Monzo Plus - Small Scale Trial


(Richard) #453

This whole thread has gone off topic.


(Nathan) #454

I actually believe i remember simon saying they would have charged a fee and it would have been slightly more than the PayPoint fee.

But yes this is off topic and can discuss when it comes to it… on the other thread.


(Richard) #455

I think there is a lot of negativity going around at the moment, which is fine. But some of it also comes across as very angry which I don’t understand.

For me personally, Monzo as a current account is fantastic and I love it. I don’t use some of the features that others have issues with, such as paying in cash or the Interest Pots so maybe that’s why I am still Pro Monzo but for my two cents worth…

If you are not happy then simply ignore it or switch. The bundles to me look naff. So I would ignore them and use Monzo as I do now. The interest pot, if I had the money, isn’t as good as other offers so I would have looked elsewhere.

If Monzo are trying to improve and this is their way of doing it then great. Carry on. But I do think that the volume of anger at Monzo for trying (and lets be honest, possibly failing based on current feedback) is astonishing.


#456

Travel insurance is fine
But for £11?!

Monzo have to increase fee free overdraft to £200-£300
Add family cover to life insurance
Card colours
Fee free abroad withdrawals - £500
Will be fine for £11

So many negative reviews? Why Monzo offered this pack for £11 pounds not for £5 just for test?


(Jordan) #457

I love this last paragraph.

And I think that 99% of people agree - I don’t think that anyone is saying that everything Monzo is doing is turning to gold (because well it isn’t) but they have to try and see what works. And if they get it wrong, so be it - your money will still work the same for you and you can have you opinion which I will listen to - but it is sometimes the way some comments are read (from both sides of the argument) that make it a Us vs Them mentality which isn’t fun :frowning:


(Brexit Day Is Gonna Be Shamayzing.) #458

Monzo is a company first and a bank second so therefore profits and shareholders come first.


(Nathan) #459

I actually agree with you on this and i think the reasoning behind this is last year Monzo had a very clear and concise goal… to become an excellent Current Account.

Generally speaking what everyone wants to make an excellent Current Account could be roughly the same basically do everything the legacy banks do but better.

Now I think the anger and frustration is kicking in because Monzo have 90% done this and are now not so clear on what they want to achieve next thmeselves, be it flight delays compensation, packaged accounts with extras, bill switching, marketplace integrations etc.

I think this is where the transparency is starting to hurt them, we have seen how far Monzo come in such a short spell that its easy to see them spending time developing something that you dont personally think is worth it and think… ahh that could be time better spent elsewhere

Just my two cents anyway :man_shrugging: please dont at me


(Jordan) #460

The market would assume that this is at the top end and whilst the offering doesn’t match this top end of the market - it may be of value to someone - maybe not you or I but someone may have picked it up.

This is likely (and just my speculation) that this is how much it costs Monzo to administer the package, the “base-line” costs as well as a margin of profit for Monzo themselves.

Further up the thread there is a fairly rough breakdown of the value of each of the items on the Plus offering.


#461

Monzo won’t get taken seriously on a mass scale while they’re still pulling amateurish stunts like this.

The Legacy Banks would never pull a stunt like this.


(Brexit Day Is Gonna Be Shamayzing.) #462

No, they do worse :joy_cat:


(Jordan) #463

I’m slightly confused as to what it is Monzo is doing that is “amateurish”? Is it the A/B testing approach, or the offering in general? - I’m genuinely interested.

You’ve only got to look at FOS judgments and FCA notices to see what some of the Legacy Banks get wrong.


(Richard) #464

It reads like you are angry about this I truly don’t know why?

Legacy banks pull off horrible stunts…PPI come to mind?

There is absolutely no doubt in my mind that this offering will be seen as a failure. It’s not competitive enough and quite frankly a waste of money.

But at least they are trying to be clearer and are rolling out tests.

Have you been offered this deal?


