I was having a discussion with my brother the other day about which bank to go with when it comes to getting a credit card. One of the main points of discussion was how different banks provide different ‘benefits’ for paying your bill on time, as a kind of ‘loyalty’ programme. This either happens in the form of points (Avios, Nectar, etc) or in the form of other benefits.
Obviously Monzo does not offer a credit card system (yet?) but I still wonder if it wouldn’t be a funky idea to have a ‘Monzo Premier’ account tier for high net-worth individuals who get a special coloured card (similar to HSBC Premier) or a ‘Monzo Spender’ account tier which provides benefits of sorts to those who regularly spend money with Monzo as opposed to their other debit or credit cards.
The main advantage of having such a system I feel, would be a mutual benefit situation. Customers are rewarded for their loyalty and continued use of Monzo (something some of my friends have failed to achieve as they end up going back to their ‘big bank’ cards) and the business gains yet another USP on top of the many others it already has. It could become one of the first banks to offer a non ‘screwy’ loyalty or premier membership tier that doesn’t totally alienate some of its customers.
What the rewards or tier requirements could be isn’t really up to me, they would of course have to be realistic for customers to achieve and affordable for the business to run (I guess you look at the customer lifetime value / ROI for each customer / membership).
A ‘beta’ way of testing this idea could be to gamify spending perhaps. For every transaction you make, you gain x points, every time you top up you get x points, everytime to add a receipt and categorise a transaction you get x points, and the list goes on. 50 points makes you a Level 2 Monzoid (name TBC) which you can share with your friends, show off on your profile, and in the future you can get limited rewards as you climb the ranks (special golden card, Monzo shop items, golden tickets, etc).
Just a thought, let me know what you think!