I’ve been thinking about what it would be like if Monzo were to become the Facebook of banking where everyone you know is on the platform and what sort of opportunities and functionality that throws up. Just thinking out loud, I know most if not all of these have been proposed… (as this list is getting quite long I’ll come back and do my other scenarios if this one is interesting).
Scenario 1: Everyone in your family is on Monzo:
1: A shared pot to buy Mum a 70th birthday present (send a link to your family via Monzo.me and they can all contribute)
2: A shared pot for the family skiing holiday - as above
3: I can pay my kids their pocket money directly - automated payment into pocket money pots
4: When the kids have done their chores they can request additional payment via the app - “Chore done”
5: The kids pocket money can have limits set and I can authorise very large payments
6: A shared family charity pot where we try and save a certain amount in the year - locked and transferred to family charity on the 31st of December
7: The kids are going to do a year out in Borneo on World Challenge - send a pot-link to the family to put in regular amounts. The Borneo pot appears and they can subscribe a certain number of pounds per month.
8: It’s Friday night, the kids are at Uni, I’ll send my kids a beer via the app to let them know I’m thinking of them - “You have beer”. Money appears in a beer pot.
9: I’m running a Marathon - here’s a link to sponsor me in one click. With no fees for charity, Monzo becomes very efficient and becomes the new Just Giving.
10: The kids want money for Christmas as they have no originality. Gran and Grandad send a gift or gift card through the app. Zara gift card shows up as a Zara pot. When the kids use the gift card at Zara, it knows it has a gift card and takes the money from there rather than current account.
11: I decide to teach the kids the benefits of investing. I send them a Freetrade pot with shares in Brewdog within it - they watch their wealth grow and become Hedge Fund managers and keep me in my old age.
12: I share my University fund pot with my children. They can’t access the money until they are 18 but they can watch it grow.
13: I send the kids a GCSE pot with £50 in it. This pot will unlock when you get 5 B’s and 3 C’s.
14: My wife sends me a pot with the cost of a ticket to the Superbowl in it. This pot will unlock if I lose 3 stone by November 15th.
15: I die. My Monzo account is passed to her as a single transaction after confirmation process. She has access to all the investments held in my name - my Freetrade Pot, my Crowdcube Shares, my Seedrs Shares, my Plum loans.
Just a bit of fun.