Interested in any thoughts on Monzo offering insurance products, either as a distributer of a manufactorer such as Aviva or L&G etc or as an introducer in a Marketplace type offering?
Is it a good opportunity or due to aggregators and competition is it a dead horse?
Personally, I think they should sort the banking side of things out before they dip their toes into other industries.
What elements do you feel they need to sort out of their banking offerings?
A simple introducer insurance relationship wouldnāt take much work for Monzo as the insurer would be responsible for the insurance offering, Monzo would just introduce customers via the appā¦
Have a look in the feedback topic on here and sort by votes to view the features most shouted about. Thereās all sorts of ways Monzo can improve 
The same for most banks and financial institutions though I guess? They could always do better and enhance services, apps or processes.
I have read about the Marketplace Monzo wanted to create and think insurance would be pretty good starting place followed by mortgages and protection as they would be great additions. Or even offer these products themselves - I heard credit cards werenāt far away.
The marketplace idea was canned a long time ago unfortunately.
Thats a shame. Is there a published road map any longer?
All the more reason for offering more products or introductionsā¦
No roadmap either. Thatās in the feedback section too, so be sure to vote for it 
1 Like
A short list would be;
A better way to pay in cash (free),
A better way to pay in cheques,
Reliable incoming international transfers,
A smoother method for outgoing international transfers,
Joint account parity,
More reliable acceptance (not totally in Monzoās gift, but it still comes up occasionally).
Iām sure there are others Iāve forgotten.
4 Likes
Sensible list and understand why you would suggest these, but for the sake of good debate:
Top two donāt offer any long term value for personal banking in a cashless/cheque free future - maybe business banking. I havenāt written a cheque for well over 10 years!!
International transactions I can understand enhancements would be worthwhile and joint account parity.
Not sure they warrant delaying wider product offerings though???
They could be developed in tandem if resourcing allowed?
There are still plenty of cheques being written, and plenty of people being paid in cash - these are often low paid workers who can ill afford Ā£1 every time they want to deposit.
They could, and yet Monzo havenāt shown the slightest indication they want to.
For clarity, Iām not saying Monzo should sort these things out, just that I think they should be a higher priority than becoming yet another insurance broker.
Iām quite happy using other banks for the features Monzo doesnāt yet fully support.
Also, I forgot Customer Service from the list. For a bank, itās abysmal.
Agree, for now. But long term I think these will be relics. Cheques were due to be removed from the system but businesses disputed it, only time until they are withdrawnā¦
Arenāt they all, apart from First Direct from what I hear?!
Iām sure you arenāt the only one. I like to think that as Monzo matures they will develop functionality to meet all customer needs, unless the model and target market doesnāt need such functionality of courseā¦
Yeah, I think that is a good idea. Monzo Platinum offers some insurance as part of its package. It would interest me if it offered say the option of a choice of 3 kinds of insurances/3rd party services as part of its package. Apart from the mobile phone insurance, the others are of no use to me, so pointless for me to hand over Ā£15. Also, I changed from a mainstream account that offered a bundle for the same price of Ā£15 and it did offer more.
Having more options would be a better option. Weāre all different and we donāt all require the same deals in life for example Car Breakdown. We donāt all possess a car, but Breakdown cover (or at least the basic with option of upgrading with the service supplier. Another customer could choose discounted Home Insurance etc. The ideas are limitless.
This kind of thing will separate Monzo from what weāve been used to for so long.
Like any business Monzo has to make money in order for it to survive and I really want it to show the other banking companies how to treat customers well, whilst itās making its way. Itās the reason weāve changed to Monzo because weāre tired of being exploited and want something to work for us customers as well as for the company.
Also Monzo needs to improve & increase its partnering deals for discounts. Maybe increase with the perks of the different account tiers. (Oh no, not the ātiersā word - its almost as bad as the word Brxt)!! Lol
1 Like
Not for Monzo. Having a fixed package helps to keep the costs down.
I agree and I like the packaged account, Iāve Got Monzo plus. However it has to be of benefit to the customer to have it and I would chose it, if it were applicable to me. No point in paying Ā£15 a month for a product that I would have no use for, but I would pay for, if it did. 
Worth a mention even if it comes to nothing: there are a few new assets in todayās app release which could be linked to Home Insurance:
type_of_home_flat.xml only in co.uk.getmondo_6.16.0
type_of_home_flat_selected.xml only in co.uk.getmondo_6.16.0
type_of_home_house.xml only in co.uk.getmondo_6.16.0
type_of_home_house_selected.xml only in co.uk.getmondo_6.16.0
They could also be linked to zooming in on the type of residence for a physical card delivery but Iām not sure why that would be needed.
2 Likes