Sounds like I have the same account that you do, and I think it is good value for money. Yes, it would encourage me to switch if Monzo could offer this at a similar cost.
I agree - this is a definite must. I get rewards through my NatWest account which I convert to cash regularly - a few hundred £’s so far.
This is the last hurdle for me to switch 100% to Monzo - especially now that cheque deposits, joint accounts and other key missing features will arrive soon
I would really like Monzo to double-down on market place. make some margin from the 1m customers on things like mobile phone insurance, breakdown cover etc.
I revisited my Starling account today- their marketplace is coming together and split into nice categories:
Loyalty and receipts
Savings and Investments
Insurance
Mortgage Brokers
Charity
Bill Management
Credit Scores
Only 9 partners in some of those categories; however, I like their approach.
The only issue I see with this currently, is there is zero benefit in signing up to the marketplace provider through Starling, and you only get a very basic view of the integrated account from within the Starling app (meaning you have to go to the actual app to properly see your account).
I’d rather see benefits to the customer for signing up through the bank, and a way to interact with the account through the banks app.
Oh absolutely - From the banks POV, they’ll be getting a piece of the pie with the customers signing up through the app.
However, from a customer’s POV, there is little benefit, and in some cases, more hassle.
There should be some incentive (be that convenience, financial or something else), for the customer to sign up to the marketplace through the banks app.
If I can sign up to the service on my own, for the same benefit of signing up through the banks app… Why would I bother going through the app?
True - But where is the benefit to the customer here?
Why would I sign up to Wealthify through Starling, rather than simply opening an account online, or through the app?
For reference… I did exactly that, and it has offered me zero benefit - If anything, the on boarding from the Starling app caused more issues for some people.
@nickh- you are completely right- no benefit to the customer apart from the perception that its endorsed by Starling perhaps and the account sign-up process seems slightly easier.
I wonder what the split would be between people preferring a financial incentive on the marketplace integration (over simply signing up for the service through the partner), vs the convenience of being able to sign up through the app (providing it was a slick process).
I would have initially thought the former would be the preferred option for people, but if Monzo’s overdraft fees are to be compared (where the cost is higher than most other overdrafts, but the convenience/ease of understanding is greater), then perhaps that will also translate to the marketplace.
I’d guess that convenience trumps everything else.
Look at the App Store where people happily sign up to services like Spotify even though it actually costs more than directly subscribing, in order to cover Apple’s cut.