Monzo in the media

I do get it on my iPad:

But I messed about trying to sign in first in case I had an account I’d die gotten about.

Same as above.

I’m on android and got about halfway through thinking that it wasn’t going to popup and then BAM! full screen blocked :frowning:

Interesting article, thanks for sharing. The first we’ve heard about Monzo’s strategy since the new leadership, I think. Overall sounds very positive and like Monzo have spent time laying the foundations to be a successful large company instead of a startup. Which is what’s needed at this point. I like that there’s still a lot of focus on product and solving customer problems, as opposed to just offering a ‘standard’ set of bank features in an app. The last bit about lobbying on regulations is very interesting, too.

This was heartening to read, too:

Monzo was the most switched-to bank in 2020 according to CASS figures, recording 80,000 net gains over the year. As a result, it’s on track to rank in the top 10 UK banks by user base and is ranked top among its digital peers for brand strength, coming in at 34th nationally.

(I read it by entering reader mode immediately – iOS Safari)

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Heartening to read, but not necessarily true. All the stats are available HERE. It comes to about 60k gains, assuming we are talking calendar year. First three months of this year were just under 6800 gains.

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Monzo is known, above all else, for the quality of its user experience. The company boasts that its product is “loved” by customers, evidenced by an unusually high net promoter score of 50+ and a lively discussion forum of 50k contributors.

(emphasis mine)

I wonder where they got that number from. Given the stats below I would say there are at best about 1.6k contributors here (or were here over the last 30 days).

Even if I’m extremely charitable, and consider every sock puppet, every locked and banned account, and every one who posted once back in 1997 never to be seen again a “contributor” to the “lively discussion”, there are only 36.6k of them …

(I obviously realise it’s far from an important point of the article, but that number struck me as BS on first glance …)

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I’d name the body part but I don’t want to risk breaking forum rules

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Do I win the lazy journalist bingo? Do I have to share the prize with Isabel Woodford? If the prize is to learn how not to trot out the same tired old cliches I’ll let her have it all to herself, she needs it.

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Absolutely. I’d love to hear from Mike Hudack at some point as he strikes me as a someone with a good eye for product, but because of the pandemic and the turmoil we haven’t really seen too much of what he’s surely been cooking up just yet. Maybe one for a Q&A @AlanDoe?

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I can definitely ask :blush:

Without taking this Topic off it’s track, suggestions for the AMA series are still welcome everyone :pray:

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Mentions Monzo and NatWest as being the worst offenders.

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Ah the I and another lazy journalist story to bring in the clicks, by mentioning the Facebook groups (insert bank here) stole my money.

What always amazes me is that throughout all these stories, no one’s ever produced bank statements to a journalist. For those to be forensically analysed by some kind of financial wizard. Who could then say out of the evidence we’ve witnessed with X amount of customers we couldn’t find any transactions out of kilter for that account. Granted it wouldn’t always be a cut and dry answer. But I’m willing to bet there’s a reason statements aren’t looked at for evidence… It’ll go against the person crying wolf, plus that doesn’t sell stories using a logical method.

Anyway speculation mode now switched off :eyes: 🤷

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It’s the same article they’ve written before, just slightly renamed but it must drive views so they keep doing it.

Most criminals find it degrading to be caught though.

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I can’t believe the bloke from Resolver is still getting away with claiming that the account closures are automated. As the quote buried at the bottom of the article says, they’re not.

It strikes me as a bit odd that Monzo is his chosen hobby horse to beat - one can only presume that he’s figured out it’s an effective form of advertising taking advantage of clickbait.

(But if he keeps making false claims, how long before Monzo send the lawyers after him for libel?)

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Are people whose Monzo accounts have been closed still able to access their bank statements?

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I’m not 100% sure, I know Monzo got told off for not providing them to people after closing their accounts. :grimacing: So I’d imagine not.

But people could request them, they just don’t I imagine! :man_shrugging:t3:

The problem with it all, is that everything on the internet needs to be taken with a pinch of salt, and unless someone is fully willing to share their bank info, it’s all speculation.

Also, how many people in that Facebook group have joined out of curiosity, or as journalists etc. etc. vs actually having their account closed?

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I know if I close an account elsewhere, I’ll get a final paper statement (I thought it was a legal requirement, but not sure).

Makes it difficult for those who claim to have had no reason to have their accounts closed that they haven’t done anything wrong.

I’m not saying I believe all of them.

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I’m not sure account statements would be enough. I mean, you could provide statements showing that your salary comes in and your outgoings are to your mates, and someone online shops. But what the statement alone won’t tell you is if the salary is coming from a money launderer, if your mates are mule accounts, and if that online shop you’re spending at every week is a front.

So an independent third party could look and say “This seems fine”, while Monzo might know the above - but they can’t say anything about it, becase the law is a ass.

And to a large degree, that’s where any criticism should be directed, and where any reform needs to come from - the law. Not from any one banks implementation of the law - Monzo, Natwest, whoever the latest whipping boy is.

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It is. Monzo got their knuckles cracked for failing to provide these statements in a number of cases.

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Or because newspapers keep writing about it?

This is just another lazy ‘nothing is really happening here’ piece. Apart from the growth of a Facebook group they keep publicising, nothing has changed.

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I mean at university I started a Sainsbury’s Basic Appreciation Group on Facebook (we were all young once) and got something like 2,500 members. People will join any old crap, it’s not a news story :man_shrugging:

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