When I heard about Mobile only banks, I was very excited to welcome the new players to the Financial Market. I presumed that having no branches, which let’s be honest in retail banking is a massive expense, in fact the biggest operating expense. I presumed that these new banks would be able to Offer us services that would be free , using the huge Savings .I thought “These New Players would overwhelm the legacy market”. The reason I expect them to be free is because these banks do not have as I stated earlier, the huge branch network expenses that legacy Banks do. Thousands of staff all over the Country, having to pay leaseholders and maintain branches. I stupidly assumed that the savings would go towards being able to offer a financial product that was Unbeatable. There is a definite clear advantage, all I am hearing from Monzo is ways to cut costs? Restricting peoples ability to top up? Stopping the unlimited use of the card abroad for cash withdrawals (. For a small few who abused it. me not being one), then this should surely surely be a loss leader? Saving millions on A Branch network underights these losses & should show a massive operating profit annually. As of yet it seems only Starling seems appreciate this, they do not seem to try to steer their customers to their preferred way of doing things they tend to do things the way their customers want them to be done. To me anyway, it seems like penny pinching and pretty unprofessional and takes a veneer of class away from this organisation, also the ability to pay money into a bank account for most people is a basic function.! I do believe starling have the option to pay him via the post office et cetera. All in all as a Monzo customer and investor I am very unhappy that the service is disintegrating. Why are we not seeing the benefits as customers? Or them gradually being withdrawn/Changed. A big part of a bank with a fraction of the overheads but yet Always moaning about costs associated with topping up or some such. None of the legacy banks have ever dared to be so cheap.
Was that a dream or a dystopian nightmare?
Don’t know about Starling, don’t use them but…
Legacy banks makes huge profits on other services eg huge overdrafts, insurance, loans, mortgages etc. The new start ups do not have decades of profits from those and an established customer base who stick with them and their fees as they can’t be arsed switching banks. Fees are minimal or non existent and the service will evolve as that’s the nature and intention. Exactly how do you think they are currently making money?
I disagree
Dear sir,
You are going off topic. My identity is my business please stick to the topic, perhaps you have nothing to say on the subject.
Your keyboard appears to have a broken enter key.
I find its a bit pointless 
Off topic.
I Adore your Title. 
Please stay on topic.
And as such you are entitled to your opinion. So I fail to see why we need to know you are related to a member of the board but anyway can we stay on top? Thank you. There is no need for anyone to get personal
But a rant is so much more effective if correctly punctuated and paragraphed.
I seem to have fallen into the same pit as you.
I’m not sure if it’s as time goes on or what but as I step back and look at the bigger picture I wonder quite what do Monzo offer that another bank can’t do with very little effort.
As we see they are already adding the ability to freeze cards in their app’s so how long is it until they catch up with Monzo on UX?
And this is why people complain about this forum sarcasm, off topic, chives about spelling or grammar. I mis spelt jives on purpose just to give you a little excitement.
I think you’ve missed the mark a little in terms of huge savings - sure, they don’t have branch networks, but they don’t (yet) have the products that makes legacy banks profitable - this will change once the marketplace truly kicks off, but as of last year they made a loss of £7M.
Starling has a different business model as they offer payment to government agencies, businesses and other fintechs - that’s an additional revenue stream.
Also, there many other fees traditional traditional banks charge you
- 2.75-2.99% conversion fee for online and point of sale transactions
- £5-15 for bounced direct debits
- £6 for incoming international transfers above £100
- In addition to the 2.75% fee above, around £2.75 on top of that for cash withdrawals overseas
and yet some people cant stop themselves from creating a new identity to post on it
Once again off topic, you’re supposed to know about Forum etiquette. It’s a good thing you’re not related to the Royal Family, would never hear the end of it. I don’t know what kind of detective work or who you think I am nevertheless it is off topic, and has been flagged as such. But as you’re related to the Chief Executive Officer may be Forum rules don’t apply to you.
Off topic 