How/Will Monzo convince the older generation to switch?

Definitely, this probably why the Monzo team tend to talk about the most common characteristic of their users as simply being people who live their lives on their smartphones.

My grandfather, who’s in his eighties, is one of the most enthusiastic early adopters I know - & I’m going get him signed up to Monzo at some point!

Ha! Well if it’s like Lloyds or Barclays, it’ll be quite some time…if it ends up like Smile Bank, perhaps not quite so long :wink:

But seriously, the Steve Jobs quote is really just pointing out the inevitability of change & given that the iPhone was launched less than 10 years ago, perhaps in 10 years time, it will be difficult to find people of working age who don’t fit the above description?

When it comes to marketing, there are a few features that might attract the older generation’s attention -

  • There’s been quite a few positive comments from Monzo about offering their accounts to under 18 year olds. Given the fact that Monzo puts money management front & center with features like Targets, if the joint accounts functionality is also developed I expect that will draw a lot of parents, who want to teach their children how to look after their money, to the platform. If ideas like the connected piggy bank take off, they could end up joining when their children are at a very young age.

  • Tom has touched on the idea of Monzo developing a feature to enable users to top up their pension from their Monzo account this year.

  • And Peer to Peer lending seems like a good fit too.

To give Kieran’s question the proper attention it deserves, despite his anecdote, I’d hope that the full banking license & FSCS protection will convince most people to trust Monzo.

Bank branches are going to be around for quite a while longer, although given the rate of closures, perhaps there won’t be many left in 20 years. Obviously banks like Monzo are going to have to develop pretty excellent user experience as a substitute - like Monzo’s excellent chat support.

But again, we’re still in the early days of people getting used to mobile & trusting tech companies. In time everything that Monzo’s doing will be considered normal & if they didn’t innovate much beyond what they’ve developed now, they’d be looked at as the boring, safe legacy bank.

Lastly, international expansion means that there will be plenty more early adopters to go after, before hold outs of any age are a problem.