Monzo Plus axed just five months after launch, as £6-a-month bank account with very few perks fails to take off went to google page to search and I see this https://www.thisismoney.co.uk/money/saving/article-7504125/amp/Monzo-Plus-axed-6-month-perks-fails-off.html
What I don’t get is surely the basic Plus could have been really cheap per month for a custom url and choice of debit card colours. Even £1-£2 per month. Sure it doesn’t cost that much extra for Monzo to cover costs and make a profit. Then just offer quality individual products with a form of discount for the more you take from them?
Wasn’t worth the £3 a month. if you have enough money for the interest then lucky you it will prob cover the cost but then what? £3 interest to get £3
Was fine for me - I use Monzo.me links so was good to make it something easier and the interest was fine.
Looking back 5 months ago…
I think Monzo should of brought out 12 packages and asked the community to vote for their favourite packages until they were left with the three favourite packages. Then started taking the money every month not saying heres Monzo plus we charging you 3 pounds or 6 pounds depending when you joined Also thought you should have charged us £20 a month I mean guys you don’t even do phone insurance I’m paying £20 a month to insure one mobile phone. Monzo made a Catalogue of errors that just got worse as you went on.
And yes I would like a metal card like Apple’s and yes I would like unlimited mobile phone insurance for 2 phones
I have ideas on what Monzo should do.
The other thing is I didn’t even know we had packages until Monzo sent out an email saying we got it really wrong we have listened to the community.
Please send out emails on important stuff. I don’t use the community like social media I would much prefer an email when new things are happening. To me the community is a good thing I only pop in every now and then. Please forgive me I will try harder.
Here is another, and I could link to at least another five items. There has been blanket coverage, and it seems vital that this issue is addressed as a priority by management, before investors, like me, get fidgety.
While it may be bad press, it looks pretty fair in general.
I’m a big fan of Monzo and have been full Monzo since September last year. But the bank has to get the customer service bit right. To have a disjointed and at times unreliable service is getting the basics wrong. If people know 24/7 service means just that then they know someone is there to help them . Peace of mind goes a long way !
Completely agree. There’s so much unfinished stuff, and so much of the offering is rough round the edges. They just need to spend the next 6 months perfecting what they have and getting service under control. Monzo’s customer scaling is very badly managed and throwing new items (and always unfinished items which are frequently just abandoned for the next shiny thing that passes) into the mix only adds fuel to the fire.
There’s pressure to make money, but the mood on the forum recently indicates that people are starting to lose their patience and are getting very fed up with the service.
One bad service experience and people will be put off and just abandon ship. So many users aren’t fully committed so they’ll just stop using it with very minimal impact to their banking lives. They’re in a very dangerous situation right now and how they handle this over the next year will be critical.
It’s click bait bull. Trouble brewing? Yeah, Plus has been a but come on.
It’s not, and will never be, the saviour of Monzo and their biggest revenue stream. Most packaged accounts are loss leaders so this article is just a fallacy.
Just my opinion of course.
i suppose if the author read the feedback here it wouldn’t be unfair to say “trouble is brewing”. It’s a hurdle Monzo need to get over and with some finesse too, in my opinion. Things like this are potentially damaging to a business proud of its community, following and morality
I think there is a massive difference between an axing and a rethink (reiteration). This is definitely the latter. An axing in my lexicon means that the project is completely dead to never be recovered which simply isn’t true.
(I also thought these types of articles were predictable, I do find it odd that they took so long)
Is Monzo becoming a victim of its own success? Surely providing 1 million customers with a great service is better than providing 3 million customers with a poor service?
And now expanding into the US?
The effects or poorly understanding minimum viable product (MVP)?
MVP is outdated.
Minimum awesome product is where design is mean to to currently be at
Don’t shoot the messenger.
i sometimes worry how any work actually gets done in this world
Given the evidence at the moment with Brexit etc. I don’t think any gets done at all. There’s also cancel culture as well but let’s not talk about that
A business doesn’t fail because of growing pains. Monzo didn’t execute well on Plus but that’s not particularly important given the industry they’re in, Monzo has more than enough time to get it right. Many high growth startups spend at least some time at the brink of collapse saved only by good fortune, and go on to become great businesses… Monzo is about as far from the brink of collapse as a company could be at this stage. Monzo could raise another £50m with a couple of tweets.
Press is press, it’s not meaningful. Yes, if Monzo discover they can’t find a path to profitability then the signs aren’t good, but to say they’re doomed to failure after one miss is absurd. If I was an investor I’d be pretty optimistic given every business will make mistakes and Monzo appears to react well to them. If anybody here has worked in a startup (or any business really) you’ll know how common it is for people to double down on a mistake and create their own demise.
If profitable millennial banking isn’t possible then sure, Monzo is up shit creek without a paddle, but given traditional banks make billions of pounds in profit, I think “there is a way to make money from banking for millennials” is a pretty safe bet. Maybe it’ll take time to discover, for the market to evolve, but Monzo is as best placed as any business to find it.
I agree with most of what you say, though people are probably less forgiving where banks and their money is concerned… as is evidenced by the much talked about challenges in getting to “full Monzo”
The worry around this is that the slightest hint of fracturing that “committed” community of backers would possibly represent a shedding of the skin. That’s not always bad, it’s iteration in itself but I don’t think a bank will get away with the hallmarks of other startups just as easily