I expect Monzo will continue using this model of collecting some of their partner’s referral incentives, which may sometimes mean that the user receives a smaller incentive, in the future - assuming that this test & others work. We also know that they’ll be transparent about the incentive (the £25 in this instance), that they’re receiving for promoting their partner.
So lets assume that Monzo’s testing whether or not losing £25 of the incentive puts you off signing up through them. If they’d told you that they’re collecting £75 (the £25 you’re giving up + the £50 that Bulb gives referrers) & you’re collecting £25, how would you have felt about that?
It’s not about how I feel mate, of course, I expect Monzo to make money if people switch via Monzo app/referral but I don’t expect Monzo to offer a bad deal compared to the one which I can send you right now (via my own referral link) or anyone with Bulb can send.
Have to say that I agree with @alisufyan on this. Monzo dropped the ball with this offer. Monzo should be getting £50 from Bulb for referring, and the switching customer should also get £50 from Bulb. That’s the current deal with Bulb, not sure why Monzo settled for anything less
I know there’s talk of an opt out, the screens I’ve seen seem to only have a button to opt out of similar offers. (I had this ad in my feed the other day but didn’t click it because I didn’t want to encourage it, so don’t know what follows on if you do click it).
But I really hope there’ll be an option to opt out of ALL in feed offers.
For the record, I’ve just double checked with the team & as long as there’s no bugs, Android users should see the option to opt out (see the above screenshots) when they tap into the feed item in the preview app
I would think it would make more sense to be able to opt out directly from the feed, as people who want to totally opt out of ads would probably be the least likely to tap into them. Still, glad the option is there somewhere
I’d have been impressed with a £60/£40 split in my favour, showing that Monzo could get me a better deal with Bulb than I could anywhere else. We all love a bargain.
Its clear that Monzo is just testing the reaction to such offers and don’t expect to start building their fortune based on these tests, however I need to know that I’m going to be offered the best possible deal if I’m going to take up one of these offers.
The thing is that as a Bulb customer I can offer a better deal than Monzo, with a much smaller audience. I didn’t negotiate anything… simply as an existing customer my referral is worth £50 to both parties.
I do wonder if, there’s a greater element of risk of customers not staying as long if they sign up via their bank’s offer, vs. a company that a personal friend has recommended? That’s the only reason I can really think of for not offering an offer along the same lines. Or maybe Bulb were concerned that more people would see the offer, but referrals tend to be more limited.