Monzo in the media

Just because something is being marketed as a surveillance tool doesn’t mean that’s what it is.

The dictionary definition is clear - and times gone by it was the dictionary the media used rather modern hysteria.

It’s the same argument as frauded/defrauded. Just because one bank decides they want to use frauded doesn’t make it legitimate :smirk::rofl:

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I normally would agree!

And it is rich coming from a representative of the bank championing frauded!

But! The English language is obtuse enough as it is, and in the context here the dictionary definition is just flat out wrong, which is not uncommon as various disciplines tend to develop their own interpretations of words, or outright changing their meaning from how the dictionary defines them in the English language. That’s why jargon exists!

It’s an established industry definition and has been for decades, unlike frauded.

If you ever study surveilance studies or move into network engineering you’ll find it’s defined more similarly to this short (I shortened it a little more) summary from Wikipedia.

Surveillance is the monitoring of behavior, activities, or information for the purpose of information gathering, influencing, managing or directing.

Yes, yes, I know. Wikipedia. But I chose it because it is correct, and because it’s more concise and it’s at least in part formed from one of the materials I read during some of my further studies a few years back for a paper I wrote:

https://cdr.lib.unc.edu/downloads/s7526n507

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The people.who think this is shocking must have never worked in service or production for big companies. Or maybe worked for really nice ones? :confused:

When i worked in a call centre dealing with in house maintenance calls and logging them to contractors, the phone rang constantly and there was a screen above my head saying how many calls i’d taken that day, average call time, and number of calls not answered within 3 rings. And the other staff next to me had the same so everyone knew who was getting things done and who was faffing about. Manager would comment on your stats regularly to pit you against each other.

Now that i work in banking (production/warehouse based) i have software on my computer which pops up saying you are working too slow vs the team average, and if it persists the manager comes round to find out what’s going on.

I don’t feel one person’s poor working conditions should mean everyone elses should be poor as well, but bloody nora if i had the monzo system instead i’d probably just move the mouse about every 4 mins while playing Fifa all day. Obviously i’d take the calls as and when required and do my share of emails,but there would be no stopping me from winning the league every day.

Where there are hundreds of people doing measurable activties from home i think Monzo would be pretty foolish to leave it down to trust to make sure 50 of those staff aren’t having a nap or something.

It sounds like really basic monitoring to me. Other opinions may differ!

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It’s almost like customer service and a high NPS score is important to Monzo, so they might want to build some metrics around how to make sure these core tenets are maintained.

Regardless of what work it is you do. There’s usually a way of monitoring output, or quality of output, such that people can justify their existence.

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An article from Business Insider has said that Monzo are starting discussions with banks about an IPO end of next year/start of 2025.

Additionally, flagged this job role: Jobs at Monzo Which includes:

You will strategise for future rounds in private or public markets which likely will include our journey to an IPO.

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The article is here:

It says that it is paywalled but I can read it all so :man_shrugging:

Key points:

  • Monzo allegedly looking at IPO late next year, or in early 2025 at the earliest

  • well capitalised and looking at acquisitions in the wealth/investment sector. Apparently looked at Freetrade but passed.

  • might be looking at partnering with Wealth Kernel (presumably for investments) and at taking an equity stake in them, too. Both companies refused to comment.

Interesting times. Very interesting!

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Natural they’d be having these talks. Valuation wise it feels a bit early, but then I guess 2025 is some time away yet

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Blom Tomfield has kicked in some money

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“Growing numbers of Britons are being forced to turn to a digital-only bank as a result of local bank branch closures”

Seriously?

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Daily Mail - what you expect :smiley:

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Yeah, I don’t really think this is the best article, just thought I’d share it as it is still Monzo in the media, and also includes Kroo which I’ve never seen in an article like this.

They seem to be under the impression that you have to use branches for high street banks, but I’ve never once stepped foot in a branch apart from to deposit money because I didn’t know you could use the ATM outside.

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Yes, they’re part of the Daily Mail Group. The website gives it away, if nothing else :slight_smile:

I mean I guess it’s kinda true by default.

“There’s literally no bank within a 20 mile radius that I can get to afterwork, and thus the banking I do is now digital only”.

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Yep it is totally true. My parents have no bank in their town any more.
Digital banking it is. Forced upon them.

But digital only is different than a digital only bank. I am not forced to a digital only bank, but I may be forced to only interact with my high-street bank digitally. They aren’t quite the same thing.

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I mean, if there’s no accessible branch, who would you really rather be with? Nationwide or Monzo? Depends how much you value check imaging I guess.

But take the branch out of the equation leaving with only a digital only experience, you’ll get a much, much better experience from Monzo.

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I think the real story there though is the Plight of the British High Street.

Banks, post office, independent shops. Etc. All of it going down the swanny these days.

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You won’t get in-app cheque imaging on either of those, I’m afraid.

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Typical! First big bank name to pop into my head is the one without it :joy:

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