have changed the way they send out bank cards. Instead of a DL size envelope with letter or card in with the bankcard attached…which can be felt thru the envelope, they now sending out in a greetings card shaped envelope with the bankcard inside a very nicely presented card/folder so the card can not be felt thru the envelope
