Monzo in the media

(James Brooks) #269

Not sure if this is the right thread for this but I wrote a blog post about Monzo that I wanted to share! :smile:

(Sacha) #270

Business accounts launching soon…

(Jordan) #272

Keep an eye out for more info on this tomorrow! :slight_smile:

Help us understand what features you'd like to see in a Monzo business account!

Unlike Monzo’s 1.5m current account customers, who use it free, businesses will have to pay a fee


(#savetheseabass) #274

That’s a lot sooner than I expected


gotta get on that business banking switch train!

(Jack) #276

Minimum viable product for the win :ok_hand:t3:

(#savetheseabass) #277

MVP with a fee? That’ll be a tricky balance to get right. Can’t be too minimum or what are people paying for?

(Jack) #278

:man_shrugging:t3: That’s monzo’s way with the majority of things. Considering it’s launching so soon I presume it must be a similar case here.

Sure it would be tricky to balance but it may be free for the first X months while it’s in beta or in trial mode etc.
For sole traders a large chunk of the functionality is already there but I guess more features will be added over time.

(#savetheseabass) #279

Can’t see any other option than this tbh.

Looking forward to finding out more tomorrow :grin:

(Jack) #280

thinking hard for a small business idea just to be able to open an account :face_with_monocle::smile:

(Nick) #281

Escalating fee? Start it low because MVP, but clearly sign that as milestones are reached the fee will increase with each fature added or improved?

Alternatively, “Normal yearly price will be £[ x ] a month; first year’s subscription will be £[fraction of normal price] a month.”

So, there are ways it could be done. And if they do go for either of those ways, the most important thing would not be calculating the right discount, but managing expectations. Regardless of discount there might be users who are unhappy about some aspect of a MVP, and therefore the best thing to do would be to make sure they have the information to decide “Actually, I’ll wait before I sign up.”

On the other hand, once Monzo actually announce this, my theories above may turn out to be a load of irrelevant flannel :sweat_smile:


Interesting indeed.

I’m keen to see the details - Starling, for example, is free within a specific tier (and outside it for an introductory period, I think). So this brief statement in an article (which isn’t a quote) could mean all sorts of things…

(Michael) #283

The comments on that Times piece are quite something

The chap who “was a CEO of a bank and ran some of HSBC” spewing text everywhere. Colour me doubtful

(Valeri) #284

I’m surprised that the Times got the scoop first… almost feels like Monzo is treating them preferential since that whole kerfuffle last year…

(Michael) #285

I recognise the quote from @tom from articles last year, so that is not new or provided anew for this article

So either they’ve had a tip-off or are speculating

(Richard Saunders) #286

I’m open to paying a fee for business banking, I have to pay one for my Barclays business bank account so it’s not that weird of a thing. I’d like to know what features it will bring though

(Splodf) #287

Knowing Monzo as I have come to. It won’t have any features on launch.

Then they’ll add some features. Not quite what you’re after but it will be something you can workaround to create a solution.

They’ll never revisit or refine those features unless they have a major bug.

Then they’ll add some features. Not quite what you’re after but it will be something you can workaround to create a solution.

They’ll never revisit or refine those features unless they have a major bug

Ad infinitum.

(Marcel Ruhf) #288

I actually have to disagree quite strongly on this - the only example I can think of not (yet) being iterated on is IFTTT. When I first joined in the beginning last year, clicking on a Direct Debit (in the Scheduled Payments section) just came up with a prompt asking whether you’d want to cancel it (on Android at least) - now, there is actually a nice overview with all relevant details. Payee management was extremely basic, i.e. no multiple accounts per payee, which now exist. And the accounts screen is currently being redesigned. When Summary launched, you could select one payment as your salary and the month would reset exactly one month later - not ideal if you were paid the last working day of the month for example. This was add at a later stage.

Mind you, most of that transformation took place from March to August, so you might have not noticed if you joined after that.

(Splodf) #289

Still doesn’t work properly. Unable to merge contacts and there’s a number of things on that thread the community are clamouring for.

Agree. It’s the forgotten child.

Still doesn’t work for lots of people who get paid on the last Mon/Tues/Weds/Thurs/Fri of a month.

Promised additional iterations never arrived.

I’ll add pots detail. That’s an iteration of sorts but still doesn’t show month to month interest (could be used for tax) or deposits and withdrawals for that pot only. I’d argue it doesn’t actually show much more then we had.

I got here in September (I think). I’m impressed with what I’ve seen, but also incredibly frustrated by the tick off and move on strategy Monzo seem to be employing.