Just how many doing something. I upgraded mine as soon as I could, but tbh its sat dormant since about a week after I upgraded (early Nov 2017) as it just wasn’t working for me personally. I’m still interested however in the direction and features, so semi active here for that reason.
I don’t necessarily think at this stage that metric will be any more useful than the monthly active user figures. I use Monzo extensively for all my expenditure - both online & offline - yet choose to bank transfer in disposable income manually on a monthly basis from my “legacy” bank. I’m sure this is the case for the majority of the half a million current account users given Monzo is still a young but evolving fintech.
What more pertinent info will you yield from knowing how many directly have their income paid in?
The latest public reports from Q4 2017 included the following:
Loses £50 per year per active pre-paid customer
~40% of the per-customer loss is due to international ATM usage driven by a small minority of user-base
Weekly growth rates: 5% in customer numbers & 7% in transaction volumes
Hiring 40 new customer operations staff in the next 6 months
Monzo has made huge progress in all these avenues by closing be prepaid programme, changing the overseas ATM policy, converting prepaid customers into current account users, and I imagine they’ve beefed up on staff.
It’ll be interesting to find out the next figures later down the line for sure to see if the unit economics have improved.
I can say that they certainly have improved! Still some work to be done but broadly, we now want to spend time on making the experience better for those who use Monzo as a current account with improvements and features that support that, rather than adding too many further restrictions on things such as foreign ATM usage or topping up by another debit card.
I really like the visualisation in the post, but at the risk of being nitpicky, what about Shetland which was unceremoniously chopped off? Is number of accounts there similar to on Orkney (which is shown)? Genuinely curious if the claim about ‘all corners’ is true. (Also, Shetland is a lovely region with wonderful people, so a bit sad to see them left out.)
Yep have to agree on BACS point. Had a Monzo account for some time now, then Starling asked me to Beta test, then fully working App, then Direct Debit, then Standing Order, then Apple Pay, then a lot less “payments may fail” (or so it seemed) … so Starling it was. Still like Monzo and its attitude so I’ll keep the account for now, but wouldn’t call myself an “active” user.