In my opinion, the right way to do a current account launch, would be to migrate one user every day, or one every few days, and then continuously build up the pace…
The pace needs to quicken.
In my opinion, the right way to do a current account launch, would be to migrate one user every day, or one every few days, and then continuously build up the pace…
The pace needs to quicken.
One every day would take a life time
Until they start rolling out investor current accounts, because at the moment the progress is slow.
With an estimated customer base of 250k when they start, it’d take 684ish years… you part of some biotech startup that’s going to allow you to live a very long time? (yes, I actually asked google to calculate that
)
Now that the Monzo team solved the FinTech problem, how about they switch to biotech and do some breakthroughs there?
Apologies for not explaining properly.
My proposal was that in a similar way to golden tickets, monzo migrate a few users daily, up until the point of their first batch which will be investors, which will probably be a thousand users oror so.
All the while monzo would continue to do the batch migration of a few hundred or so users or however they plan but simply add a few lucky users daily just for the purpose of keeping our enthusiasm alive.
At the moment, I’m satisfied with the product, and have been for a very long time, but am using starling bank until Monzo launch their current account at which point I’ll switch back. The starling UI isn’t nearly as good, nor is the app. It doesn’t help me to have one app which can only show my purchases, but not my other outgoings that occur via standing order, direct debit etc. The way I see it is like me withdrawing some cash and using it until it runs dry.
Maybe give out some “super” Golden Tickets to investors and allow them to share with anyone, and eventually those tickets will make their way down to us, and this will allow lucky people to get a current account before the official launch.
It would appear that no users are being migrated yet, as per the above from the details supplied by Simon:
Not 1… not 10 - I think it’s great they’re working towards meeting a set of defined requirements before a public launch/beta. I’d rather have a fully functioning account rather than an iOS-style beta gambling my moolah and hoping everything is hunky-dory.
We’re all in the same boat playing the waiting game but I can see it’s definitely worth it for what will be the best banking experience we’ve had by far!
Heh. I’m 179000 Monzo customer… so… 490 years… not so long ;)))
Hey @simonb!
Sorry to pester, but I don’t suppose you can divulge any extra info around progress for the initial rollout to investors and beyond?!
Very excited to get my hands on one, and given the general message from the company is a late summer rollout – I’m clinging on to the fact that maybe, maybe that means investors might be able to start helping to test in late July/early August time?
Anyone who asks this question should be pushed lower down the list
… and they go higher up the list by doing ‘community service’. Pun fully intended.
Here’s the latest update from the annual report that came out today -
At the moment, we’re aiming to offer the current account to all existing customers in late summer.
The wait might be frustrating at times for our community, but it’s important to get it right. We have a responsibility to keep our customers’ money safe.
They do realise Summer ends in 58 days, right?
I guess that’s good news then
It’s always summer somewhere
If by end of September we have current accounts, that is a good, good thing.
Not entirely true… actually cancel that, Eileen Burbidge is actually an employee… so yep
Though LinkedIn states it’s for Mondo
Eileen is a partner at the VC firm Passion Capital, one of Monzo’s main backers. According to the annual report she’s also on Monzo’s board.
Since her firm has invested over £10m in Monzo since it was founded, I guess she’s earned early access to the current accounts
Yep employee was the wrong word to use. They’re out there just not with the masses