Cards to be made out of coral 
6 Likes
For some a joint account is a main current account.
12 Likes
Are any currently-free features going to become paywalled?
And what consideration have been given to the dichotomy between power users and vulnerable customers in terms of budgeting features, i.e. if certain budgeting features are going to be paywalled, is this not putting those most in need of them in a more disadvantaged position to access them? I’m not arguing one way or the other, I’d just like to know whether and to what level this has been discussed.
8 Likes
[Click/tap on the above image]
2 Likes
I think you’ve just written the Telegraphs front page headline tomorrow.
2 Likes
Firstly, stoked that we’re now gonna be getting updates twice a week 
I’d be annoyed suddenly being charged for anything that monzo offers currently.
I would pay for custom categories but something like customisable notifications I think should be standard.
Re packaging there are people out there that will look forward to getting a metal card (pretty safe bet), and if it comes in fancy packaging will then post pics on socials of it all when it comes. Just look at the N26 Twitter accunt if you aren’t sure what I mean. I’m guessing this is what Monzo’re going for. In which case you need to go all out but personally I’d have said basic standard packaging. But then again I’m not one to get wide eyed over a metal card, so definitely can’t see myself getting wide eyed over the fancy packing it comes in, so what do I know.
2 Likes
Super excited that you guys read my suggestion; hope something comes of it! The growth rate of EVs is ridiculous in the UK at the moment (See BP and Shell putting charging points on every forecourt at a cost of roughly ~£200,000 each) so it’s definitely something that would be hugely beneficial to customers whilst also showing Monzo’s commitment to a sustainable future!
I know Polar Plus work with companies like The AA to provide discounted rates for their monthly subscription (currently it’s only £1 less a month though for AA) so it could potentially be something you guys could reach out to them on? Chargepoints are dotted all over the UK and I think they’re one of (if not the) largest provider of electric vehicle charging points.
2 Likes
Lolz
In other news, the English language is a very broken thing
3 Likes
I must admit, I’m warming more and more to these ideas. Putting advanced features for the minority behind a paywall sounds more reasonable (providing those features aren’t considered a “core feature” by the majority) so I think we might be on to a winner here in my view 
2 Likes
Why?
1 Like
Make sure that there is also the option to cover a whole family. Without this I wouldn’t consider taking it out.
1 Like
Nice update.
Be good to see what percentage effort is going into each of the three areas mentioned. Perhaps some way to quantify that might give those that are concerned about the ‘advanced power user’ stuff a better understanding?
So if it’s 70% in the ‘free app’, 10% in the ‘power app’, and 20% in the insurance space, then I think we’d all have a different feel for the weighting that feature discussions are given moving forward? Just a thought.
I like how this is shaping up though.
Good update on the future vision. Key for me here is that the product team are not rushing the discovery work. Take time and get it right.
I like the concept of making subscribers pay for development time if they want ‘advanced power stuff’.
3 Likes
Can we at least have overdrafts for joint accounts?!
I’m bored of asking the other teams and customer service about this. You and team appear to actually be getting stuff accomplished so maybe you could go to whoever is in charge, handcuff them to their chair, and click the button to turn on a feature that has been promised for months/years and yet no one will ever talk about.
Thanks in advance. You are now aiding and abetting…
2 Likes
Hey @tomdavies 
- thanks for the update.
I’m still not convinced on this direction on travel. And these principles, while on first glance look okay, hide a number of problems, I think. Here are my thoughts:
But you’re not building a bank account. You’re building a financial hub / platform - the bank account is the way into that. Words are important: what’s “core” to a bank account is very different to a financial platform.
For example, account aggregation is essential to the financial hub vision. If you paywall that then I think you’ll be prioritising short term revenue over long term success.
This sounds superficially attractive, but I really don’t understand it. International transfers, for example, may only be cared about by a minority of folk, but they are arguably essential for when you need it (even if for some people that’s only once or twice in their lives).
More broadly, if it’s such a niche that it’s otherwise unaffordable then they are unlikely to turn the dial on subscriptions. And if it’ll turn the dial on subscriptions then it’ll have a significant effect on either user sign up, paying in salaries or retention so would be more economically beneficial for you outside the paywall.
There’s a wider point here, too, about what people want vs what they need. You only have a small proportion of customers paying in cheques right now. And presumably a small amount connecting credit cards. You have an option here about whether to respond to the weather or to create it. Paywall a certain feature and it’ll always remain small usage. Make it mainstream and use will come (I’m sure, for example, that the number of cheques you process will go up after cheque imaging).
Again this sounds attractive, but requires some nuance. Third party stuff, like insurance, I’m absolutely on board with. But there will be some costs of doing business. Connecting to faster payments, for example, comes with development costs, scheme costs etc. You don’t (currently) charge for that. Let’s not make that a criteria for other stuff.
So what would I do?
- Commit to the Monzo app being free to use. Forever.
- Make Monzo Plus (or whatever it’s called) the way to buy access to a range of financial apps/services that complement Monzo’s mission. For example paid access to something like OneDox (RIP), free/discounted Freetrade Alpha / ISAs, access to Flow (when available) etc
- Give developers the opportunity to provide their apps for free (to the user) via the package - e.g. @Sherlock’s receipt app
Thinking more laterally could yet save this. I’m sure that whatever you do will be more successful this time around, but to reuse the metaphor I’d be delighted to see Monzo making the weather on packaged accounts - and aligning them with the financial platform vision - not just putting up the umbrella in a “me too” play.
30 Likes
I’d like to know how this principle aligns with Monzo’s mission of making money work for everyone. I still fundamentally disagree with this approach.
“Advanced“ features are what attract people to Monzo, making them free attracts more people than making them paid for.
But more importantly, those most in need of assistance in budgeting and money management are most often those who cannot afford to pay for premium accounts.
Provide some concrete examples of what you’ll be developing in both free and paid tiers and I could change my mind, but at the moment it feels like a “traditional bank” attitude of milking money out users rather than transforming the way banks are run and how money works for everyone.
17 Likes
I wonder if overdrafts for joint accounts would be classed as this? A feature that only a minority of the customer base really care about, that costs time and money to build and maintain.
1 Like
Please no.
1 Like
Joint Account Holders seem to always be left behind. and if they are spending so much time to get it right (this time) as they say they are.
then it should be ready for all accounts from the start…
3 Likes