Monzo Plus Roadmap for 2019 📅

I like what I see… Thanks so much for the roadmap @jonas

Just going to wait for the answer to…

Based on the answer to that… I’m probably going to signing up :slight_smile:

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I like this! I’ve not actively used Monzo for a while but this sort of thing could change my mind. In terms of the insurance why only offer contents? This would mean that home owners have to find buildings insurance elsewhere which is a bit less convenient.

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Really not sure why all the offers are for plus customers. This is something a lot of banks such as Santander and Barclays accounts already provide for free. The mobile phone insurance is only lukewarm too as while you’re saying it’s £6 with the plus fee it’s actually £12. With Barclays for only 50p more I get 4 phones covered and unlimited gadgets.

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@jonas

In regards to the proposed features (totally understand that it can change)

  • Deposit interest

    • I personally would go for the 3% for the smaller amount as there are the the savings accounts/ISA for more persistent higher interest. However would there be a chance where there could be a mix of both ? So maybe 2% for up to £2500 and 0.04% for up to the FSCS limit?
  • Content insurance

    • This is a neat option as it could replace my current provider, would be good if it could cover out of home cover as well like some other providers
  • Mobile phone insurance

    • 100% agree with this with phone prices and how much a person relies on a phone these days, however with the UK based repairers, will they be authorised repairs with the phone manufactures? Ie: Apple Authorised repairs etc so what ever repairs and/or replacements would not void or cause issues with manufacturing warranties or future trade ins. Considering some other banks like Barclays or Vodafone (not a bank but obviously offers similar packages with insurance) don’t go through authorised service providers which cause hassle when devices are fixed incorrectly, it should be a focus Monzo can say that devices are being swapped/fixed correctly
  • Access to special offers and discounts

    • Great option as long as the offers are from popular options and online based as well for people who cannot get to specific physical shops/locations
  • Cashback and rewards

    • cant wait to see how Monzo Points go and would like to try it!
  • Virtual debit cards

    • Great option to add, been wanting to see this for a while. Makes sense to add it for paid subscribers as i can imagine the cost to manage these transactions on top of the normal engineering work within the app. One feedback/request would be the abilities to set time limits on cards (time based disposable cards ie 3 months for trials on online services)
  • Premium materials

    • A good call, would love to see this pan out.
  • Travel insurance

    • Same with content insurance, this is a good addition (potentially obviously)
  • Airport lounges

    • Again, if finalised it would be good to see pricing, but a great addition even for someone like myself who doesn’t fly often.
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What a good little package this will shape up to be!!

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You’re only as secure as your weakest point. Your front door can be made of a material impenetrable to man but if you give your friends a set of keys and they leave those keys in a restaurant, your house is compromised. The same is true of personal information: the problem is not you, the problem is everybody that you give your personal information to. Every time you provide your credit card details to a website you are introducing another opportunity for your details to be compromised. You might guard your card details with your life, but examplestore.com might accidentally publish them in a publicly accessible datastore because their junior developer didn’t realise that their database is public by default.

Common wisdom around the security of personal information is wrong, especially passwords. A password with a lot of complexity is not a good password[1], a good password is a password that only provides access to one thing. You can have the most complex password in the world but if you give that password to 10 websites, your account on all 10 websites is exposed if just one of those websites is compromised.

Most people have a vision of a hacker as someone who picks you out of a line up and then devotes their resources to hacking you as an individual but that isn’t what happens in reality. In reality, the absolute majority of compromises happen because a repository of personal information is compromised (such as a website) and then every piece of that personal information is used to compromise other services for financial gain. Anti-virus software is important but it does not protect you from the type of financial fraud you are most likely to be a victim to.

Virtual cards allow you to drastically reduce your exposure to a website being compromised: if examplestore.com is compromised and your virtual card details are stolen you can immediately kill that card alone and your money is no longer at risk and you’re not inconvenienced by waiting for a brand new card to be sent out to you. They have other benefits too, such as preventing unwanted renewal of subscriptions and limits on total expenditure. You can look at privacy.com for an example of a mature product in the space to better understand their value proposition.

