Thanks for opting in to test Summary via Monzo Labs. Your feedback will help us make sure we create the best view of your money that we can.
One thing we’ve learned so far is that everyone earns, spends, and budgets differently. Our aim is to create something that works for the majority of people, and is the right amount of opinionated when it comes to managing money. It’s tricky to test an approach for something like Summary without a wide-range of people testing it out and giving feedback.
Our motivation, what we wanted to fix
Spending as it is doesn’t really work for current account usage. It only tells you bad news, treating your money like a one-way-spending-street. Paying regular bills, and large one-off payments break your daily ‘spending money’ budget, and you have to budget in calendar months. It’s also not possible to see at-a-glance how much is coming into your account each month, and how much you’re setting aside into Pots. Nightmare!
We absorbed the feedback we’ve received from the community and via support, and our design team huddled around a whiteboard and Sketch to put together some prototypes. We then tested them with some users in the office, refined, and started building. We enabled Summary for staff after a few weeks, then worked to smooth out the issues we found when using real transaction data.
To get feedback from people that don’t work a Monzo, we worked with our user researcher Samantha to run a Diary study, where 14 Monzo customers used Summary for a few weeks, and let us know what did and didn’t work for them, releasing some new features along the way.
We’re now at a point where we’re ready to get feedback from a wider group, with an early version we’ll be improving as we go. With your feedback we’ll get Summary ready for the main stage
What the current version includes:
- Income, Pots, and Committed Spending summaries
- Calculation of ‘Left to Spend’ which automatically excludes Scheduled payments and Pots transfers
- A dial which shows how much your your ‘spending money’ is left, compared to how much time is left each month.
- The ability to start your current month from a recent deposit over £500
- The ability to exclude large on-off payments from your Spending and daily budget calculation.
- Your monthly starting balance listed under Income.
- Categorising inbound Monzo payments will now credit the same spending category, to handle people paying you back for things.
What’s yet to come
Summary is still a work in progress, and we’ll be adding more functionality over the coming app updates. The following features are on our list already, so no need to convince us that they are needed!
- Spending Targets (now released!)
- Predicting Direct Debits and Subscriptions.
- Notifications and monthly reports
- Data export
- More flexibility for custom months.
- Savings goals for Pots
Thanks again, looking forward to your feedback!