What legacy banks do:
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One price for everyone, no matter of what they need. (ie ÂŁ14/month)
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Phone insurance not taking into account the value of your phone. Customers with cheaper phones paying the same as flagship phone holders.
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Forced travel insurance. I personally get it through my work - I need to pay for it even if I don’t need it. Feels messy, expensive and unorganised.
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Same goes for roadside cover. I am personally covered through work, my bank and with my household account. Incredibly messy, loads of reference numbers and confusing.
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Awful, or no interest.
What Monzo should do:
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Interest offered to customers with subscriptions. It’s easy to say this was the biggest pushback when bundles were announced. Of course, the financial standpoint of offering interest is challenging - that’s for your new team to figure out. But I fully believe if you don’t offer it, it will be seen as a negative part of Monzo.
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Flexible! Pick and mix, pick and mix, pick and mix! I personally liked the marketplace because you could select what you wanted. You were closer with V1 of Monzo Plus, the bundles made me feel a little bit sick like you were turning into a high street bank. I liked different features from different bundles, but had to pay for the full cost of all the bundles. I applaud you for turning away from this.
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You probably already have the feedback but please don’t isolate software features and support behind a paywall. I think this is pretty clear anyway.
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Don’t pay monthly for a metal card, seems greedy. Option to pay for the upgrade outright if someone wants it. Also, make it totally separate from the subscriptions. (Don’t make any subscription dependant on having metal)
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I don’t think customers should either be labelled as “Monzo” or “Monzo Plus”. Monzo Plus should be a section of the app to purchase optional subscriptions.
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Keep it dead simple. Don’t over-complicate it.