Extraordinary ideas that only Monzo would try!


(Rob) #143

A monzo version would be great! The black one with red inside looks nice
image

Dutch bank ABN AMRO are the only bank to have partnered with them so far.

My only gripe is that it would expire after 4 years like a card would and I could tell if you would have to purchase a new one.


(Sergiu) #144

Maybe this was mentioned before but I would love to see a black metal card. Maybe even pay a monthly ‘subscription’ and have some benefits for it. (much like n26 has)


#145

No sure if it’s been mentioned but…

Build your own logic for pots…

E.g. IF I get my paycheck AND my pot has LESS THAN £100 THEN transfer £20

It would allow greater control over what was saved when.


(John Christiansen) #146

Welcome to UK account for Monzo - similar to a Basic Bank Account.

Loyalty programme: I’m working on a product at the moment that might be of interest, the simple version of it being that if you have a neural network that can be used to estimate the probability that a transaction isn’t being made by the authorised cardholder (e.g. for fraud detection) it should be possible to run it in order to say that this is what the next transaction will be.


(Jay Turner) #147

100% this. I walk into McDonald’s: ping! It’s Monzo! “are you sure you wanna do this?”


(NM) #148

Getting Monzoed added to the Oxford English Dictionary as a synonym for pay.


(Thomas Pateman) #149

Yea. Or even more advanced, if the contactless chip contained the address.
I think I may embark on a little mission to trigger an email via NFC to an address cotained within the RFID chip! I wonder How much information those things can actually hold…time to dust off the raspberry pi…


(Stewart) #150

I think there is merit for some social responsibility / ethical innovation and ideas. But a few…

  1. Encourage greater use of the pots - fab way to teach people to save digitally. Include a count down or progress counter on the pots against the target eg. % of target pot saved and allow customers to use their own images on the pots e.g new car or house or jacket etc.

  2. Highlight more of the ethical side of banking that Monzo is part of. It’s such a strong selling body that goes unsung. Linked to this was a recent article where Monzo helped a gambling addict, I read it and took reassurance that Monzo is a people first bank.

  3. Link to loyalty programs eg. avios…

Good luck and keep up the great work Monzo!


(Kenny Grant) #151

I agree this is a really nice area for Monzo to focus on - it’s something traditional banks won’t touch, and if done well it has the potential to really help people.

I think saving and investment for people without much money would also be a good place to focus on, if you could build good habits for customers and get them to a place where they have a financial cushion - swapping a few months relative hardship for years of security instead of living paycheck to paycheck.

One other area Monzo could do better on in this regard is overdrafts - it’s good they have clear fees but it’s really bad IMO that the rates are regressive and punish those who can afford it least. I hope they’ll take the opportunity of changing regulations later this year to look at this again.


#152

Maybe already mentioned but linking loyalty to using your card.

Beep your monzo card in tesco BOOM tesco club points added to your tesco account. Buy a skinny mocha latte at Starbucks KAZAM gold star added, purchase a cheeky nandos ZAP chili added…you get the picture.


(Kenny Grant) #153

Some more ideas to do with inclusive banking -

  • Call the £20 buffer an overdraft instead - everyone gets an overdraft!
  • Offer everyone an overdraft and loans, but adjust the amount offered depending on their circumstances, from £20 - £1000. Offering £20 is not a great risk but at the low end would be really helpful to people
  • Offer slightly increased lending limits each month to people putting at least x amount into accounts (to encourage using as their main bank account, and to offer lending to people who might not otherwise get it).
  • Offer a debt consolidation service with all debts taken over by Monzo (structured as a v. low interest loan), low interest to pay, tools to get out of debt, tracker to encourage progress etc.
  • Offer a debt jubilee at some point, where you wipe out a random person(s) debt
  • Offer a free money advice service (publicly), again with tools to help people save money and pay off debt
  • Charge less for overdrafts, and don’t make the charges regressive as currently

#154

Is this done anywhere? Just out of curiosity

(I know the thread names says only Monzo would try)


#155

#156

I am literally blown away by $15m worth of debt being ‘sold’ for $60k.

Brain does not compute.


(NM) #157

The debt purchasing business is crazy and immoral, hence why everybody is concerned about the sale of pay day loaners


(Tom) #158

This could be done in a similar fashion to how Wonderbill’s API that has access to all your utility bill accounts.

I don’t think you could link the Monzo card to update those external provider’s systems but more a case of read only access that could show you any related membership card in the same way that Stocard does it. For example,

If you spent at Sainsbury’s it could show you your new nectar card balance. It wouldn’t add the nectar points to the balance but would show your current/newly updated balance.


(Simon) #159

This would be something that I don’t think is possible but would be awesome.

Me: „I have £15,000 of debt with company ABC“

Monzo: „ we can buy this debt for £2,500, charge you 20% and you can pay us back £100 per month for 30 month“

As said I don’t believe this is possible as debts are bundled and I don’t think it’s possible to find any specific loans. Would be awesome though


(Kenny Grant) #160

I think as you say bad debt is bundled and you couldn’t buy specific bad loans. Nice stunt from John Oliver though, perhaps something Monzo could do as part of a jubilee - for example buy bad student loan debt in the uk for pennies on the pound and forgive it.

To help specific people they could at least offer a consolidation service that was interest free for x months and then low interest. It would not make them much or be as good as buying up specific bad debts but would help people and earn loyal customers and good press.


(Splodf) #161

How does student loan debt go bad?


(Kenny Grant) #162

Bad debts are ones that won’t be repaid, and there is a lot of it in uk student loans, I imagine it would trade at a discount, but perhaps it can’t be traded as other debts are.

https://www.ft.com/content/55f4a6f6-3eab-11e6-9f2c-36b487ebd80a