A post was merged into an existing topic: Removed Posts September
Just received an ad from WIRED magazine for one of their events, at which @tom is scheduled to speak.
They wrote a great article about Monzo a while ago, but none of that research has fed into their event advertising - which is very sloppy, to say the least.
Was amazed to see revolut at no.2 in that list considering all the bad press about the working environment etc there has been
Probably had their jobs threatened if they didn’t vote for them
“Chocolate beats Urinal to be crowned UK’s tastiest cake.”
It’s all just the media - they love to focus on very shocking aspects no matter how minute they may be to grab your attention. Working for Revolut might not be as bad as the media makes out.
Familiar headline but seems to be a new or completely re-written article.
Not the focus of the article, but the following is the bit I found most interesting:
Part of the problem faced by challenger banks is customers use them as spending cards, putting their salaries into traditional banks but using Monzo et al to track transactions. “If you put your salary into Monzo, or deposit at least £1,000 a month by bank transfer… you are nicely profitable for Monzo – you make about £35 a year in gross profit,” he says. “If you don’t put your salary in, and just use it as a spending card, we lose about £5 a year.”
From the investival Tom said as much and that it averaged to approx £5 profit.
Edit: from 12:17 https://youtu.be/mtq4u6J7CTo
Yeah, so which is it?
From the 2019 Annual Report:
Annual per-customer contribution margin is now +£4 as at May 2019, up
from -£15 a year ago, and -£65 in 2017. The longer customers are with us,
the more profitable they become, and salaried users contribute +£30 –
mainly driven by the money we make when people use their Monzo cards
So I am inclined to think +£5 by June, up from +£4 in May, especially given an increase of £5 for salaried customers, rather than a massive negative swing to -£5
Curious one though
Though they also said two million customers in the article and one million in a recent email, so could well just be a mistake - that is the simplest explanation
They also say:
Whereas it takes 48 hours. Their numbers might be a bit off in this article.
^ link works but couldn’t get it to thumbnail, sorry!
Oh, so it’s Monzo’s fault the legacy banks have been so bad at what they do for so long and failing to innovate? Got it
The legacy bank makes the entire banking pain in the ass, for example you have to go the branch to change the address in the past. I m like seriously in 2019 - without a card reader for Natwest you have to go to the bank to change your address . You can’t even change by calling customer service even though they have verified your details/. How stupid is that ? I m glad I have been full monzo for more then a year. Best decision ever.
Weird way of framing it, right?
It’s like if you had a really old house, and you let it fall apart over the years, didn’t maintain it, but never thought it was a problem.
Then someone builds an amazing new modern house right next to it and you say “It’s their fault for building a new house and making ours look bad”.
Then they give their run down house a dodgy face lift, put out a few adverts saying how great their new housing is.
But the landlords still make a fortune and once through the door you see it’s the same old crappy house inside.
The best challenger bank for developers and creatives
To start, Monzo’s roadmap is fully public. You can follow along via the startup’s forums or its Trello board…
I’m sure the Trello board is long gone.
Another super accurate Wired article!