Modern day personal information security requires that you assume by default your information will be compromised and you structure passwords, payments etc. to best survive compromise. A single point of failure (one card used everywhere, one password used everywhere) is a recipe for disaster.

[1] A password should be reasonably complex but my name is neil used on one website is a better password than DJPZ%%Iv0Lc)J^1UaT9)(v£s2FxKodtR used on 20 websites.

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Just out of interest is your target group for this the younger age range? With only offering single phone insurance and content insurance it doesn’t seem like you’re targeting the older age group that are more likely to own their house and have a family so more phones would have to be covered?

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Virtual debit card, an account number and ability to assign direct debits to pots would be like ultimate toolkit to have monzo as single money hub, bills and categories from set pots, would be like budgeting maxed out.

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Wow. Genuinely excited by this announcement. Metal cards. Lounge pass. Mobile phone insurance.

Just take my money!

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I just want to pick up on this point. Some websites are starting to use shady techniques to sign you up to subscriptions you did not ask for or want. They will usually refund you no questions asked (because if they did not, their chargeback ratio would skyrocket) - but a single use card takes away the worry.

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For me, the nationwide insurance ticks all my essential boxes with family worldwide travel insurance, family mobile phone insurance at a crazy good price, monzo will have to go some to beat this.

Also the UK car breakdown cover (with green flag I think), which I don’t really need but it’s nice that it’s there and I think even if that was not included it would still be a stonking deal. :slight_smile:

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If I’ve read right, all the insurance offers are additional and anything without a cost next to it is included in the £6 per month offer?

Yup, I agree entirely, I wouldn’t be without it. And all that without the need for a metal card, just good 'ole plastic. :joy

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I would if included in the base package and if done like Revolut, pay for a virtual disposable card feature; I was very tempted to join Premium just for that feature.

All the horror stories of Revolut’s work conditions and the hassle of many errors happening with my Revolut account, including at sign up having no account and sort code details at all, a card arriving that contactless would not work on and finally having no one available that could help when I couldn’t buy and order an extra permanent virtual MasterCard as the button to confirm wouldn’t work… :frowning: So I requested the account be shut, rather than attempt to sign up to Premium and find something else broken. :stuck_out_tongue:

Here’s hoping that this or similar is how Monzo envision the virtual card feature. :slight_smile:

I use a password generator(One time pad) on every website I enter so every password is different and hard to break. This technically wouldn’t stop certain attacks, but these aren’t relevant here.

GDPR should make this less likely to occur. I do agree that most breaches are due to poor data handling and poor implementation of salting and other cryptography techniques and are outside any of our control.

This is interesting a cool and didn’t know it existed.
But overall, you make some extremely well thought out and valid points :raised_hands::+1:

I’m very excited about a lot of these!

One thing I’m not so sure about is interest. Here’s the reason previously given for not offering it:

Have the views on the importance of it changed? I’d still say that they’re valid.

Also, it seems like one of the following must be true:

  • It’s fairly inexpensive for you to offer once implemented, in which case, it should be made available to everyone.
  • Providing interest is costly, so the price of Monzo Plus would need to be increased to account for that. We’d basically be paying for the interest in the cost of Monzo Plus and that seems pointless.

Interested to hear if I’m missing something :slight_smile:

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I completely agree that a virtual card is something that should be offered to everyone if the facility exists - it’s a security feature after all.

As also said before, I appreciate there may be additional costs for this feature but it’s something that a number of banks have offered for many years. I can’t remember who I was banking with roughly 15 years ago but they offered it as standard without limitation; maybe it was something like Smile or Cahoot…

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I am one of those 137 that has signed up. Looking forward For all these upcoming updates. Looks interesting

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Love the sound of all this!!!

Can’t wait to sign up for this :grin::grin::grin:

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I really like the airport lounges being linked - but what lounges are these? In my experience, the majority are worth the money but some are definitely better than others. If the likes of OneWorld or something similar is on offer then I will definitely be signing up.