I hope I’ve put this is an appropriate thread.
When organisations become very successful and large they often become stupid.
This has pretty much been my common experience as a consumer or employee for nearly 40 years and is particularly pronounced in the high street banks.
It’s also my experience that when this happens, most of the communication interfaces (in the widest sense) to the organisation become obtuse and punctuated by non sequiturs, and in an effort to streamline and “increase” already perfectly acceptable profits (often the primary or only measure of “success”) these interfaces seem to frequently be managed by the subset of the organization with the poorest communication and the least critical thinking, never fully user testing the interface nor understanding or believing the user’s experience from the outside.
I have higher hopes for Monzo, but without intentionality and persistence this organizational stupidity will in my opinion and that of others form pretty much automatically with significant growth.
My curious question is what do Monzo have in mind to mitigate this as they potentially one day encounter huge growth and success?
Maybe it’s just unavoidable or maybe this is just an autistic rant! Time Will tell.
If you feel this post is inappropriate or stupid please just ignore it.
Valid point, I see competition getting very stiff soon and pressure will build. Also the big investors just want profit really above all , I guess it’s down to good leadership and Tom seems to be a good CEO, time will tell.
Some mitigation might be strongly limiting bonuses based on profits but rather on other KPIs, that should hopefully help monzo grow properly.
I’d like to know what you mean by ‘stupid’ although I agree with you that the trend is that as a company gets larger and more profitable they tend to lose or dilute what it was that made them where they are.
I think the reason for this is because the company has different demands than the consumer. The consumer wants the company to stay the same and work as it always has, but if a company is stagnant then how can it continue to be profitable.
A company is made up of its Shareholders and Directors, speaking very high level here, Directors run the business day to day and the Shareholders want to make money off their investment, so the Directors run the business to make money for the Shareholders - there is no real thought to the customer other than “we gained customers” or “we lost customers”.
Now that Monzo have received a large injection of funding by investors it will be interesting to see if their tact changes (I don’t believe that it will). One of the main attractions to Monzo is its customer service - it recently saw a drop in response times and Monzo addressed it, they learnt from the mistake and the feedback and put their hands up and said “we made a mistake”. You don’t see many larger companies doing this. This humility and true understanding of their consumer base is what (in my opinion) shows that they won’t get stupid. They’ll make mistakes sure (some aren’t happy with the marketing going on at the moment) but you do really get a sense that they listen to you as much as they did when it was in BETA.
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