Ideas and more!


#1
  1. As a student; I really wanna see “Monzo Student” a student account via Monzo, it’s a huge market and you can market it at UCAS events and compete with the high street banks.1. To grow; invest more in marketing and person to person interactions in busy cities.

  2. Interest (0.5%) on pots/savings.

  3. New/more advanced app integration.

  4. Long-term loans I.e. for someone wanting to put a deposit on a new car or engagement ring or even a mortgage.

  5. Overseas insurance for “premium users”

  6. “Monzo Plus” - you pay a certain amount each month but you get benefits like a free travel card, insurance and breakdown cover.

Thank you,
Aaron


(Vladislav Kozub) #2

Welcome to the community, AK95!

What you have described roughly alludes to Revolut - product oriented features, subscription where you need to pay to unsubscribe, travelling insurance (which costs you £20 per annum on Moneysupermarket), etc.

Monzo has a slightly different approach, with no financial giving in a form of interest (yet) and no premium subscriptions. The Monzo’s phylosophy is about the Customer being the key, which is what the CEO has said in multiple interviews. Hence it is mostly about providing smooth experience, support, assistance and control over your money. And what Monzo offers to date, fits students just perfectly (I am one myself and so as many of my course mates using Monzo).

One thing to consider maybe is the free overdraft all legacy banks give to studentd, £500 to £3,000 for the duration of the course. This could be a nice addition to the current offer.


(Andre Borie) #3

What would your hypothetical student account do that a normal account doesn’t?


(Vladislav Kozub) #4

Up to £3,000 overdraft free of charge for the duration of the course. And, occasionally, freebies like 16-25 railway card / bus pass / nus card / other things.


(Andre Borie) #5

Who’s gonna pay for all that? The only reason legacy banks can get away with it is because they scam you on other things like fees everywhere.


(Vladislav Kozub) #6

Same entity that pays for processing your transactions, cash withdrawals, in-app support, etc. Having free overdrafts for a certain customer category will only add a negligent cost (opportunity cost of 1% growth PA for treasury bonds or wherever Monzo stores cash for income?) but at least offer core “student account” benefit.

Monzo could also potentially partner/cooperate with Unidays and have them in the marketplace on favourable terms to raise awareness both ways (Unidays users to Monzo and vice versa).

Used Barclays for 4 years until switching to Monzo in 2017, have not paid a penny (never used it abroad though, my other bank offered interbank rates so was no need to waste money on exchanges).


(Andre Borie) #7

Used Barclays for 4 years until switching to Monzo in 2017, have not paid a penny

But clearly, some people do pay (often those in poor financial situations or struggling to manage their finances) otherwise those legacy crooks would be bankrupt already.


(Vladislav Kozub) #8

But Monzo will not sort these people’s problems out, will it? They will still get those credit cards on 15-30% APR and keep paying them off perpetually. In that way Monzo does not give any better alternatives hence you cannot really blame them.

When it comes to currency exchanges and international transfers - I am on the same page with you and this is where Monzo rips legacy banks apart.


(Andre Borie) #9

But Monzo will not sort these people’s problems out, will it?

Well Monzo at least tries to give you tools to better manage your finances (spending breakdown, pots, etc) as well as prevent some reckless spending like the gambling block feature, and finally they don’t charge you nonsense fees if you still fail and get a declined direct debit.

To me this is quite a good solution compared to legacy rust.


(Change Works) #10

The other customers,I expect. Me.