March 19 Summary

Have been asked to summarise Monzo for a friend and had 20 minutes on the tube… this is what I have come up with for interest sakes - feel free to knock me down.

Differentiators to incumbents (my view and realise incumbents is a catch all for a lot of wealthy enterprises playing catch-up with pace)

  1. Inter-bank exchange rates when travelling

  2. Direct integration with TransferWise

  3. 1% 24 hour notice Saver (limited to £250k) - there are a few that beat this such as Goldman’s Marcus account with instant 1.5% for first year but it is a not a current account integrated offering

  4. Auto segmentation of expenditures with warnings, comparisons to previous months, targets - summary

  5. Customer facing road map - https://monzo.com/community/making-monzo/

  6. Hash tagging of transactions – e.g. tag all #charity transactions

  7. Mobile payments – (Not quite PAYM, but that hasn’t taken off)

  8. Ability to send and request money from and to people using a generated URL

  9. Ability to send money to random nearby monzo users

  10. Amazing customer support - multi multi channel

  11. An active and interesting community

  12. Relevant publications which users can relate to on all things money

  13. Split the bill functionality

  14. Shared tab functionality

  15. Ability to tell Monzo a payment is repeating

  16. Early visual notice of direct debits and repeating payments

  17. Labs - turn on/off new functionality in beta

  18. Login to app with a simple email, no need for complex codes or devices

  19. Location based security

  20. Ability to toggle on/off mag stripe transactions

  21. Toggle to block gambling transactions

  22. Ability to export all data from app (basically a lot of functionality in app that would usually require a branch interaction)

Coming soon

  1. Aggregation - see your Amex transactions in your app - assumption will be all others offering open banking / data feeds

  2. ISA

  3. Insurance and services comparison - they’ll advise on better rates

  4. Mortgages

  5. Pay in cheque by photo

  6. Business banking

  7. Loans

Interesting but not hugely useful - yet

  1. Map of the world with weighted dots on where you’ve spent

  2. Integration with FLUX - see your EAT receipts in app (loyalty soon?)

  3. Custom app icons

Given

  1. FSCS £85k protection

  2. Joint accounts with the same functionality as current accounts - Almost

  3. up to £1000 optional overdraft

  4. Direct debits

  5. Apple Pay / Android

  6. Logos for businesses

  7. App access using biometrics

  8. Pay in cash at physical locations

  9. Pay in cheque by post

  10. Bank statement

  11. Current account switch service for joint and single accounts

Issues

  1. Spending money in a similar way to Uber / haven’t proven the model yet – but there is a plan

  2. Inbound international transactions can fail as ‘routes’ aren’t perfect yet

  3. Lockable accounts - which users can unlock - is. Not lockable accounts

  4. Reliance on 3rd parties for interest products e.g invested … they’ve had to halt opening new savings accounts due to popularity and limit set by investec

1 Like

Just going through it now, but this isn’t available anymore…

Edit - How banking savvy is your friend?

So many of those points would be lost on almost everyone I know (perhaps that’s just me?)

My pro’s and con’s would be much shorter :joy:

Pro - Great app, no need for card readers, no need to “log on to online banking” to achieve anything.

Cons - Limitations/fees with certain things people take for granted - If you are a heavy user of these things (overdraft, paying in cash etc), you probably will want to look elsewhere…

Your list is much better though :wink:

2 Likes

Transferwise integration is a bit half baked at the moment.

Savings pots aren’t available at the moment.

It’s the MasterCard rate, which I believe is different to the interbank rate (still good, though).

3 Likes