How to increase daily transactions


(Aleksandra Vangelova) #1

Hey Monzo team (and especially the product team),

I am just on the way home from a Jam show and tell event at your office. So as usual … sitting in the tube I got an idea.

Since you want more regular transactions and grow hack like pirates :rocket::rocket::rocket:

My own experience:
I used my card for the tube one Monday and because I wanted to be capped weekly I kept on adding money to the card.

How to utilise it:
Use this capping factor to drive more regular transactions. A prompt/notification to use Monzo for travel will be simple. As you do best, incentivise with cool stats, some funny jokes about the places you touch in/out if possible.

The extra benefit:
Because my card is so accessible I end up using it in supermarkets, pubs etc when out and about. Just get it out of my pocket, touch and go.

I am sure your data gurus can get you stats on users using the card for travel. And maybe some correlation with more regular transactions. I might be just an outliner complicating things…

In any case, that’s my ‘tube’ idea. I would be super proud if you find it any good! Or if you have it on your badass ideas board already … well then, sharing ideas never hurts!

Alex
Monzo ambassador, transparency lover and a data geek


#2

No. Нет. Non. Nien. Não. Ei…


(Aleksandra Vangelova) #3

Is that too casual? :blush:


#4

for me but a lot of other users may like it


(Danny) #6

So basically what you are saying that if I don’t spend anything in a week the app will send me a notification telling me to spend something therefore costing me money and stopping said notifications?


(Aleksandra Vangelova) #7

Not at all. I say that if someone uses Monzo to travel on a Monday, the app can suggest that you can keep on using Monzo to travel that week and get capped. After collecting data the notification will also suggest how much money you need to top up for your travel for the week.

For example, I used Monzo this Monday and I didn’t have enough money to use the card on Tuesday. I was in a hurry for the train, so I used another card instead and never used Monzo again this week. Last week, when I had money in, I travelled with Monzo and because it was in my pocket I used it for many other small transactions too.


(Danny) #8

Ahhh ok I get it now however when normal accounts and debit cards come in you won’t need to top up though…


(Naji Esiri) #9

Hi Alex, thanks for your tube idea! Hope you had a great time at the JAM event too.

I can appreciate the potential in this idea, but we truly believe the best way to grow is organically via a great product. I hope that came across in Ole’s talk last night! Of course we do have things like Golden Tickets which we introduced purely to drive growth, but any activity like this deserves some serious consideration, as there are trade offs which may compromise the value in the customer experience we want to deliver

Push notifications for example are pretty sacred to us, we use them as sparingly as we can, mainly to communicate necessary and important information. This information could get lost amongst a lot of noise if we were to introduce this sort of reminder message, which goes against our goal to provide a simple, at a glance overview of your financial life.

Generally having spoken to users in testing sessions and events, things like this are more irritating than they are helpful. Maybe at some point we may have the option for people can opt in to this kind of update, it could be fun :slightly_smiling_face: I know a few team members who could write book on grocery related puns :wink: @james