Firstly, I am not awaiting a business account but wanted to say that although today’s news is likely very disappointing for some, I’m hoping it will mean that ultimately Monzo will deliver a better product when the time is right.
I get the feeling that Monzo is often spinning too many plates with an inevitable outcome. As well as evolving personal accounts, there are joint account, plus, points, US, business, building partnerships etc etc etc.
We all want new features, feature parity, bugs fixed etc etc. It’s a lot to ask and, in reality, we as customers only see the tip of the iceberg in terms of what they are working on and the issues they are having to deal with. I’d much rather Monzo focused on delivering a smaller number of products/features and got them right rather than attempting to do too much and failing to meet our expectations/demands.
Further to my post above, I’d like to see Monzo focus on providing the best personal and joint accounts on the market and get that right. Offer more savings pot partnerships, make budgeting even easier, fix the long term bugs and disparity between platforms. Whilst doing so, design in the architecture to allow additional products/features to be added when the time is right.
Forget business, points, plus, metal cards etc etc for now. You’ll win more customers over and get to profitability quicker without having to launch half-baked products and features which initially create excitement but may fall flat.
That’s what you don’t want to do. One banks infrastructure goes down, is under maintenance (not uncommon, though usually scheduled for night), or has issues, and you’re screwed from your entire personal and business standpoint.
I spread my personal finances across multiple bank accounts alone. Business, admittedly, I’m sticking with one current account for the time being, but keeping all your eggs in one basket seems like an awful idea. You hear horror stories of banks limiting accounts and putting the person under review. If that happens to you, you’re kinda screwed without full access to your money for some period of time.