Monzo Plus: a fresh start with some fresh faces 👇

[Cheryl]

I think there will be so many different opinions, but it’s good to see Monzo taking a proper step back this time.

I filled in the survey yesterday, but for me if I’m paying for a premium account I need to feel like it brings me something new, something useful (or fun), and something that I’m not still paying extra for.

So, for me, it would be nice to sign up for my insurance in-app, but it really isn’t that difficult to go elsewhere so I wouldn’t pay a ‘base fee’ just to access that option.

I would pay a small base fee for some other things. I personally like O2 Priority type stuff - little, random freebies that I can claim at no extra cost. I like working to quite a strict budget and I’m not the kind of person to actively go out and buy ‘treats’, so little deals like a free 500ml bottle of drink from a supermarket if I pay using Monzo, or maybe a couple of free cinema tickets once or twice a year, or a free visit to one of a choice of attractions once a year, could really get me interested. Basically, I like to be forced to enjoy the frivolous, because for me financial rewards would just get absorbed into my bank balance and I’d get all serious with them. Free trials to things would also be good.

I don’t want discounts that I can find elsewhere anyway, and I want my deals and offers to be for bigger chains and places I’ll actually visit rather than obscure independent locations.

Also, for me, on the note of ‘not something that I’m still paying extra for’, things like the airport lounge access become pointless. If I still have to factor an extra payment for something into my budget, and it’s not something essential, then I just won’t use it. So, for me, the airport lounge access in the bundle would have been pointless because I’d still need to pay more to access that offer.

So, for me, fun ‘deals’, free trials and ‘freebies’ would be a top priority for feeling like I’m getting something back that I wouldn’t otherwise have.

Things like buying other financial products in-app is another big priority, but if the price is notably higher than going direct then I’d just do that. I would pay a small amount extra for convenience, but really not a lot.

I, personally, have no interest in no added value products like different coloured cards. The colour of the card makes no difference to my shopping experience in any way.

[Webby53096]

I think Supoort was the wrong word for me to use. But as I said above something potentially similar to what Amex do with their platinum cards etc could be an option when monzo get their normal chat in order. What that could be could be a concierge of sorts.

Again just a thought - I agree the support side of a banking app should be kept free for all, incorrect wording from when I typed my initial comparison, so I do agree that support support should be free for all.

[gmclean]

To paraphrase what I put in the comments at the end of the survey (which I’ve completed).

I think Monzo need to be careful here, if they are standing as the bank that will help people manage their money better, then don’t hide THOSE features behind a paywall. As has been pointed out, the survey was already skewed before anyone answered any questions.

Equally, as others have said, I think the first steps for a new Plus would be better aimed at little bonuses or things that are nice to get, or really good deals on travel insurance would be the benefits of Plus accounts which, yes, means Monzo would be stepping close to what the Big Banks do but there’s a reason for that.

And stop faffing with metal cards and what not. The majority of users don’t care (the majority of forum users don’t care!).

Bonus thought: Stop working on Plus for now. Get the budgetting, saving, core apps features working then come back to Plus. You don’t need to iterate on everything all at once.

And yes, I’ll be cancelling my Plus today.

[gmclean]

@BritishLibrary

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.

Seconded. One of my suggestions in the survey was to have a good solid ‘basic’ app, and allow people who want more advanced YNAB style budgeting to pay for ‘advanced’ (I think Microsoft Money used to take this approach with more features hidden behind an ‘advanced’ button or something).

It would mean refocussing Monzo on budgeting more than it is at the moment but in the long run I think it’s a more compelling offer to push Monzo away from big bank thinking.

[Porter (Wayne)]

My question for all those of us that are still on the old one as in £6 a month with just the interest and then those that are on the bundles ones…

I know you say you can cancel these but if you don’t how does that work going forward? Discount rates until you go live? Or do we just migrate to the new version etc.

As my frustrations I have stuck with you and continued to pay £6 a month just for the card and interest but I have believed something would happen and therefore not cancelled yet.

Some might think I have been a fool, but I believe in this bank but don’t want to be wasting money if things are not going to happen yet @tomdavies

[lpoolrob (Rob)]

@tomdavies

This team will be working % on a paid subscription offering and won’t be splitting their time across any other Monzo initiatives

@gmclean

Bonus thought: Stop working on Plus for now

The more I think about this, the more I think you have been handed a poisoned chalice. You will NOT make Monzo Plus work at this point in time.

As a company, need to take more than a few steps back to regroup. By telling us you are working on a monthly subscription and sending out a biased survey, you have immediately failed. It will not work - period.

You can make Monzo Plus work, but not like this. Listen to your users for a change (at the moment you just pretend to). A biased survey is NOT listening to your users - don’t pretend that you are.

[harryru (Harry)]

@lpoolrob

You will NOT make Monzo Plus work at this point in time .

