Weâve heard from customers that managing monthly or annual subscriptions can really catch you by surprise and take a big chunk of your budget. Weâve made some new improvements to make it easier than ever to track your subscriptions and maintain your budget with Monzo.
More and more businesses are switching to subscriptions and it can really add up if you donât keep an eye on how much youâre spending each month. With thousands of subscription providers, it can be confusing to know if what you just purchased was a subscription and just how much youâre paying each month. Also, if you have an ACH transaction that acts as a subscription, like say your Rent, it was impossible to earmark those correctly within Monzo.
Our latest release comes packed with improvements to help you manage your subscriptions, including:
Improved automatic subscription detection: Weâve added 200 more subscription services to our automatic detection list that are specific to the US. Sure, we had some big players like Netflix, Amazon Prime, or Spotify. Weâve now extended it to automatically detect a much longer list of US-specific merchants, such as the New York Times, Xbox Game Pass, Twitch, Birchbox and so many more. If you sign up to a subscription, weâll notify you that weâve detected this as a subscription.
Mark ACH payments as subscriptions: You can now easily mark ACH payments as subscriptions, like rent, mortgage, or bills. Tap a transaction posted to your account via ACH. Tap ârepeating subscriptionâ and weâll then predict this for you moving forward within Scheduled Payments and help you visualize your recurring spending within Trends.
Cleaned up merchant names & logos: Weâve also cleaned up the merchant names and logos for a few dozen major chains so each transaction looks perfect. Previously, chains like Whole Foods, Trader Joes, Walmart, CVS, 7-11 might have not had a logo or a store number. Thatâs all been tidied up now.
@willkg, our Sr engineer, said âit is really great to turn our customer feedback into quick improvements. I was really pleased to see how many merchants we were able to auto-detect as subscription providers and help our customers get better control over ACH payments as a subscription.â
Mohamed, another engineer on the team, added âA lot of banks donât focus on the user experience or are too focused elsewhere to pay attention to details like cleaning up messy merchant data. At Monzo, we delight in polishing those details to show you a cleaner experience and push ourselves to build the best app out there. These improvements really set the stage for features soon to come to Monzo to help customers manage their expenses with Monzo.â
These improvements were based on feedback we got from customers like you! Your feedback matters. Please continue to let us know how we can help you with your finances by dropping a comment here or giving the team direct feedback within the app.
