Monzo Plus: a fresh start with some fresh faces 👇

Monzo Chat Monzo Plus
57

I see what you are doing but it needs to be opinionated to at least to the extent of sticking to core values.

As a extension of that, I wouldn’t expect features to be carved up to convert people to become Monzo Plus customers. Similarly the optics of Monzo would change if you started offering Premier Banking services for people a certain level of income, or savings of a certain amount.

Of course there’s no physical barrier in asking, but I suspect keeping certain things on the table will tint what people have come to expect from Monzo.

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58

We’re fine :hot_coral_heart: :relaxed:

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59

I’ve done the survey but I personally would like to see a premium account that looks something like this:

  • Customisable
  • No minimum term
  • Interest on balance
  • Travel insurance (that can be added on as a monthly thing such as “ah I’m going on holiday next month, let me add travel insurance to my Monzo account for ÂŁ3”)
  • Phone insurance (including theft and loss cover)
  • Rewards (like the Monzo Points offering that was trialled - I personally feel having this as part of a premium offering would allow bigger/better rewards which would be more worthwhile like Amex)
  • Discounts on subscriptions that are actually worthwhile (Netflix, Spotify)
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60

Good suggestions here :point_up_2::point_up_2::point_up_2:

61

Exactly my view. If Monzo doesn’t offer these as standard, a competitor will, and Monzo customers unwilling to pay will either lose out or switch. The survey asks whether Open Banking features should be a benefit of the Plus account, and for me, that makes no sense whatsoever. If Monzo’s objective is to become a financial dashboard for everyone - as stated a couple of years ago - these should be standard for all customers.

In my opinion, for the proposition to be competitive and have wide appeal, Monzo Plus should be about products - in particular mobile phone insurance (from which almost everyone could benefit), travel insurance, and rewards. Potentially also interest on savings.

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62

Can I ask are you working with any form of external market researchers on this kind of project?

I agree with other peoples points that including things that are seemingly “not monzo” could be a very conflicting thing to do - and could even throw some biases into your data set?

And please do consider the phrasing of the questions, and limits your question bank will lead to - the problem I have, out of all the lists you’ve presented, none of them really strike me as the ‘key’ answer to anything - and some of them would outright put me off Monzo if they were implemented (but I can’t express that via a voting button in the Survey).

I’d love for you guys to properly shake up and innovate the premium bank account package - but ultimately - I personally don’t know what the most innovative version of that would be. Sure, based on how Legacy Banks existing things work, I can say I’d like to have a pick and mix approach, but what beyond that? What doesn’t exist that I don’t know I have a need for yet? Find what that is! Before Monzo existed I didn’t know I had a need for real time notifications in an app only bank - but here we are!

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63

I’m one who has never been attracted to the idea of paying a bank for a higher tier of membership, no matter the benefits. They’ve always seemed like a bad deal to me. There’s always something in there that you never need and don’t use. I see them as a desperate move by old banks to counter the rise of challenger banks.

Think how you’ve got this far. You’ve done it through innovation, clarity and openness.

If there are things standing in the way of Monzo profitability, I would much rather any costs or actions be spread equally across the whole membership than pad-for by a small group who then gain other benefits. The way you handled the costs of foreign cash withdrawn really impressed me and was a draw to Monzo. Apply that approach to this new problem.

Sell other services beyond banking in a marketplace if you must but I would urge that all banking features be available to all.

Things like different coloured cards, metal cards and manufacturing branded ‘stuff’ only serve as a distraction in my opinion, particularly when your main cause of growth is word-of-mouth.

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64

I was a very early adopter of Plus; then bailed when the packages was announced.

I’ll submit a much feedback as possible, but will definitely Need to be more convinced the solution chosen won’t change again after 2 months.

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65

For some thoughts that may be more Plus specific (rather than research methodology related…):

  • Pick and mix the things I want for the length of time I want.
  • Allow insurance packages to be customisable. Especially if they are bundled - I don’t want to be under insured.
  • Management of any insurance related claims in app - The biggest gripe for me is when you get a premium account with a bank and they are like “great here’s your 12 different policy documents from 12 different providers bye”. If I can see and access it in app… Why not raise a claim in app too?
  • Ability to select personal, partner or family cover for all the things that are included.
  • I would like disposable/virtual cards for dodgy online retailers (and an inherent ability to stop those details getting updated)
  • A 2nd, non Mastercard, for travelling - I’ve had a number of mastercard acceptance issues when travelling - maybe a Travel Package could include Monzo + Visa?
  • Car-hire excess insurance
  • Perhaps, things like custom payment devices - like keyrings, fobs, etc?
  • Interest

Things I don’t want from Monzo Plus (as I believe all these should be the same for all users):

  • Features that have no cost to roll out to other users
  • Artificial limit increases - cash withdrawals, etc, or customer service priority
  • Custom Categories (one exception below)
  • Extra Privacy tools (beyond virtual cards which I expect have a running cost)
  • Exclusive Discounts - generally aren’t that good anyway, and most of the time they’re not valid for existing users, so frankly I don’t want to pay for something that I’ll never use.
  • Swag/Merch - please don’t make low quality stuff - if you do make stuff, make it to sell, and make it high quality.
  • And critical one here: Please don’t start doing trials that involve users paying for stuff if you are not clear on the business case and overall offering.

My one exception to Categories / Budgeting stuff - I think budgeting needs more work anyway to make it overall a fully charged genuine budgeting solution. I would like it to work more closely to YNAB, or at least give me the confidence to know all of my budgeting needs at a glance. If you made a true Budgeting solution, as powerful as YNAB is, I’d be happy to subscribe to that - but I think the basics need improving as they stand.

