How/Will Monzo convince the older generation to switch?

#26

I think there is strong evidence that it takes a lot to persuade most of us to change banks once we have settled on one. I suspect the motivation to change is not so much age or age-related attitudes; rather the occurance of changes in life (uni or first job, leaving the parents, permanent relationship etc). So it is unsurprising that the highest percentage of Monzo take-up is ages 26-35 and either side of that.
As others have said, motivations, though, will be many and varied.
As one of the 3% aged =>65, what attracted me is Monzo’s openness and honesty. Once people see this, they should be interested, whatever their age.

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(Naji Esiri) #27

Totally agree! I guess this harks back to the idea that we’re aiming to provide a banking solution that will mean different things to different people. Depending on life events, different features may be helpful or relevant.

This is something I hope we can support with our actions over time. Rightly so, people of all ages have reservations when it comes to banking with fairly new or young financial institutions, it’s down to us to reinforce our position as a trustworthy alternative and convince them otherwise :slightly_smiling_face:

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(Philip Parkin) #28

A joint account would be the icing on the cake for me.
I`m coming up 79 and I just love new technology but having had a current with HSBC for 50+ years I would have to be sure the switch is trouble free.Our HSBC branch has just closed and I used that branch when it was the Midland bank so just shows how local loyalty counts for nothing.I shall be up to change when you have a joint account feature.
More power to your elbows.

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(Marta) #29

@iceman That’s absolutely awesome! Do you mind sharing your point of view on Monzo as user from more experienced :sweat_smile: demographics? I’ve been somewhat battling with my parents, trying to convince them about certain new finance things and I fail miserably. You might have better perspective, therefore give me better arguments than I ever came up with. :smiley:

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(Philip Parkin) #30

Be my guest, share it my all means

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(Naji Esiri) #31

@iceman great to hear from you :grinning: We’ll be looking at joint accounts once we launch current accounts later this year. Thee are a few different approaches we’re toying with. It’s a popular request and lots of discussion around this feature here.

We want to do everything we can to make the transition between current accounts as seamless as we possibly can, and will be sharing some more details on exactly how this will work once confirmed.

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Spend and pay in limits for new current account
Pots
Does Monzo offer a joint account?
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
Breakdown
#32

Artificial age limits for debit cards:

What limit has Monzo baked in to its code?

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(Naji Esiri) #33

Poor lady :disappointed: On iOS this is the upper limit is 120 :+1:

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(Jolin) #34

After my 120th birthday, should I text in-app support and ask them to change my registered birthdate by a year? Or will that trigger your anti-fraud systems? :joy:

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(Naji Esiri) #35

@jzw95 On your 120th birthday we will personally deliver a hot coral set of false teeth and a 24 carat mob-man trophy!

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(Colin Robinson) #36

I’ll remind you of that promise in about 58 years then :slight_smile:

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#37

Thanks for the answer! However, that does beg the question, does Monzo think Android users live longer or shorter lives than iOS users? :wink:

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((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #38

I think the stress of dealing with the android ecosystem will reduce their lifespan…

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(Tommy Long) #39

Android users will definitely live longer because Google will want to keep them alive to monetise them for longer.

Google Now already makes sure I don’t miss my flights, only eat at well reviewed places, dress appropriately for the weather, etc… give it a few years and it’ll be minimising my exposure to pollution, regulating my diet and monitoring my biometrics.

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#40

I’m with Dunsford, though not quite as old and I’ve always been on the tech leading edge!

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(kim law) #41

As a pensioner I totally agree with you and am selling the benefits of Monzo to much younger friends and family.

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#42

If Google weans you off all of life’s bad things, then you should live longer. Even if you don’t, it will feel like you have.

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(Philip Parkin) #43

Just watched your Utube video Monzo Open Office for May, enjoyed it a lot but was dismayed to see as the camera panned around not ONE grey haired grumpy old git, wished I lived nearer but it would probably be a nightmare trying to park my electric vehicle.Next Open office if no grumpy old git`s turn up get someone to go outside and drag one in… For balance.

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(Colin Robinson) #44

Isn’t the next one in Birmingham? I can get there from Norwich :emojiforgrumpyoldgit:

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(system) closed #45

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