(Richard) #465

I think you have just hit the nail on the head there!


(Joe) #466

Hesitant to post on this thread since it’s gone a bit mad, but I think this is all just a downside of having an open and active forum. You have no idea at all if a legacy bank (or pretty much any other bank, even some of the fintechs don’t have forums) would ‘pull a stunt like this’.

It’s literally being tested on 1,500 people. There was a fairly decent chance no one who it got tested on used the forum and this whole thread would never have existed. Monzo haven’t really done anything, they’re just doing a small test on a tiny subset of customers. I don’t really care about what they’re offering, but it’s mad how worked up people are getting over something being tested that probably gets tested with other banks and companies all the time without people knowing about.

I’m just imagining people getting riled up about other people seeing a not very nice front cover on a Netflix program that they arn’t getting because it got A/B tested on them. Or to get a bit more related, if Netflix offered an add-on to their monthly subscription for an extra 3 quid for some merch, just as a test, to maybe 2-3000 people and it was noticed and put on a forum, would you suddenly declare Netflix a scammer, not being taken seriously, and talk about leaving Netflix because of it?!


(William Brown) #467

I got insurance and it had winter sport cover for £54 odds for a year so some how they are overcharging


((╯°□°)╯︵ ┻━┻) #468

Let’s not start the “who gets cheaper insurance” debate.

Insurance quotes for things like this depend on so many other factors, that it is rare that 2 people will get quoted the same amount. So it’s near impossible to compare without knowing about medical history etc.


(Sacha Zarb) #469

I’ve read this thread with my mouth wide open, it’s a tiny test of a few options, I really don’t get the walling and nashing of teeth on this. When the thing rolls out to a wider set of people, the deals with be better as there is more scale, and the options hopefully will be better.

As for the Legacy banks wouldn’t do this, really? Have you seen some of the garbage they’ve pulled and keep pulling?


(Gavin) #470

Spot on. I wonder how many ideas the big banks have pitched internally but never followed through with. We’ll never know because they would likely never be as transparent as Monzo has been.

If you have a Monzo account but never visit the forum, you would likely be blissfully unaware that any of this was going on. I can understand being a bit disappointed that the small-scale trial of a plus account missed the mark, but it’s not like it has been rolled out to everyone or forced on people. Like any “product”, if it isn’t good enough, it won’t sell. Chances are, version 2 will be better than version 1.


(Josh Lindl) #471

The ideas forum of “what does Monzo premium mean to you?” had me thinking the offering would be much more customisable and pick & mix. I’d love this. From what I read nobody likes bundling because you feel like you are paying for things you don’t want/need. I’d like to be able to turn insurance off and on. I’d like to select gadget insurance but not phone insurance and vice versa. I love hot coral so wouldn’t choose the card in my pick & mix.

I’d definitely sign up to elements of the offering but I won’t be signing up to a bundle. I’d rather just buy each thing separately and know it’s exactly what I want. The current test does feel very much like what legacies have been offering for a long time. I haven’t used any of their bundle offerings and wouldn’t use a bundle offering here either.

What strikes me is the emotional response I get to tiered offerings. There must be some psychology in it. I get a real sense of avoidance to tiered products. They all feel like a compromise. My thinking goes like this:

  • “Top tier is too expensive”
  • “Bottom tier doesn’t offer me much / I feel like I’m buying the rubbish option - I don’t want rubbish when I can see the offering can be so much better”
  • “I don’t like middle tier because it doesn’t have that thing in the top tier that I actually really want”
  • Cognitive load rises, I get frustrated and say, “Ah heck, forget about it”

Looking forward to seeing the next iteration.


(William Brown) #472

Virgin Money have before they joined with Clydesdale Bank and Yorkshire Bank were trialing with staff first things but normally banks just give you what makes them money not benefiting you the customer so it’s about time the monzo offers to change that and gives you what makes your life easier and better so if a hot corral card in metal makes your life easier then they should give you it