So I agree with some of the things the article says.
I feel that there are still a lot of people who don’t really see anything massively wrong with the legacy banks e.g. those who check their balance occasionally or those who use cash more than card. I know lots of people who don’t trust Monzo and see no point in it and think it’s odd that I love it as they don’t see it as a “bank” but as an app.
Couple of friends refused to sign up because Monzo want’s that initial £100 to send out your card. Especially when you can open an account with £1 at some legacy banks it doesn’t make sense. Some others looked at the disparity between Android and iPhone and felt they were second class users on Android so are waiting for FULL feature parity before they jump back in.
I have to admit I have also started to lose some of the “buzz” for Monzo. Waiting for the current accounts and things like Apple pay mean I more often than not use my legacy card. Especially considering Monzo is rejected at places that don’t allow prepaid cards, its best to stick with my legacy card as I know it will always be accepted.
If I ever go travelling abroad I will definitely use Monzo due to the exchange rates and so on.
I’ll continue to keep using Monzo and Monzo has some great features but the article does have some points which do need to be addressed as time goes on.
Apart from the whole complaining about millenials bit, it was a pretty level headed article (never thought I’d be using those words to describe the Daily Mail! ), but I’m somewhat dubious of what happened at Morrisons (and his entire basis for questioning whether we can trust Monzo) - I’ve used it there before, and contactless has always failed for me. But if you insert your card and use the PIN, it works. Does this mean he didn’t try using the PIN because he didn’t think to check, or did he try it and just not mention it in the article to backup his point?
I don’t understand why he was complaining about millennials? It’s good for us to be changing the way things were done before if we can find a better way to do. In general people my age 19-25 like to use apps instead of talking to people in branches, not sure whats wrong with that
The article is quite positive I think - yes it has some criticisms - justifiably sometimes ??? he ends up saying-
“Overall my experiences with the card and app have been excellent.”
Ok he doesnt seem to like twitter, snapchat ,drones, Facebook but now after getting used to it prefers colour TV to good old black and white - and likes “his” bank people need to get used to “new” ideas before they become the norm
as Monzo becomes a bank for everybody , flying a drone a round a new office is probably not that “important” to new customers as looking after their money securely and keeping an eye on their outgoings instantly - even though Monzo thinks its “cool” - it was a bit of fun - quite how much should be carried on to attract anything but dare I say “millennials” will have to be decided by Monzo - bah humbug
I think loads of people from the previous generation also find going into branches a hassle rather than a feature. When I opened my first account in the 90s, I rarely went to the branch subsequently. Telephone/ATM banking was the way to go before online banking. Waiting in a queue in a branch is a hassle, and the only time I ever do it is when the bank doesn’t have a process to allow me to avoid it!
The cynical side of me wonders whether he read about the known issue here & then pointed it out, in order to have another issue to mention.
But I’m not suggesting the story is biased & on the whole, it’s pretty accurate. Apart from anything else, it’s great to see some more coverage of Monzo in the
mainstream press
In general people of my age 79 to 100 havent a clue about Apps but I love em. Been with HSBC for 50 odd years been to the counter probably 5 times, but the branch is now closed this month so I just think its probably time for a change.Just wish this had been thought of 50 years ago but at least at least I can go out with a MONZO.
I first switched from a high street bank to an internet bank (first-e) in September 1999, and never been in a bank branch since, so it is not just so-called millenials that have abandoned branches.
I’ve always been an early adopter, but I’m pleased my Monzo number is even smaller than my First Direct customer number, one just under 10k the other just over.
Monzo are doing to app based banking what FD did to telephone banking in 1991.
[quote=“DaveTMG, post:32, topic:8161, full:true”]
I suppose I could claim to be 2.5 millenials?[/quote]
That would make you a baby boomer like me, or (if post 1964) generation X
It was Girobank who first gave me telephone banking back in the late '80s
For all its faults, Girobank served me well until I switched to FD in 1991. My 9-figure account number was a right headache for my employer when we switched to BACS payment though…
The 9 digit account numbers were simple. The final digit of the Girobank sortcode was the same as the first digit of the 9 digit account number leaving the other 8 digits to make up a normal length account number.
People also had problems with 7 digit Lloyds Bank account numbers not knowing weather to add the additional digit at the start or end of their account number. I think more BACS payments were screwed up because of this.
I remember Girobank being known as National Girobank before the Government planned to flog it off.
National Girobank as the British Giro system brought Free Banking to the UK, and led the way, with other banks taking years to catch up.
National Girobank was originally under the National Giro brand before rebranding as National Girobank.
National Girobank was the first UK bank designed with computerized operation in mind, Europe’s first bank to adopt optical character recognition (OCR) technology, the first UK bank to offer interest-bearing cheque accounts, and the first European bank to offer phone banking several years prior to the start of First Direct.
), but I’m somewhat dubious of what happened at Morrisons (and his entire basis for questioning whether we can trust Monzo) - I’ve used it there before, and contactless has always failed for me. But if you insert your card and use the PIN, it works. Does this mean he didn’t try using the PIN because he didn’t think to check, or did he try it and just not mention it in the article to backup his point?
people need to get used to “new” ideas before they become the norm
