I get the sentiment on this. Although seems mad to post it so soon after we got cheque imaging
Personally, Iād love a way to ālinkā overpayment details with direct debits. For two reasons:
Imagine clicking your mortgage payment that was debited via DD and being able to click a āpay moreā button that instigates a bank transfer to the overpayment account details using a pre-specified reference number to ensure it went to your mortgage
Imagine clicking your scheduled DD payments and having a button to configure an auto-overpayment. When your DD debits, a secondary automatic payment of your pre-specified amount goes with it
(This is all assuming the DD system doesnāt actually support two way tampering - as far as I know DD is merchant requested amount only)
Extremely niche example, though - canāt imagine many other people want this but I bet there are loads of neat improvements in a similar vein that Monzo could do.
Monzo has done well in the last year or so - lots of new features.
I do wonder though if they are running out of ways to differentiate themselves. The investments product they offer is very nice, and could definitely be expanded. Maybe they will start offering pensions or something. Canāt really see them having a dedicated crypto tab like Revolut does.
Cashback has never seen stagnated - itās always changing.
If you want stagnant, take a look at the Premium āOffersā - never changed in 3.5 years apart from a temporary appearance by the RAC membership offer.
They still havenāt implemented partial payments on shared tabs, so agree with the initial statement. Slow to make change, just like the other banks. Before suggestions were thrown at Monzo and it seemed to, well just get done.
Iād like to see more improvements on the joint accounts. Although I donāt believe Monzo has stagnated. I have a premium personal account with custom tags. But I canāt use the custom tags in my joint account, so I canāt group certain payments.
Another feature Iād like. I can see the combination of my isa and savings, in my account (personal and joint), but my wife can only see the savings. Would be good to be able to share certain account views with my wife like my isa through joint account.
The rapid innovation came at a cost, both to people and to the product.
Knowing what was behind the scenes when I left and the things Iāve heard since, I think itās a good thing that the company slowed down for a while to focus on core service improvements before taking their time with new refreshed product offerings. You can move fast and break things in public when youāre a small startup, but as Monzo grew and became trusted as a primary bank account for many, things now have to move a bit slower and more deliberately.
Youāre seeing the fruits of this recently though with long-requested features that are genuinely hard to pull off well (I honestly never thought weād see cheque imaging or Post Office cash deposits) and todayās entirely new paid product offerings. The glory days of the rocket ship are long gone but in its place is something far more sustainable for the long term.
