Competitor update


(james_e_bell) #227

Because PR is still a pretty good reason :smiley: Reminds me of when transferwise kept on getting naked in London


(Investor) #229

Thanks NatWest - any ideas on an app? :thinking:


(Ben Green) #230

Not that Tide are a competitor, as they only offer business accounts. Ive been told I’m officially allowed to spread the word. In their own words, Tide has “unwrapped their public beta in time for Christmas” - https://beta.tide.co


(Richard Müller, Consultant) #231

There is a certain synergy between Monzo and Tide one does personal but not business and the other business but not personal, and they have the same major shareholder


(Si) #232

Just got. My Transparent Loot MasterCard today. & I have to say it’s so sexy!!!


(Si) #233

Update : You can only top up via BT, no Applepay no debit card, no Banking licence. Topped up ten pounds VIA FPSand will take two hours too arrive in Account . Apart from card these guys are no where near Mondo…


(Alex Sherwood) #234

Some interesting numbers / information on Monzo’s competitors in this podcast from 11FS, who also interviewed some of the Monzo team last week. -

From 5:40 onwards.

Reported funding of the challenger banks:

  • Starling received an additional £48m in January
  • Atom £135m total
  • Tandem £100m
  • Monzo £15m (I don’t think the host said £50m)

Platforms which the challenger banks are built on:

For anyone who’s interested, the remainder of the discussion about the challenger banks is mainly focused on whether these banks really are different, their business models & whether banks trying to influence user’s behavior is a good thing.

It’s discussion with some pretty influential, intelligent people from the fintech industry not getting challenger banks - although they obviously haven’t taken an in depth look at them either, to be fair…


(Simon B) #235

Loot’s card and packaging certainly look impressive. What is their USP and what are your thoughts on their app?


(Richard Müller, Consultant) #236

while I have not seen their app, I thought they were targetting students as their intended market


(Si) #237

The apps superb. & you can send money to any other account. No problems thus far …


(Si) #238

Now
Targeting General Public


(Alex Sherwood) #239

Tom explained why it’s beneficial for Monzo to have a banking license in more detail in the London Fintech podcast.

For context -

& the benefits are

it’s also worth considering the fact that


(Thomas Welton) #240

Nice. Came to the forum to say I’ve just got my invite email from loot, just signed up.
Experience so far was good, signup and ID verification was quick. The card gets delivered without the need to top up either.


(Alex Sherwood) #241

Have you spotted any other USPs apart from being able to send money to any account (which will be possible using Monzo, once the current accounts launch towards the beginning of next year)?


(Thomas Welton) #242

Nothing that Monzo isn’t planning. But you get an account number and sort code and virtual savings pots.


#243

So have Monzo moved the idea that current accounts will be early 2017? That would be good. I’ve looked at Loot too, seems quite similar. Not signed up yet as I feel loyal to Monzo!! Would just like to see the current account asap.


#244

Message when logging into First Direct saying they’ll soon offer customer support through LiveChat. Can’t beat Monzo’s support but if all the banks do this it won’t be a differentiator for monzo


(Alex Sherwood) #245

That’s interesting to hear. The only thing I’d mention is they’d still have to do live chat as well as Monzo.

I tried using the TalkTalk live chat service a couple of days ago & just got a holding message saying that there would be a half an hour wait for an agent. And because the chat was built into their website, as soon as my mobile locked itself, I was disconnected! :grimacing:

Every tech company seems to be adopting Intercom (the application that Monzo uses) though so that type of issue may not hang around for too much longer.


(Simon B) #246

I’ve seen other apps use Intercom, but their support is limited to daytime hours, whereas we provide 24/7 support :slight_smile:


#247

That’s why talk talk customer service is absolutely abysmal!!

They regularly feature as the worst company to deal with.

I guess it depends on how it’s implemented, talk talk clearly have no idea or don’t care. I’m have every faith that Monzo will be much, much better.