Panel attending from Monzo:
Jonas (Founder and working on Plus), Luba (PM for plus), Sam (Business Analyst in Plus team and on partnership and cards), Sheri (Product Marketing)
Hopefully someone can do a better job as i’m in the middle of work. Questions so far (i missed a few):
- Will Monzo offer car insurance, pet insurance, etc. Yes, will likely use 3rd party providers and provide good rates. Want to provide a market place for customers to use as a hub for providing essentials
- Will there be guaranteed support for Plus customers. For example, get 1 support call that is answered within X minutes. Monzo mentioned that they would ideally like all customers to have the same experience (which makes sense)
- Metal Cards - Showing off some protoype metal cards in white and grey. The white one looks really nice. Mention how long the process is to get these created.
- Interest on current accounts - Should be with us “in a matter of days” (fingers crossed). Did not mention what the rate was though.
- Phone insurance - Already picked the provider. Coming soon too (next few months).
- Air port lounges - Already picked the provider. Hopefully able to share this with us later this year.
- Breakdown insurance - They’re looking at providers already and should hear more in thenext few months.
- Working on Monzo Plus - Based on success of early release version they’ve added a new ‘squad’ (i.e. cross functional team) to work on Monzo Plus.
- Virtual Cards - No timeline yet, definitely on roadmap though. Look at offering ~3 virtual cards we could use to attach to pots (links into DD from pots) or 1-2 for security when purchasing online
- Direct Debits from Pots - Pretty vague, just mentioned it would be nice to get it done in the future and will be available as part of the core product
- Plus card with investor on it - Want to put this into production pretty soon. Not sure if it’ll be part of the metal cards, wasn’t mentioned
- Custom cards - (i.e. put your own image on a card) - Worried the quality won’t be good enough but will keep an eye on it to see if quality improves from card providers and then may look into pursuing it further
- Bolt on features for 30 days / customising bundles - Thinking of how to make it easy for users to understand bundles when there are a large number of offerings that people may only want to use for limited periods of time.
- Monzo Points for Plustomers - Discussed what it was and mentioned how we’ll see special offers and discounts for Monzo Plus customers. Unlikely to be soon but is the direction they’ll be taking it.
- Monzo Plus prices - Will price increase when it rolls out to everyone? Yes, it will be £6 per month for 12 months (for everyone) and will have additional features. Discussed how they come up with the price of something that is evolving so quickly without knowing too much how it would be used in future by customers.
- Will Monzo Plus come to joint accounts - Yes. Once they’ve matured plus a bit more, then they’ll look into it further.
- Monzo Plus card quality (e.g. seeing CVC number on front) - Still using same card supplier. Discussing how the non-coral cards have a coral core but a coloured shell. (e.g. hot coral with blue on top). Which is why we see the coral around the edge but also why you may see it in places you don’t want such as around the chip (i.e. coral bleeding through).
- Will Monzo be crowd funding again? - They would like to keep doing it for as long as they can. However, it’s a huge amount of work to achieve each time they do it.
- Discussed why each of them are excited by Monzo Plus as a product.
- The end and back to work
Monzo mentioned how they want Monzo Plus to be something that has enough incentives that make us want to use it rather than degrading the value of the ‘core’ functionality and almost forcing us to use it.
p.s. Luba’s microphone kept cutting out