Hey @kieranmch - Pass on my good luck to your hypothetical friend with this hypothetical talk…
Here’s my take:
How has IFTTT helped you?
Honestly? It hasn’t. I played around with it, but I don’t use Monzo as my spending account, so the functionality is limited.
Is it easy or hard to use? Do you really care about it?
The simple “pre set” things are definitely easy, and the custom rules are relatively simple to set up - Although looking at the IFTTT thread, there are a lot of people with various issues.
It’s certainly not something my fairly tech savvy parents would get.
Do I care? Currently - No (because I don’t use it).
What are the best use cases?
What would be amazing to add in the future?
A wider variety of triggers would help - But some type of integration with American Express (or other credit cards) would be really useful.
Realistically, people using Monzo as their main bank are likely to spend money on their Monzo card, or a credit card (for the additional benefits e.g. cashback, reward points, section 75, interest free etc etc).
If there was a native “Move X from Monzo main balance into American Express pot when X is spent on American Express”, I’d definitely use it (I’ve seen a work around recently which looked good, but required manual input I think).
Do you know what “open banking” is? If so, what’s the difference between IFTTT and Open Banking in your view?
Open banking allows you to view your accounts in different places (other banking apps, account aggregators etc etc). However, this doesn’t really add any different functionality to your existing bank account.
IFTTT adds “features” to your bank that you can customise to your liking - Essentially, it means every customer can set their bank up slightly differently, depending on how they budget and spend.
So rather than one plain account - IFTTT offers bespoke bank accounts with fun and interactive integrations which make it more valuable to the end user.
At least - That’s how I’d explain it to someone if they asked!
Good luck with the talk