Okay, so somehow or another, the bank needs to make money. That’s not evil, it’s good.Monzo making money means Monzo can continue to be good. Yay!
So, here’s one idea for how to make some money. It would probably require the implementation of a new position, but I think the benefits would well outweigh the costs.
So, the idea is “sell loyalty”. To be more precise, sell discounts or loyalty points.
For example, you approach large company and say “Give us some money & we’ll provide our customers with points whenever they buy from you” or "give us more money, and we’ll give our customers discounts for buying from you"
Then, you could provide a list of those businesses, coupled with a map, on another tab of the app.
Monzo makes money, businesses get advertising, and account holders can take advantage of deals.
As an extra on this, lets assume that the cost is relative to the size of the business - so small local shops could afford to buy in, even though they won’t get so much benefit. This means that the account holders can use the app to find local cafes and small businesses (which have a very similar demographic as Monzo to begin with)
I’m sure that this isn’t something for this phase of development, but if it’s something you’d consider, then it may be helpful to consider it while constructing Monzo’s infrastructure.
What do other people recon?
Edit: Actually, you’d likely have people saying “I get a discount there because of Monzo”, so could be a great way to also boost brand awareness in the future, once the rollout stops generating its own awareness with golden tickets etc.