Competitor update


#1133

Starling have zero reviews, could be seen as a bit dodgy in itself.


(Alex Sherwood) #1134

Just three so far. So yes, that’s probably not helping them.


#1135

Just re-read and says not enough… my bad. Time for some sleep :zzz:


(Alex Sherwood) #1136

Quick update on this -

(The story’s sat behind a paywall with no free tier, as far as I can tell :tired_face:).


(Alex Sherwood) #1137

This feature’s not a game changer but it’s a pretty cool idea - I’ve just received an email from Revolut to let me know that users can

Choose a phone contact, add the amount and then text or share a payment link. They add their bank details and that’s it – the money goes straight to their bank.

in other words, shifting the friction from the person sending money to the person who has the incentive to complete the bank details :thumbsup: it works in 23 currencies.


#1138

Reviews in the app store revert to zero after an update. So it’s not a reliable metric of anything. Even Facebook only have about 120.

The new app store will allow developers to change this.


(Alex Sherwood) #1139

Turns out launching a bank is harder than it looks :open_mouth:

http://www.bankingtech.com/891741/orange-puts-bank-on-hold-as-it-struggles-to-get-it-right/


(Brexit Day Is Gonna Be Shamayzing.) #1140

I dunno, I may have read it wrong but it just seems like it is down to the customer experience side of things not the tech?

Probably the UI and flow is just crap and they want to fix before launch?


#1141

While Orange may have put their plans for a bank on hold, O2 have already launched a bank in Germany


(Jamie 🏳️‍🌈) #1142

Curve launches Go Back In Time


(Jamie 🏳️‍🌈) #1143

I am intrigued by this latest Curve update. I have a Curve card and, frankly, since they lost Amex connectivity it has been pretty much unused, as its selling point for me was a central log/catagorisation of all my spending.

I wonder how Go Back In Time interacts with things like pending transactions, bank charges and unauthorised overdrafts.


(David Preston) #1144

Does anyone know when Coconut will be launching or how long the wait period is for beta?


(Mike) #1145

Hmmmm, didn’t work too well last time they tried in the UK. I wonder if they’ll partner with Fidor again to bring o2 money back to the uk?


#1146

Given that we’re talking about Orange it doesn’t surprise me at all. It’s a company that tries to do everything but does nothing well - they can’t even get their main products (mobile and residential internet access) right and their customer service is appalling (think Comcast for those familiar with the broadband situation in the US). I am glad they are postponing/abandoning this idea, hopefully that’ll give them more resources to focus on improving their core products.


(Jamie 🏳️‍🌈) #1147

Remember, when Orange was created, back in 1994, they were pioneers and won countless awards, including for customer service and satisfaction. Then they got bought, and the writing was on the wall. Then they got sold to a state owned ‘incumbent’ and the rest is history.

A lesson for :monzo: Monzo, there.


#1148

A lot of companies went down that route, but it seems like this issue is especially prevalent in the telecoms sector. I’m sure most telecoms companies we love to hate used to be innovative and truly cared about their customers.


(Alex Sherwood) #1149

We found out from the annual report today that

Around 40% of the per-customer loss is due to international ATM usage outside the UK or EU, with a small minority of our user-base driving the majority of this cost.

And

As a result, we will explore ways to reduce this cost in collaboration with our community – it will not be a profit-making exercise. UK and EU ATM usage costs us much less, and we aim to keep this free. We still believe foreign exchange at point-of-sale (in shops, restaurants and online) can be provided to customers for free.

So it sounds like users might be asked to start covering (some of?) the cost of using ATM’s outside the UK / EU soon…


ATM Fees Abroad: Asking the Monzo Community to decide pricing
Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
(Alex Sherwood) split this topic #1150

5 posts were merged into an existing topic: Will Monzo Continue To Offer Free ATM Withdrawals?


Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
(Alex Sherwood) #1151

Here’s the FT’s Alphaville team’s (so no paywall but you need to create an account to read it) take on the annual report -

https://ftalphaville.ft.com/2017/07/04/2190964/monzo-accounts-show-growth-losses-and-a-little-bit-of-hand-holding/


Competitor Update 2
Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
(Alex Sherwood) closed #1152

Unfortunately this thread’s got so long that a search for a particular competitor doesn’t retrieve every match anymore -

so I’ve created this topic to continue the discussion -