A great feature would be the ability to connect other bank accounts or investment accounts such as Nutmeg, Hargreaves Lansdowne, Scottish Widows, Aviva, Lloyds, HSBC, Investec etc.
Monzo has a great budgeting feature and having all this in one place and able to track transactions and investments in the app would be a killer feature and put Monzo way ahead all banks.
I can’t see this being a good move for Monzo unfortunately. They want to be a bank not a budgeting tool - there are plenty of companies that already provide this service already.
Also, as a bank their goal is to get you to move away from other banks and be #fullmonzo. Doing this would only nourish the relationship between you and their competitors.
I actually think this is thair plan. But I may be wrong. They wanted to be a hub for all your spending if I remember correctly. Though even if I do remember correctly, that plan may well have changed.
Is the marketplace what you were thinking? This would be where it would tell you if your gas could be cheaper etc? If so, other banks were never mentioned in this to my knowledge.
I think it would be good to have other accounts in Monzo like Barclays have recently started doing. Mobile only accounts will seem lacking features for quite a large number of people for several different reason and having their other accounts within Monzo would probably be a helpful thing and might also convince them to use Monzo as main account.
I agree that it would be helpful and people will use THE APP more but I can’t see how it would convince people to switch full Monzo when you’re making it easier for them to remain with their legacy bank
I guess we will have to wait and see, who knows what will happen in the future!
Nobody is disputing this Nutmeg is an investment portfolio and everyone is in agreement that Monzo have mentioned integrating with services before (this is the Market place idea they had). Just like the aforementioned insurance, gas, electricity etc and your ISA/Pension service example.
It’s connecting to other current accounts such as HSBC and Lloyds that the OP mentioned which is what nobody can back up. Because Monzo offer the same service I can’t see it being a wise business move unless it was just selling Mortgage or insurance from them
I think it was more to do with connecting accounts where spending occurs.
Let’s take credit cards as an example where users currently do plenty of their spending due to various offers (cash back, points, travel miles etc). Monzo doesn’t offer something like this but ultimately Monzo users are likely to want to track this against their set budgets.
OP mentioned other banks but this were simply examples of external accounts. I suspect it is geared more towards where spending occurs outside of Monzo and where savings occur (Nutmeg or Hargreaves Lansdowne). Monzo will never offer these most likely so will not lure those users however existing users and new users are likely to have these and so it would be a great feature to be able toa analyse all these in one place under Monzo.