Gradual Current Account Launch

@hailstorm - Looks like several cards have popped up today! :slight_smile: (Over on Monzoā€™s transparent roadmap)

The current account roll-out spans across the Near Term & Medium Term sections, even if they miss their ā€œSummerā€ target, Iā€™m sure you wonā€™t be disappointed once youā€™ve got a fully fledged :monzo: account! :smiley:

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Itā€™s worth noting that thereā€™s a ā€œnext 3 months sectionā€ and a ā€œnext 6-9 months sectionā€ but nowhere logical for things that are 4 or 5 months away to sit. Iā€™d the 6-9 section is realistically a 4-9 section and full current account roll-out is towards the beginning of that window.

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Any news on when investors will get current accounts? I really want to switch already from the bloody Barclays :confounded:

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Thereā€™s a card for the rollout to investors on the roadmap.

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Yup, Iā€™ve seen it. But 6-9 months is quite vague (and I hope not true as I was hoping for next 1-2 months)

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Get Starling in the meantime. Itā€™s a :mondo: competitor but itā€™s better than nothing while you wait for the Monzo current account.

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Thatā€™s an option :slight_smile: Iā€™d recommend checking out the feedback in this topic, to see what sort of shape their productā€™s in at the moment -

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Is there any update on this? @Naji, I donā€™t want to pester or anything like that, but having a clearer idea of when current accounts are likely to be launched will help customers get their affairs in order and migrate to Monzo sooner. Mozno have been really transparent from the very beginning but when it comes to the roll out of current accounts it all seems to be rather opaque.

I understand the phased roll out of current accounts (although I would have expected all the help, bug reporting etc from the Alpha/Beta program would have helped accelerate the rollout somewhat) but what would be nice is say a specific date (rather than a weather season) i.e. ā€œMonzo are targeting a 01.09/2017 deadline to provide all existing Alpha/Beta/Investors with current accountsā€. Im confident then that this would probably stop the spanish inquisition you guys face on a daily basis.

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I have a couple of thoughts on thisā€¦

Presumably the launch date for the current accounts will be a big announcement.

If Monzo are still testing the current accounts (which Iā€™m told they are) & donā€™t know when the remaining bugs will be fixed, then it might be tricky for them to come up with a date for you.

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Iā€™d much rather they didnā€™t put a date on it, because if they miss that date we all go nuts. Other side of the coin, they put a date way in the future to cover themselves and loads leave cause itā€™s too long to wait.

They will arrive once they are secure and ready, jeez.

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Isnā€™t that contrary to what they are suggesting about a phased roll out?

I get that, I understand that timelines are subject to change. Personally I have always admired how transparent Monzo have been. Iā€™d like to see them set a date, if they miss it because something has happened then they can tell us that in the transparent way they have told us before.

With all due respect, stop bugging :monzo: Monzo for the current account. If you scroll back up this thread you will see they have explained how quickly they are moving and why itā€™s not specified to the day. They ARE being transparent, but not giving updates just means there are no updates to give. Youā€™re not going to get it any quicker or slower if you keep asking the team, so give them a break!

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One of the sources of frustration may be that we donā€™t have an exact timeframe because it will be a rollout, rather than a release. Itā€™s difficult to say when someone might be offered a current account as that will entirely depend on where they sit in that rollout and how well the earlier phases go. :slightly_smiling_face:

Rest assured, the current accounts are becoming slightly more complete by the day and we will be sharing more information as we get closer to the start of our external rollout.

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Thereā€™s quite a few metrics that we need to hit before each stage of the rollout can begin.

So - for example - the first stage was staff launch. Thatā€™s the stage weā€™re in right now. A good chunk of staff have current accounts and weā€™ve tested paying in salaries etc. Obviously we can push it to the limits because if something goes catastrophically wrong we can quickly deploy a fix. Because of this, there were less metrics that we needed to hit to be able to reach this stage. Obviously the next testing stage will be family/partners, because the same thing applies, but their use cases will be slightly different which allows us to collect a bit more information.

Before a single card gets into the hands of anyone outside the company or anyone not directly related/involved with someone at the company, thereā€™s a few more metrics to be hit. Our Board wouldnā€™t be too happy if we suggested launching without those metrics, as the risk is just too high.

Then weā€™ll do user testing with investors etc - who were of course promised early access as part of the crowdfunding. In order to launch this when we want to ideally launch this, weā€™ll need to write up some very details notes because the fit and finish may not be exactly where we want it to be yet and that needs to be made clear. But thatā€™s obviously still a much better option than waiting.

So while weā€™ve mentioned that itā€™s a staged rollout, itā€™s not quite as simple as ā€œX amount of people can get it in this week, and then another X amount of people the following weekā€. There are clear defined events that need to be met for each stage.

Rest assured, things are moving very quickly!

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Thanks, @simonb.

Some idea of the metrics and progress against them would be really interesting but Iā€™m sure that might well be straying into the realms of information the company would rather not give out.

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Yeah Iā€™d love to see progress against planā€¦

ā€¦unless itā€™s just a bunch of teenage hackers in a bedroom churning out ā€˜agileā€™ software :wink:

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That goes against the point of unifying it all under one card :smiley: Plus Iā€™d feel bad not using Monzo as often. So Iā€™ll keep on waiting. Thanks @simonb for clarification, seems like there is still plenty of testing to do before Investors will get to check it out.

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No problem!

So yeah. I canā€™t really go into much detail on the metrics. Itā€™s not my place to do so, I donā€™t know what can be made public and what canā€™t, etc etc etc. Suffice to say, we have a fantastic team working on all that stuff on a daily basis, everything from technical to legal to security and everything in between.

But to give a general exampleā€¦Obviously, the use case for a current account differs from a prepaid card in some important ways. So one metric could be, what kind of issues specifically affect current accounts that donā€™t apply to the prepaid scheme, with regards to customers needing to contact support? Are we ready to handle those queries to the high standards that we set and our customers expect?

So if you think about the different teams that exist in a company like ours - product, legal, operations, security, etc - then think about the most important things that each team does, then itā€™s basically just a case of proving to the board that that team is ready to go with regards to the current accounts. And as we progress to the each subsequent phase - more of those metrics need to be hit to scale higher.

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Should post a blog on these answers as they are extremely well worded and provide a good amount of detail to settle the extremely impatient, my sample pool being myself :wink: thank you thank you

Personally quite keen to see if thereā€™s a new limits page, not expecting there to be really but still interesting

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Alejandro might need some help here soā€¦please retweet :smile:

https://twitter.com/aleinuk/status/879738785705193473

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