Says who?

Nearly all banks offer a premium service, including FinTechs such as Revolut, Curve, etc. and is it a core part of their income. Just like every bank out there Monzo has to make money in order for it to succeed and personally I believe if it is done right then a premium account is a great way of doing this.

I didn’t find the survey biased at all, it literally covers ALL basis which is required to understand what the customer base wants. If the survey only included insurance packages or reward offerings then it would be biased, surely?

I think people need to stop getting bogged down with what’s happened in the past, yes it was a massive fail the first time around, so what? Just like everything in life you live, you learn and you improve.

Just for clarity, I have been very vocal about the failure of Plus and have raised a complaint regarding how it’s all been handled but do I think it could work if done right? Yes. Give the team a break.

[tomdavies]

How much would you pay per month for all of these features?

[lpoolrob (Rob)]

@lpoolrob

The more I think about this, the more I think you have been handed a poisoned chalice. You will NOT make Monzo Plus work at this point in time .

@harryru

Says who?

Myself, clearly.

It is too soon - it needs a few more months for the dust to settle for for them to regroup.

@harryru

I didn’t find the survey biased at all,

Others have explained why the survey is biased, no need to go over it again. They even use Survey Monkey which would have warned them the questions were biased before it was published!

@harryru

Nearly all banks offer a premium service, including FinTechs such as Revolut, Curve, etc. and is it a core part of their income

That is kind of obvious.

[Ordog]

@tomdavies

How much would you pay per month for all of these features?

Hi @tomdavies ,

Can I quickly just ask (in a positive way).

Why are you asking all the same questions the previous team did? I understand that you want a clean slate but nobodys needs or wants have changed from the last time.

There are several topics full of information and ideas already, they also did countless surveys too. Can you not just use this data to start reevaluating how you’re going to provide a solution? To me it seems like the process is being dragged out unnecessarily.

Also. What would be your suggestion for existing Plus customers. Should we wait? or cancel and rejoin later? Would there be any implications in doing this?

Thank you in advance

[Nsteer (Nathan Steer)]

I agree with you, If done correctly Plus can most definitely be a success.

It may have been useful for Monzo to just put Plus on a shelf for a couple of months and recalibrate a little, also allowing the forum to cool off a bit. Then come back and look at what they can offer to make Monzo Plus right.

[lpoolrob (Rob)]

@Ordog

Hi Tom,

Can I quickly just ask (in a positive way).

Why are you asking all the same questions the previous team did? I understand that you want a clean slate but nobodys needs or wants have changed from the last time.

This! Nothing has changed!

[harryru (Harry)]

@lpoolrob

It is too soon - it needs a few more months for the dust to settle for for them to regroup.

Do we know when it’ll be launching again? No.

The new team needs to ask the questions first then go away and figure out exactly what they are going to do, when they should launch etc. What’s the point in waiting a few months before asking the same questions as they are now? I’m pretty sure the feedback would be no different.

[lpoolrob (Rob)]

@harryru

Do we know when it’ll be launching again? No.

The new team needs to ask the questions

They already asked them twice and ignored them. The replies aren’t going to be different.

[harryru (Harry)]

It’s a completely different team; yes they could read back through old threads but there’s no harm in asking the question again via survey to easily see a report of responses. There is also 3 million customers out there who aren’t on this forum.

The community isn’t the be all and end all of Monzo and gathering customer feedback, I’m sure the smoke test they are completing will be sent to thousands of customers who have never heard of Plus. Okay, the forum feedback may remain the same but there’s plenty more voices out there that need to be heard.

[Ordog]

FYI the last team sent out surveys too

[harryru (Harry)]

Asking completely different questions.

[Ordog]

The surveys were pretty similar. The “test” thingys they sent out were almost identical, whereby you had to sort various things by priority and importance.

[chl1628 (Chris Lee)]

At least Monzo are asking for feedback to help them improve, a lot of companies don’t bother and only rely on complaints made.

By asking for feedback, Monzo can like others companies that regularly ask for feedback can nip potential problems etc before them get too bad or add/improve things to keep them on top of the competition

I rather they continue to do this than not ask anything and presume everything to cosy etc

[harryru (Harry)]

They were also only shown to 5 people which is the reason the last version failed dramatically.

All I’m trying to get at here is that the team need a break, the decision has been made that a premium account is the way forward and 11 people have been set the task to achieve it.

They’ve come to the community first to inform us and get our opinions (which is exactly what everyone was screaming for the first time around) and all I’m seeing is ‘this will not work’ ‘you might as well give up now’, it’s not constructive and quite frustrating for me to read as customer, let alone one of the team.

Imagine if they just went silent for 3 months and came back with an offering that no one had seen or be asked about? We’d have the Bundles launch all over again.