Competitor update

You did say this initially in response to me - I assumed you were referring to Apple Pay so I wanted to clear that up.

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All I know is that with Loot I can send money to any bank account in the world, I can receive money from any person in the world, I love the card design, the limits are not ridiculously small so as to force you to use your card for purchases rather than For cash … my money is as safe with this company at the moment as it is with loot, but we have not had any money stolen from our Monzo accounts have we? We are told especially by (with the greatest of respect ) investors that the card is beautiful and you should use it, that is because commissions are earned from card transactions whereas ATM withdrawals actually cost Monzo money, more so than a High Street bank that he is a member of the link network , for those banks the customers using their ATMs from other banks evens up these costs, this puts companies like Monzo which do not have their own ATM machines at a loss, so sometimes I feel in my opinion I am being manipulated by people whose motives are less than impartial. The point is that currently loot offer everything I need. I do not care how they did it, why they did it, but the fact that they have done it before Monzo means that my second airy bank account is now Loot. Not Mondo well I only have a couple of hundred pounds left to withdraw of my annual limit, yes yes I know as we are repeatedly told the world will change once we have an account number and the sort code, well we already have that Loot? How did they manage it? I believe in integrity, transparency, and more than anything honesty. And I do not like the manipulation of the facts to pander to a certain status quo

Are you really asking how did they manage it? They are piggybacking off an existing banking licence so did not have to go through the arduous process that Monzo are having to go through.

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Not really I’m not interested and that is the point, I don’t care how they did it as long as they did it. The first one to market with all the products and services that people like are generally the winners and the market leaders. But I appreciate your opinion

OK so by that logic, please tell me what Loot do that is so much different from High Street Banks?

  1. Nice Card
  2. Good Customer Service
  3. Loot Savings

I don’t disagree with your point that in some cases the first to market with the products customers like are the winners, but my 10p worth is that Loot further down the line will not be able to innovate and do much more than they are already doing due to not having a banking licence and plugging into somebody else’s infrastructure.

If all you want is already being provided by Loot then why are you here for the journey?

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In a lot of cases, that’s correct. But it’s also crucial that the product is right, Myspace (& numerous other social networks before them) were ahead of Facebook & gained significant market share. But Facebook figured out identity & all the other features we know & love so they came out on top.

It’s also worth bearing in mind that it’s still very early days for both companies. Tom’s said that in order for Monzo to have significance in the marketplace, it needs to have 1m users so it’s got to grow to 10x the current size & it’s a very long way from the ultimate goal of 1bn customers. Obviously Monzo is also establishing the foundation of the technology now too so it’s not really worth worrying about gaps in the product offering.

I appreciate the fact that Loot might have all of the features you want right now but I’m not concerned that Monzo not having those features yet, means that they won’t come out on top.

Also, following on from James’ question

the fact that someone as busy as you must be (no sarcasm), you’re spending a lot of time in the Monzo community. So perhaps you’re rooting for Monzo a little bit more than you’re letting on? :wink:

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Has this turned into a boasting thread about how money each of us has now? I’m not comfortable with that.

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Yeah this has gotten totally off topic.
This was a useful thread that people could post updates about monzo competitors but it’s been completely derailed into another thread about Apple pay, Card color and personal stories.

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Every single thread seems to be used as a chance to flog a dead horse over the Monzo card colour :frowning:

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Not sure wether Natest can be considered and competitor, but they’ve started to provide some more information about transactions and from what company they may be from.
Obviously nothing like the Monzo merchant data but progress.

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Like I say the competition is fierce…

Shows how unpopular only having one choice of colour is ( especially such a risky colour as hot Coral ) to a third of Monzos customers . Going by a recent snap poll. So that’s roughly 33k out of the 100k customers who dislike like the card. Maybe some one should
Start paying attn to the wants of theirs customers or your investment may fail as people leave for a service where the roadmap has customers wants or
Needs taken into consideration .

I agree. While Tom has said that Monzo will be keeping the hot coral card, AFAIK no one’s said that, that’s the only card color that Monzo will offer.

Given the fact that Hugo’s asking users about customisation options -

& tweeted about a Japanese company that offers 30+ card colors on Twitter -

I think we can safely say that additional options are being considered :tada:

So to avoid repeating ourselves & to keep the thread ‘on topic’, why not leave the card colour conversation there & switch the focus on the chat back to news / discussion about other aspects of competitor’s offerings?

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Card colour is a relevant point . the banks have different colours that customers prefer i.e. For example my friend competitors have different branding colours the people find appealing therefore it is very relevant in this thread

I agree :slight_smile:

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One of the founders of Tandem & a couple of colleagues were interviewed on the latest episode of the excellent 11:FS podcast. I haven’t had a chance to listen yet but it should be interesting!

http://11fs.co.uk/podcasts/ep204-tandem-building-digital-bank/

Just to highlight a few key points -

  • They will offer loans & on their own balance sheet (Monzo wants to keep it’s balance sheet small) & they’re expecting slow growth because of the constraints that the regulators will apply, as a result

  • They will offer other provider’s products too though, like Monzo

  • They want to pull together users data from all of the institutions that a users part of (aka banks), after the launch of the Open Banking Standard & PSD2, like the aggregators Bud, Pariti, Yolt etc.

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More branch closures and they’re even stopping doing current accounts:

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:grimacing: I have my current account with N&P, so I hope the :mondo: current account launches by 31Aug! :rocket:

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Concentrate on savings and mortgages? Their savings rates are dire. Hopefully they will pay some decent rates now, that’ll be the best way to keep customers!

Ok. Well guess I shot myself in the foot here.
I should have just paid the £5 for standard delivery when I first saw this last week. I’ve now just paid the £12 for express delivery so the card arrives before I go to Bulgaria next week, turns out Monzo doesn’t work well there, plus you get better rates with Revolut anyway.