I would like to have a digital receipt automatically appended to my transaction. I’m not sure who wouldn’t. As long as retailers are willing to accept these in the same way as physical ones.
Loyalty points etc don’t really interest me. As said before, they’re usually traps to make you think you’re getting something for free.
If you start suggestions based on my previous purchases, i am 100 percent out. Too creepy, usually a trap too. Easily.manipulated by shop selling “deals”.
Just a list of my purchases. The time i made them and some contact info if things go wrong would be acceptable.
“If you start suggestions based on my previous purchases, i am 100 percent out. Too creepy, usually a trap too. Easily.manipulated by shop selling “deals”.”
Totally agree. I had a loyalty card where I got money off vouchers for stuff I bought, but after getting some items for a friend once I was annoyed that affected my subsequent vouchers as I was offered discounts on something I would never ever buy for myself
Noted. Thanks for this, really appreciate the feedback! Would you be happy if there was a yes/no option in the beginning to receive suggestions? +1 @anon72173902 & @anon44204028
Would phone number and Twitter handle be enough or would you want more?
Do you plan to have any machine learning? Just because I buy sushi, doesn’t mean I want to try other sushi, even when it’s cheap. As a coffee noob, I just want to have coffee, I will pick spot that’s convenient, not the spot that offers me -25%. Just because I bought pair of jeans, doesn’t mean I want to buy another 10 pairs. How will you know what I find intrusive/offending?
No disrespect, but I’ve heard ‘only relevant’ so many times from various companies, that I no longer believe it, because never, ever, it’s relevant enough.
I know it might be too early to answer such philosophical questions, but that would be probably most important to know, before even installing the app.
Nope, that’s another deal spam. Feel free to have it, I might discover it, but applying facebook/google ‘we think you might need’ - creepy (someone above mentioned creepy, it really is creepy).
Also, many purchased items have no warranty renewals either. I just want to know, so IF something is broken or not quite right with my stuff, I can report it week before warranty expires, not after. I would like the app if it was “kind” enough to let me know (feelings, not facebook like ).
tbh I I’d only want to see offers on things I have purchased in the past OR offers that that particular store are doing at the time, I don’t really want a ‘Tesco Clubcard’ thing where they say you can get 50p of say corn flakes when I have never ever bought corn flakes if you know what I mean, if I got 50p of a bacon sandwich which I buy all the time then sweet.
This is my exact thinking on this, the only coffee shop I have close to me is Starbucks, I don’t want to keep getting promotions for costa because I’ll just never go there and I certainly don’t want that from my bank.
On another note the integration looks really good and I would love having ereceipts, saves a lot of paper and I just scrunch mine up or leave them in the bottom of the bag anyway.
Yes, that would be the backbone of any recommendations.
We’re on the same page regarding the examples you gave, that’s not what we want either. We learn through a variety of ways, on a very low-tech level it’s by asking people what they want, we’ve found some people really want suggestions / offers whereas others would find them creepy and offensive. Also, getting feedback from places like this are amazing!
On a high-tech level it’s about using machine / deep learning to deliver the most relevant and contextual suggestion possible coupled with a tight feedback loop. For us, having any suggestion labeled as spam is the WORST possible outcome so we do everything possible not to make that not happen. +1 @NamesKieran
That’s not an easy stuff to pull off, so I wish you luck on that path. I strongly believe it’s doable, and so must you, otherwise you wouldn’t be involved with this product in the first place, right? Only problem is not stopping at easy revenue, but reaching acceptable levels/types of recommendations, so even grumpy non-believers like me can be convinced.
Thanks for the questions. I’m rather cynical about this.
Any suggestion that you are wanting to use my data and transactions puts me at unease so I’m looking for assurance before answers.
Some questions in return and reactions.
Why do I need to add a loyalty layer to get data about my transaction with a retailer? Isn’t this is about data exchange and cost reduction for retailers by eliminating paper not getting Loyalty benefits?
(Monzo as my card processor could help me get more data about my spend via Mastercard without having to give up my spend data. What does this add?).
