CityAM is so in the pockets of mainstream banks itās kinda sad at this point.
Theyāve singled out Monzo having a 1 in 2 growth rate, despite all of the mainstream banks in negative customer loss numbers.
Also Starling performed worse yet didnāt get a mention.
Also the numbers only take CASS into account I assume - not those that do partial switches or open accounts organically.
The cass switch figures are headline grabbers but they are clearly a bogus source if you want to see where customers and assets are moving.
Cass was designed to reduce friction in migrating an account from one bank to another in a time when it was an absolute pain in the ā ā ā ā to move direct debits and standing orders, so much so that a huge majority of people just stuck with the bank they knew and hated. These days you can easily open a neo bank alongside the bank you are ditching and quietly move your payments over without needing to Cass and close your old account, so the huge number of people who do that are not reported.
The cass figures are mostly a metric of who had the best switching bribes in the last quarter and who did not, although the neo banks are distorting those numbers with small but significant numbers of customers switching without any bribes.
If you want to see how many customers monzo actually gained, we know that approx 33% of monzoās accounts are now the customerās main bank account. Whether that is a good or bad percentage is irrelevant because they are adding 1m users each quarter so you can simply take 33% of 1m to reveal that monzo is roughly getting 333k more primary relationships each quarter. That blows the big bribers out of the water and when you consider monzo still grows mostly organically it reveals the true market shift that cannot be seen with ā20k cassed in and 10k cassed outāā¦
It wasnāt particularly difficult; people just thought it would be, so they didnāt do it.
Just the same as you could always do before CASS; itās no different.
Over 95% of my CASS transactions were because of the switch money, few were to close accounts without needing to get headaches with banks especially those that had no ability to close accounts online.
Moving payments (DDs, SOs or Payees) has never been a reason for me.
Surprised nobody has put a link to this:
It was mentioned the other day.
Ah I see - I donāt tend to check the Monzo Ireland board
Same. I thought it would be more relevant to be in the Monzo Chat board.
Whoop whoop! Nice to see movement in the EU expansion.
Coventry sponsorship extended for another season
Monzo get a mention in this. Itās also a scam which doesnāt get much attention to watch out for.
Thereāve been a couple of times vendors pointed the card reader too soon while I was choosing a card on my phone - one in the UK, another in France - both were genuine accidents and I was charged the correct amount. Definitely worth taking things slow from now on.
Contactless has a much longer range and is way more responsive than I expected. I once accidentally flung my card out of the wallet, it bounced on the reader, fell on the ground but the payment went through. 
That also happened to me with Apple pay, I wanted change card and accidentally paid with wrong card. These days I face away as I choose card to pay with
I was almost charged Ā£1000 for a puppet once. The old chap meant to do Ā£10 and couldnāt apologise enough. Probably not the same here.
Me too. I once paid before I was ready with my phone from about 100mm, which was a surprise.
Didnāt something similar happen in Greece, restaurants charging tourists ridiculous sums for their meals, e.g. Ā£1,000+
Monzo need to implement a similar feature to their delayed payment process - so when you pay contactless, before the transaction is confirmed you get a little message āYouāre about to pay Ā£3,000 for a burger, click here to cancel or wait 10 seconds and it will completeā
This is where Monzo should enable you to adjust the daily card limits. Ā£25k is very generous for 99% of people.
I dont know if they can actually do this due to processing times needing to be quick for the networks.
I would like a max transaction limit if at all possible and if I hit that limit the app could prod me to increase it.
I actually run my main card balance very low most of the time with bills etc coming out of a pot that way any crazy transactions will bounce.