I don’t think these things are mutually exclusive. I think they do care. Providing good support to a customer base as large as Monzo’s and keeping costs low, if not continuing to reduce them just don’t go well together. I’m not trying to excuse it, because I very much agree with your point of view and share in your frustrations, but to add some balance, I think they’re doing the best they can with the resources they’ve been allocated, though I agree it’s not good enough.
I don’t know if losing paying customers will motivate them to improve it. I think it sends the wrong message, because you’re staying a customer. Monzo’s paid-for offers make no extra obligation to provide customer service, so why would one downgrade on that basis? I think people would have to start leaving Monzo entirely en masse and citing poor support as the reason. Or push on through and raise it as a complaint every time without ever letting up. if they’re having to pay out compensation for poor service, that’s a good motivator to fix their issues.
dwindling survey results may knock their confidence down a peg, because they love to boast those, but I don’t see that having much of an impact. They’re leading the pack in banking, but I wouldn’t say satisfaction is exactly as aspiring as they gloat it to be. I think they’d find away to spin results as a good thing if the numbers fall.
I remember watching Ecotricity do the same, until, eventually, their radical transparency on that front just disappeared. They continued to call their service good, but they no longer showed any awards, evidence, or statistics to back it up, and my experience no longer was so I left for Bulb. None of it motivated them to improve.
I think we’d need to see actual real backlash on a large scale that’s too big to ignore and damage their brand image. That’s often how you get companies to do the right thing by their users. And this isn’t the sort of angry Facebook group they can shove under the regulatory rug of we can’t say anything excuse either. large scale backlash on social media, increases in account closures, mainstream media reports. All in relation to poor customer service. Those are the sorts of things that invoke change. Because they harm the brand image. The issue is, outside of us on these fintech forums, no one really seems to care just yet.
Customer service quality just doesn’t scale. And very few companies manage to keep it decent enough as they grow. I don’t see Monzo being an outlier to this rule, because no one in their position of the tech space (app only service) has managed to do it. I think that’s just how these things go. I hope it gets better, but I don’t think it’ll ever get back to the point it was at before they hit 1 million customers.