This assumes that receipts are digital and not paper. Is there a common data standard which allows the data to be aggregated?
How are you adding value by processing and producing valuable insights from my data which I might want and be happy to pay for and which I can’t get from Monzo?
Who owns the data on which awards are made? Me or you?
Loyalty suggests allegiance to a retailer not a request to move to or be marketed by others.
Suggestions of other retailers I may want to engage with are not really something I’m really looking for and suggest that you may be selling my data. (see data ownership above).
How do you make money? Understanding this helps me decide if I want to be involved.
If you can help facilitate me claiming the rewards I want from the retailers I use while I determine who gets to see and access my data then fine.
Much appreciated @Avishai! It certainly is not easy, which is also why there is still a great opportunity.[quote=“Avishai, post:31, topic:7951”]
not stopping at easy revenue
[/quote]
Absolutely, the only way we can win is by creating meaningful and valuable experiences which is about long-term value rather than short-term wins
Would I be right in thinking that you’re essentially having to create software for each different POS system and then convince the various retailers to install/switch-on your “plugin” (or convince the POS system to roll it out in the future with their updates)?
It seems that your true value as a company will come in the future from having the integrations with those POS systems and retailers and providing an API so Mongo and others can fetch the data from yourselves (for a low fee) for use in their systems, rather than creating your own app.
There doesn’t need to be a loyalty layer, we’ve added it by popular request. We use the receipt information to give loyalty, for example if you go to Alice’s Cafe, your local coffee shop, to buy a Flat White and a Croissant and the shop offers a loyalty stamp when you buy any coffee we see that you purchased a Flat White and automatically give you a stamp. When the loyalty card is full you get a free coffee, that’s the extent of loyalty that we are looking at right now.
Here’s the crazy thing - banks, card schemes (Visa, Mastercard etc) and other financial institutions only have access to ‘Level 1’ data which includes; total spend amount, date and merchant name. We add the itemised receipt / SKU data so we can provide the full receipt so you can actually see exactly what you bought.
You own the choice for how your data is used and which awards program you opt into. At any point you can ask us to delete that data or opt you out of anything you’re not comfortable with.
Absolutely! The way we are looking at this is that if you shop at Alice’s Cafe a few times a week and normally buy a chicken sandwich, when they bring out a new chicken wrap that could be of interest to you.
Yes, you can see what’s required below (source here):
It would be great if you could see product level data which then linked to the product webpage e.g buy a jacket and it takes you to the brands website where you can see the jacket itself and other items matching the jacket (obviously dependent on what’s available on the website).
Loyalty points are great, however your difficulty will be getting relationships in place with retailers. Majority of vendors who’s product suits loyalty run their own loyalty program and are quite averse to another channel. E.g Topman gave their cards plastered all over their tills. However if this avoids the need for loyalty cards - great!
Offers and suggestions would be annoying I believe as it is extremely hard to get the targeting right. If I transact at 5 retailers a day, The system is not going to know what offers I want and how often unless I continuously put time into adjusting the settings. I’m assuming this is how you get retailer buy in, offer them a communication channel to transacting customers in return for working with you? Makes sense.
I love the idea of having receipts show up in monzo, but I don’t think it will be done correctly and it may land up feeling like spam. Kind of how Facebook for a while allowed applications to pop up all over people’s pages.
On a side note Companies like YReceipts Ereceipts greenbon.biz etc can get receipts delivered to you by email by intercepting the message between a pos and a printer and then carrying out text recognition. This is a great alternative to integrating with POs but has a cost. Integration with PoS is HARD work and you need to carry serious weight as a company to convince pos companies to do this.
Just a note to say that I trimmed the thread title as it was a touch too clickbait-like for the tone of the community. Rest of the thread can stand as highly relevant to Monzo despite it being advertising in nature.
Would you be happy if there was a yes/no option in the beginning to receive suggestions? +1 
Only problem is not stopping at easy revenue, but reaching acceptable levels/types of recommendations, so even grumpy non-believers like me can be convinced. 
