Over here, @simonb talked about a challenge that Tom had laid down to the Monzo team. Specifically revenue from “things that are brand new and crazy that nobody else would build”:
So, I was wondering what moon-shots (or just extraordinary ideas) the would you would pitch for if you were working at Monzo?
Totally agree, although it does have the beginings of that within the board.
For example let people merchants, could that then grow into a trip advisor style rating service? Who knows…
Personally I think a decent opportunity to form a startup within a startup would be to follow Starling and offer a banking as a service/platform offering or allow others to use their payment processor.
I have no idea how much work that would be but the system is already there so that’s one step in the right direction
Monzo Flash mob - All Monzo spends at a retailer at a small time period get a % refund/discount 1.3 Million people pushing into Greggs to get a half price pasty
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tbutz
(🏳️🌈 Producer of "low value commentary")
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I think the prepaid card market is ripe.
I mean, I know monzo started as prepaid & then moved mainstream, but I think there are many folks (I know a few) who prefer to use a prepaid card for separating their cash for specific stuff, giving to their kids etc, and aren’t inclined to take out a separate bank account, either because of mistrust of banks, or concerns about what “the social” will say, or even due to a lack of the kind of documentation Monzo tend to need (i.e. driving licence, passport). Weirdly, the fees are never a concern (even though some prepaid cards charge you for everything under the sun).
If Monzo could create a prepaid version, similar app to what we have now (minus direct debits and whatnot), keep the KYC checks to a minimum (or expand the documents to things these folks might actually have), and have a simple low fee (just to make it worth doing), then I’d imagine that would work.
Ooh, I don’t know! But sometimes people make suggestions in #fake-product-ideas that end up going into regular #product-ideas, like showing your credit score in the app or automatically sweeping your leftover balance on payday into a Savings Pot.
I think Starling blogged about this once, but it never went anywhere: I’d like a Google Home integration which will tell me my balance and how much I have spent/remaining on my budget for the day, and pay credit card bills or friends etc.
There is an app that some Uni students created in Iceland from the book of Icelanders.
Effectively, Iceland’s population is so small that going back something like 5 generations everyone was in someway related. So the book of Icelanders list every Icelandic person and their relation.
Some clever sods created an app so that when it is running and you go past someone you are closely related to, it sends out a notification warning you not to sleep with that person…
Monzo could do something like that, but instead of warning us not to sleep with our cousins, notify us that there is a fellow Monzi in the vicinity and we can talk all things Monzo!!!