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66

I’m in the same boat. I really hope that we can make Monzo plus a success this time around, but yep we need some assurance that rug won’t get pulled out beneath us.

67

What @BritishLibrary said, plus :metal::monzo: card

I’ve done the survey too.

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68

I couldn’t agree more - really bad ideas

69

Thanks @BritishLibrary. Plenty of good stuff in there. How much would you pay for all of those things each month?

Also, why is it important that we don’t include features that have no cost to roll out to other users?

70

Here are some things off the top of my head if we’re all chipping in :slight_smile:

Cosmetics

Dark Mode / Themes for the app
Think iOS apps like Apollo/Bear etc. People, including myself, paid to upgrade to support the developer and get stuff in return like cosmetic changes to the app.

Customisable debit cards (Photos, colours, designs etc) - allow change every 6 months?
Actually customisable this time, not from a selection. Allow Plustomers to upload their own images or choose from a range funky designs. This might get around the branding thing; it won’t be a hot coral colour but people are likely going to put eye-catching photos and memes and things which will draw attention and then they see that “Monzo” name anyway!
Allow people to update a couple of times throughout the contract, maybe every four/six months or so?

Money Saving Stuff

Discounts on regular subscriptions
This could be a way to have an excuse to contact/market people about it. “We see you have Spotify and Netflix subscriptions, did you know with Monzo Plus you’ll save £48 a year?”

Monzo rewards (get free swag/merch)
Make us fanzo’s earn some swag/merch/discounts by setting challenges/promoting partnerships with companies where we accumulate points and trade them in.

Discounted Insurance
Just partner with a provider, let us input our information and buy an insurance package through Monzo. This is seen as an ‘extra’ which costs a little more.

Other ideas

Financial advice
Can you link up with a company of financial advisers, allowing us to talk to them through the app? Advisers would be able to see our banking information (including connected accounts once we allow that) to get a good idea of where we’re at and give sound advice and savings plans for those wanting to buy a home, save for children’s future etc) or a massive vBucks blow-out. Maybe a catch up with them every now and then throughout the contract?

No cash withdrawal restrictions abroad or at least a high limit
I get this costs a lot, could it balance out if lots of people are paying for it?

Virtual cards
I would say just allow access to one more virtual card for those sites you’re not 100% sure about.

VIP lounge at events / more access for Plustomers?
Not sure a VIP access thing is a bit elitist and un-Monzo in practice actually now I write it down. Perhaps allowing some of the more keen Plus-ers to enter draws to go to the office for tours/surveys/focus groups etc.

Increased limits on account
No explanation necessary.

Increased interest rate on savings pots?
I know this was costing a bomb as well but let Plustomers have that extra 0.2% commission which Monzo make on savings pots or at least an increased percentage?

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71

How much would I pay… Really good question. I have no idea what all that stuff is ‘worth’, so hard to answer - and some of that list I don’t personally ‘need’… I could see my self paying, for some of that stuff, about £20 a month tops. (Phone ~ £8, Travel ~£4, Car Hire ~£4 based on current) - with some flex for the non insurancey stuff.

Because I think that stuff should just be a feature that everyone gets to access, and should therefore be just core Monzo package.

I think N26 are the folks that let you have 2 pots, but can pay more for 20 in their premium? That type of feature is what I mean!

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72

I feel that this is the rub - rather than giving you clear edges to your spending, such a feature muddies the distinction between a bunch of different things, making it harder to see what you’re actually spending money on.

73

Because the majority of the features in this category are central to the mission of making money work for everyone.

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74

I’ve said it on the survey but i’ll repeat it here.

I use Nationwide FlexPlus because I benefit from everything on offer. I moved away from my premium account with Natwest because I didn’t benefit from everything I got, plus it was fairly expensive.

For me to be interested it has to be either a) a truly modular offering, letting users decide what’s important to them or what they can get use out of or b) competitively priced with little wastage within the package, ensuring most people will get the maximum benefit from it.

When I looked at the Monzo Plus packages offered, I had to weigh up what I was interested in and what I wasn’t. For me, It wasn’t worth the cost of what was there. In fact, a quick glance was enough to determine they just weren’t for me. I can’t be the only person who glanced over it and immediately decided it wasn’t worth it, surely?

It’s all well and good offering packages but most banks do that already - if you offer the same package (which I would then be locked in to), I’m not going to take it and stick where I am - but allow me to pick the features (for example, replicating what I have with Nationwide) and further options for other features or benefits that I would actually get some use out of, I’d be willing to pay the increased price for them; even if it did cost me a few quid more to replicate the initial offering.

The one thing I didn’t mention in my feedback is around Joint Accounts. It’s all well and good me providing this feedback, but my wife and I having to pay for the same benefits individually is a huge disadvantage. Let’s say we pay £15 (random figure) a month to replicate Nationwide benefits, we’d be paying £30 a month compared to the £13 we do at present. We’d be crazy to do that.

That being said however, if there is zero motivation to target JA users, it was truly modular system and some things were on offer that I and/or my wife wanted, we’d be far more likely to pay a few quid for that from our personal accounts while retaining our benefits from Nationwide rather than full whack twice via. Monzo.

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75

Everything we build is with the aim of making money work for everyone. How should we decide what we do and don’t charge for?

76

I like the other ideas but say no to locking down cosmetics like dark mode; it’s now expected from an app.

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