Golden Ticket changes 🎫

This is a shame

Yep we will :+1:

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That’s very good of you guys.

The entitlement by some in this thread is breathtaking.

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To be honest I joined for the free £5 from a money saving page on Facebook (10 Ways to have more money).

I’ve since talked about Monzo to everyone I know. Another £5 for referrals would be nice, but if it’s a good product you should just tell people.

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You should be referring people because you think it’s a good option for them. Not just for a fiver.

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If Monzo makes more money and has more customers it can offer a better service.

It can employing more staff and be a more attractive partner for other businesses (i.e. providers of additional account benefits and services).

The more money it makes, the more money it can spend on it’s customers (for instance, investment in Monzo Points.

I feel this sort of defeats the point of referring someone. As selfish as it seems, it would be nice if I got something back for growing the user base…! No incentive for doing it anymore.

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Except for a warm feeling inside that you’ve done a good deed.

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I’m sure this has happened for business reasons. Either it wasn’t cost effective, or a trial period has come to an end and they’re evaluating it. Something along those lines. :man_shrugging:

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Monzo makes money when someone signs up to them anyway. Plus the less money the spend on referral money, the more the can spend on other things.

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@Anarchist @Webby53096 Agreed, it’s to help their profitability and business plans :+1:

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Glad someone can agree :man_facepalming:t2:

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Again, I reiterate - the £5 loss is not the big deal for me. It is the fact that every company in the 21st Century values new customers higher than their existing ones.

Remember that old “sorry, brand new customers only” TV ad? (And the new Aviva plus one with the guy in a disguise) It was meant to be tongue in cheek but it is actually very true. Just like how people sometimes dance their phone contract and then take out a new one with the same network to get a better deal.

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I’m not sure that argument is valid. A new customer gets £5 for signing up once but the existing customer could have already referred 10 people and got £50. Unless you’re proposing that you get the £5 only for the first golden ticket shared

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I’m guessing this was partly done because of people buying paid Instagram and Facebook ads to advertise their referral links

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I was just going to say the same.

I imagine they have loads of dormant accounts that were simply opened to get the referral fee. When looking at average use and average balance etc it is obviously going to impact these figures :chart_with_downwards_trend:

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What about a tiered system for those that refer. Monzo plus for x months being the end reward after you refer a certain number of people.

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Wouldn’t that just encourage people to sign up people who had no intention of actually using their accounts? If a friend asked me to sign up to something, that didn’t cost me anything, to help them get a reward I would :woman_shrugging:

Interesting to see if the new fintech’s start doing the same as what made the legacy banks lame, by only offering rewards to new customers only. Literally getting nothing for using the service after the initial rollout and for being a loyal customer and promoter of the service. These rebellions are meant to bring about better practices. Maybe the innovation isn’t quite as good as people hoped. We shall see, maybe once the product becomes more refined - then the rewards for loyalty will be introduced?