I was joking around with someone today about ways that Monzo could help prevent spending that’s probably not a good idea (they suggested a cap on spending at the weekends).
I thought about sending a notification if you go to a certain merchant’s location & you spent a relatively large amount of money (compared to your usual spend), last time you were there, something along the lines of “ last time you were here you spent this much, this might hurt tomorrow”.
The alert could be made smarter by pointing out that spending what you last spent again, would change your target’s status from green to orange or orange to red…
Obviously you don’t want Monzo to start nagging you about spending too much but having something to jolt the user’s memory & remind them that they need to pay attention to how much they’re about to spend, might help avoid the need for a forget about last night button
What do you think?
Location Of The Alert
The location based alert wouldn’t quite work because Monzo would have to track your location while you’re not using the app, burning through your battery.
So I’m not sure exactly sure exactly how this should work but here are a few possibilities…
- a short note in the payment notification for your 1st transaction from the merchant
- a note on the transaction entry, visible in your feed
- a more detailed note in the transaction entry when you tap into it