But with respect, you can’t then seek for that digital only bank to provide tangible “legacy” banking amenities, the two cross-each other out.
In an ideal world Monzo would be able to provide for these amenities, but the costs clearly outweigh the benefits - hence the (disappointing for some) decision to put it on the backburner.
As mentioned above, with the new business accounts on the horizon this makes zero sense.
Businesses pay each other by cheque a lot more often than Joe Bloggs on the street.
And I certainly don’t agree with this viewpoint at all. A bank, whether high street or online-only, needs to offer banking services. We can now pay cash into Monzo and we can pay in cheques via post. But putting your cheque into an envelope, to then wait a few days for it to hopefully arrive intact, is the very definition of legacy vs. fintech (IMO).
I’d rather Monzo just came out and said, “Hey, we want to be the bank of the future - Cheques are a pain in the *** and we’d rather see them die”, than try and pretend it’s something else.
I mean…
Thinking about the first question, for example, less than 0.1% of our customers have ever deposited a cheque! So there’s a good chance that, if we spend our time and effort on something else, we could build something that helps more of you.
This is taking from the blog… of course Monzo customers aren’t going to use Monzo to pay in a cheque when they likely have much better options available… Talk about taking stats out of context and using them in an argument.
I have no love for cheques in the slightest, and I’m surprised so many people still receive them.
I’d just rather they said this a few months ago and be honest, rather than delay it, and then pretend no one wants it…
Also, this whole “banking for everyone” mantra, probably needs to disappear.
I don’t want to sound glum, because I genuinely enjoy using Monzo and seeing them progress, but each announcement seems to cut off another section of the potential customer base.
Anyway - Hopefully the time spent on business accounts is worth it in the end…
But Monzo do, do that. For Monzo clearly cheques aren’t on their radar (at least cheque imaging), the statistics show that it just isn’t worth their time. I don’t think you can say that because Monzo don’t offer Cheque imaging, they aren’t offering banking services?
Why? Are they because they’re difficult to use/cash in? I know that sounds slightly troll. But I’m just interested if its the “usability”
Here are some interesting stats from the the Cheque and service:
Very disappointing - was really hoping this feature would appear. I get 3-4 cheques a month and they’re a right pain. It’s also costing Monzo everytime I post them in so that cost saving could do with being factored in too.
Statistics would have shown that 0% of people used to pay cash in to Monzo, so it was pointless developing a partnership with Pay Point.
Appreciate that the example is slightly different, as you technically can pay a cheque into Monzo right now - But this 0.1% would increase quite a bit (IMO), if they had cheque imaging…
100%, I don’t deal with cheques very often, and they used to be such a pain.
Cheque imaging is the only suitable work around (I’m not keen on posting cheques given the amount of stories I’ve heard of lost cheques etc).
I don’t live/work near a bank, so it was always an effort/dedicated trip to cash a bloody cheque.
In an age of instant bank transfers… I just don’t see the point.
Granted but you could argue that adding in any variable or extra piece of information could make the previous statistics absolute or corrupt.
The option to pay cheques in is still live, as against not being able to pay cheques in at all. We’ve seen on this thread some say that they won’t open a separate account with a legacy to pay cheques in and will continue to send via post - so there is some validity to the stats.
Yes, one of the reasons I still occasionally use a legacy bank account despite being “full Monzo” is for cheque imaging, so I’m not really sure the percentage of customers who use the postal system is the best statistic to use here.
Sorry, I think I confused myself as you’d replied to someone earlier saying you didn’t think people should seek “legacy” amenities from a digital only bank - I took this to mean services.
I totally agree with you that Monzo offer banking services. My point was that asking customers to send cheques in the post hardly seems like a “bank of the future”.
It’ll be interesting, though we’ll probably never find out, whether business account users are put off by this.
In a way I do mean services, but specifically cheques and cheque imaging. For me, cheques are a dying breed and it sometimes takes not subscribing to something (whilst annoying some) to really kill it off.
For me the “bank of the future” will be done with cheques because they realise it isn’t used anymore.
For me, just because cheques are a form of payment doesn’t mean Monzo has to or feel obliged to allow for cheque imaging. You got a cheque? Post it and you’ll be fine. It isn’t like the feature isn’t there.
Here’s an example though…
I’m a junior doctor and every time we fill out cremation forms for funeral directors we receive a payment from them as part of the funeral costs.
These are always supplied by cheque to the hospital I work for who then pass it on to me. I have no say over this and have to accept this is how this income stream is supplied.
So I intermittently get cheques (though haven’t for a few months as I’m out of hospital training at the moment). No changing that and no way for me to get the money another way.
True. I don’t disagree with you about them having to offer cheque imaging. I just think it’s a shame they’re postponing it as from what developers in this thread have said it’s not difficult to implement.
For me… Things like custom pot images can wait if it means they can concentrate on functionality like cheque imaging.
Surely, taking an image of a cheque is about as digital as you can get!
I think we shall have to agree to disagree.
Yeah I hundred percent agree. But I would argue it has relevance especially as the tech behind cheque clearing(Optical Character Recognition) is pretty cool. Plus its an unbelievable marketing tool especially as the process could easily be condensed into a video.
I think I would just prefer the actual reason over a fluffy one especially as everything needed to do this is available here:
https://www.chequeandcredit.co.uk/sites/default/files/cheque_clearers_-participate_in_the_system-_ics_access_criteria.pdf
https://www.chequeandcredit.co.uk/sites/default/files/system_rules_v3.0_may_2018.pdf
Oh Halifax… Legacy bank… Blah blah blah… Come back all is forgiven. I just can’t risk sticking cheques in the post…
To me that’s a strong argument to provide cheque imaging. Monzo could take all the pain out of this legacy payment method we’re stuck with for the time being, instead the “Digital Only” bank’s solution is snail mail.
I completely see the use case and when and how cheques are used, but without stopping or at least no longing prioritising cheques, they’ll continue to be used.
As bad of an answer it is, Legacies can do this for you.
I think this is a fair criticism but whilst it may not be hard to implement, what is say the running cost if you’re not getting a large use from it? Also custom pot imaging is slightly different as the developers used their “monzo time” to get that one out.
But thats applying a “digital” spin on an archaic payment method. You’re taking a picture of a piece of paper, the feature is digital but the overall process still requires someone to have paid you with a piece of paper. Just because it is out there doesn’t mean you have to implement for it.
And let’s not forget it has been removed from the road map, which more than hints to me that it’s gone and not just delayed!
Or did Monzo not want people to see how many thousands had ‘liked’ the feature in the coming soon section?