Making our company goals public: Q4 2018

In July, we tried something new by publicly sharing our quarterly goals.

We’re happy to say that we’re going to continue doing this. So today we’re publishing our Q4 goals that will take us up to the end of the year. This blog post also includes a debrief of how our Q3 goals went.

Give them a read and let us know what you think!


Is a Monzo credit card on the…err…cards anytime soon?


I like that idea. A credit card that can be used to maintain a credit score and also allows you to categorize payments like they do in the current account.


Not at the moment. Our immediate plans for lending products are our overdrafts and loans.

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we can keep bringing Monzo to more and more people, without spending significantly more money as a result

I am wary that, if Monzo keep growing like this, the currently 24 hour+ response time for support tickets is going to keep coming back. Presumably the near zero cost per customer is because the support staff are spread so thinly right now. I appreciate that you are training people right now, so hopefully you’ll learn from your mistakes, but yeah I’m wary of “more and more people” on the customer side not having a good response of “more and more support staff” on your side.


Good goals but the number of customer service need to keep pace with the customer growth. As its painful at the moment.


I use a card purely as protection for fraud. I try not to have my Debit Card details stored that much so that my main account is less exposed.

Completely agree here! Monzo wanting more customers make sense but the recruitment of COPS and their systems need to really be scaled/managed better than it currently is. I’m kind of surprised that “Reduce customer support wait time” wasn’t a goal


We are definitely pursuing hiring pretty aggressively.

We are looking to hire 60 more COps between now and Xmas. We’ve hired more than 30 in the last 4-6 weeks :purple_heart: We are also hoping to scale up Vegas but that likely won’t be until January or so.

On that note if anyone here is interested in applying then feel free to DM if you’d like more details.


I don’t think more people are necessarily required for more customers. Sometimes that’s the case but equally it’s important to understand the reasons for customers getting in touch and attempt to prevent the drain on operations. I’ve only ever had to contact Monzo once in 18 months but others seem to need to get in touch fairly regularly and reducing those contacts is just as effective if not more in reducing costs.


Interesting point about exploring partnerships to generate more revenue. Is it more profitable for Monzo to store customer deposits with partner banks rather than with bank of england (currently 0.5% base rate rising to 0.75%)? Assume the interest bearing pot will pay c.1% interest rate, and the best easy access savings account is offering 1.3-1.4% interest rate. If the income from partner banks is simply from the interest margin (i.e. 0.3-04% - then this would not beat the interest paid by BOE). So I assume partner banks will pay additional commission on top of the interest margin? Otherwise Monzo would effectively subsidise their customers so they can receive 1%+ in interest savings.

Great to see costs approaching zero!


So our goals for the quarter ahead are similar to our goals for the one.

The one…?

And loans?

We’re fixing :slight_smile:

Keep making Monzo the best account to use as your main account

Great to see the goals published again and that existing account holders are not becoming a second thought in a period of growth

Seriously :monzo: Monzo, I can’t get enough of Transparency By Default. It’s the number one ethical reason why I use Monzo and why I recommend it highly.


Can definitely understand the concern here, but rest assured lessons have been learned :+1:

As @simonb mentioned our hiring plan is in place and we’re making good progress on this, it’s already having an impact on response times which is great!

For a bit more context most of the saving this quarter isn’t actually on the COps side, thankfully not a result of the team being spread thinly but we definitely didn’t hire quick enough either. We’ll always need to keep an eye on cost of supporting everyone, but this shouldn’t be to the detriment of your experience.

We’re actually surveying users on wait time and customer experience at the moment, to work out what the optimum service level is. We’ll hire accordingly to make sure we deliver that, and do regular “temperature checks” to ensure we’re still delivering :blush:


I think the idea might be more a method of getting people to move their money from savings accounts with other companies, which currently make Monzo nothing, to Monzo’s interest bearing pot.

Also, this could lead to more people using Monzo as their main or even sole account, since they’d no longer have need for the savings account they used previously.

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It would be really interesting to see what are the top 10 or so reasons for customers contacting support.


At the moment at the end of the month I transfer all of my surplus cash from our Monzo joint account out into a joint savings account. That’s money Monzo surely wants me to keep hold of… why do I do this? Because I have no Joint Account Savings Pots…
When can we expect this feature?