Improving Monzo Plus - If you were Monzo

I’m not sure the pandemic is unique to Monzo employees, so it can’t be use as an excuse for employees not engaging, but I am also very grateful that you are now :slight_smile:

What about randomising the CVV2 after every successful transaction? Possibly not a perfect solution.

I’m not quite familiar enough with cards to know the implications of this, but it’s definitely one for us to consider

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Hi @avb great to see you here. Can you share if there’s been any progress on the idea of automatically moving funds to a pot to pay a credit card? It was discussed quite a lot a few weeks back.

I spend £50 on my Amex, and Monzo automatically put £50 into my Amex pot so it’s ready for the direct debit at the end of the month. Currently I do this manually and it’s a bit annoying, but I’d love to be able to automate this with Monzo and would happily subscribe to Plus for it.

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We’ve not started building this, however it is something we’re considering picking up at some point. We have explored what the hardest parts of it to solve would be, which is mostly ensuring we always set aside the right balance. Due to different banks making new transactions available to us at varying different timescales, and that direct debits paying off your balance may show up before or multiple days after them leaving Monzo, it can be quite tricky to actually be sure the money we set aside is the right amount to pay off your balance. If we build this we want to be 100% confident that it is always going to set aside the right balance for you, so this increases the amount of time it will take us to build it quite significantly

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Glad it’s being considered! Thanks for the engagement today :slight_smile:

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I also wondered @avb if you have had any thoughts, or plans, around improving stuff in relation to the Google Live Data Export?

(Once again, a whole thread of feedback, and another one with some creative ideas)

But my key nuggets of thoughts:

Google Sheets

  • There’s strong desire for some Dashboard style templates, to make the most use out of it.
  • Can there, eventually, be an option to export connected account data too?
  • Is there potential for more meta-data to come in the sheet? (contactless, apple pay, card transaction types, etc, or other potentially analysable data).
  • The Time field in the sheet - is UTC - it means for analysis purposes some time based analyses get a bit wonky - could this be actually set to UK local time?
  • Can Split Transactions be managed differently via the data output - analysis is very hard to do in it’s current form

IFTTT

  • Can Monzo publish a “If Cell in Google Sheet is Update > Move money into/out of a Pot” applet?

The reason for the latter; IFTTT now have a paid plan (at $10/m!) which means the free plan has a limit of 3 custom applets, but unlimited published ones. That applet is the most powerful one for pairing with Plus - but it means Free (IFTTT) users would have limited ability to use it, unless it gets published. Publishing it could appeal to more users basically.

Now I better go do some work, I don’t think I can make browsing the Monzo forum sound like part of my job.

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Probably been said already but I love how everyone wanted AMEX on the credit cards and now they release it they charge for it, great move Monzo.

I support Monzo from the very beginning. I didn’t like the fact that they charge for features that would make Monzo much better product if they were for free. That’s very disappointing.
Monzo should come up with a better plan and create Plus features that really have value (e.g. insurance, cashback, special offers, etc)

As far as all rumours go, Plus was meant to be a two-tiered product that included Insurance and other products. But given The Event the second tier got postponed.

There’s a few threads on Twitter suggesting it’s on it’s way/

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Interestingly, the one bit of press said that it was coming as early as (I think) last week.

If it was a travel focused one, then maybe because The Event is still eventing, then they’ve chosen to pause it (again?)

I’ve said it before, but I’m keen to move from Nationwide if Monzo can offer comparable (for my needs - I don’t use everything) value.

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If it’s still travel oriented, I’d be very surprised if they’ve not tried to pivot in some way, by adding value elsewhere. Travel stuff can always be added to the list of feature later.

The landscape right now just isn’t suited for such a product, and I fully expect things will be like this a a good while yet. And how longer after things improve before the masses actually start to feel safe enough to travel again?

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Yeah I can absolutely imagine that any stuff relating to insurance policies are changing day to day given the updates in The Daily Broadcast. Can’t be easy to design around.

I’d be in the same boat too re: Nationwide. I would still love for a totally flexibile/pick and mix package to exist, but it seems chances of that are low.

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My wishlist:

  • Global feed
  • Pots are accounts
  • Vcards are accounts
  • Joint accounts are accounts but shared
  • Rules for accounts IFTTT built in

Lots of hard work and there are possible problems like number exhaustion mentioned above, but unifying accounts would solve a lot of the thorny issues monzo have made for themselves and all the questions asking why can’t I do that with this type of account, and it would potentially provide extra selling points for plus if certain features like an account number or vcard for pots were held back in plus.

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Maybe that’s just the simplest thing? Plus exclusive - create (unlimited?) special pots - basically second, third, fourth accounts, all with account numbers, (virtual) cards…?

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Can i make a public plea that everyone stop calling them “Vcards” please :laughing:

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Do you still have yours?

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Unfortunately not… im not a plus member :laughing:

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That’s fair, we wouldn’t want any one to think we’re talking about the virtual business card format. Wouldn’t want to get anyones hopes up that this feature would be integrated into plus!!

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<Geek> I’d be keen for Monzo to pioneer the use of a similar standard for storing and sharing bank details, perhaps extending the current virtual business card format. </Geek>

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So you’re saying we should embrace the use of the Vcard!

It would be great though! I could give people my Vcard, they could give me theirs!

It would make all those bank transfers so much easier, if we could all trade Vcards.

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