They’re ab testing something quite a few people don’t think they should be doing at all. Some are still under the impression incentives for switching are something they definitely wouldn’t do.
So some greater justification than the ab testing trope would be nice
I’m definitely not a fan of switching bribes but the community don’t, and shouldn’t, have final say about everything they do.
They are all out on increasing customer numbers so offer to a %, offer that % different amounts and then keep track if they stay or if they transfer away. They can’t make decisions without data
How much would you say you make a year roughly - just out of curiousity?
The community should have no say. They can have an opinion. I disagree with these incentives all together, but it’s for Monzo to decide what they want to do. If I find that doesn’t fit for me I can move somewhere else or decide to stay. People should be able to say they shouldn’t do it, as long as they don’t say they should be forced not to do it. imo.
Whilst this may be off topic, Personally I think the focus should be on retention not on “growth”. Retaining current customers and building a strong and loyal customer base to work with will always be better than the Fintech obsession with growth
Growth = profitability
Retention and Accurate use of existing customer base = Long term Profitability
Growth = Short term Patching of holes in balance sheet
How will that increase revenue?
Isn’t that kind of what this promotion is trying to do - convince them to use Monzo as their main account?
It’s not targeted at people who don’t have a Monzo account yet.
OH MY BAD 
Ignore me I thought it was for people who had never heard of Monzo
I don’t agree with this. I think that one of the main reasons why Monzo has such a loyal following is that the community do have more of a say than other companies.
Should the community decide everything that Monzo do? No.
Should the community have a say in what Monzo do? Yes.
@anon91821566 is also a big believer in customer retention, he even wrote a blog post about it in 2014:
The community might have some influence but this isn’t to be confused with having any say in Monzos business. We don’t (though you could argue maybe share holders could have their voice heard all .0001% of it 
)
You can have an opinion, and you opinion can be considered or ignored, But your opinion has no actual power to change anything unless Monzo decide to listen to it. Thats not the same as having any power in having a say in Monzos direction. It’s entirely up to them.
Thats all I mean in the context of this thread. We can have our opinions either way, but our opinions cannot force Monzo to do anything they don’t want to do. Monzo are free to take any direction they choose to.
I feel like the article you just linked massively contrast with the current rhetoric/feeling ATM but I might be wrong
I also asked customer service about this and they answered:
“We are in the process of contacting many of our customers through notifications and offering incentives for doing a full CASS switch.
Keep an eye out on your notifications in the near future.”
“The offers vary depending on the customer but do keep an eye out. 
”
I completely agree that any opinion can be considered or ignored by Monzo, but you do have power in voicing your opinion since Monzo tend to listen to their community’s opinions more than other companies.
I think it’s similar to voting in a General Election (or a Referendum), your vote alone probably won’t make a difference, but if you’re one of many you can make a difference.
Monzo have shown to listen to their community and change their mind on things based off community voices. See Joint Accounts as an example.
There’s a world of difference between introducing a feature customers want to see and introducing an incentive for growth and retention
Oh I agree, the English language isn’t always the best at getting across subtle differences, it was an interesting point someone mentioned that isn’t always clear, and sometimes people believe that differing opinions mean they want to force change etc. I agree Monzo have listened in the past to issues but it doesn’t mean we have the right to make them change, they can do as they please, hopefully what they do will happen to line up with most people.
The issue with high growth strategies is they cost a lot of money if the unit economics aren’t positive.
So the second half of last year Monzo stopped focussing on growth and focussed on getting positive unit economics (see the Chief Executive’s review in the 2018 Annual Report).
Monzo achieved positive customer unit economics by October 2018 (see here). This means every new custom Monzo gain provides more revenue than it costs Monzo to run their account. So a high growth strategy makes sense from a profitability standpoint.
However, just because Monzo are focusing on growth doesn’t mean they’re not also trying to retain customers (and reduce churn).
It could be argued that many of the features Monzo are currently working on should improve customer retention: seeing Credit Cards in your app, Monzo Plus, energy switching, remortgaging, savings pots etc… (an argument could also be made for business accounts improving customer retention).
Also, many of the features Monzo built to increase growth were so-called “network features”, which reduce churn because people need a Monzo account to use these features with their friends, (eg: Shared Tabs, Bill Splitting) or are genuinely useful current account features, which improve Monzo’s offering, (eg: Pay Anyone, Monzo.me).
You can see proof that Monzo are improving their customer retention by the increasing percentage of people using Monzo as their “main account”:
https://twitter.com/t_blom/status/1074728958371991552
NB: I have a feeling that the pace might pick up again once the new account screens have been finalised - I imagine redesigning two fifths of the app has taken a lot of work.