Sure but the idea here is that Monzo provide an equivalent or better product so we don’t need NationWide.
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Surely the idea is just that Monzo offer their own product? That doesn’t necessarily have to be “equivalent or better” but could instead aim to be different. I am potentially happy to pay proportionally a little more for a modular product because it ensures I only get things that could be useful to me.
I don’t know which way would be the most economically viable for Monzo, just putting my perspective on it.
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This last bit is key. I read a lot of great ideas on these forums, but the reality is they probably aren’t economically viable.
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But why? Should Monzo also provide a film streaming service so I don’t need Netflix? If you want what Nationwide has, buy that. What value is there in Monzo building the same thing? You have one less standing order to view, that’s pretty much it. You don’t need to open the Nationwide app, use their card or do anything other than pay them £13/m for their product, just like you do with Netflix or Amazon.
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Thanks for the update @tomdavies, i love reading the weekly updates and seeing the progress here.
I can’t help but think that this update was lacking substance though, and instead used the post to explain how debit cards are made to try and bulk out the content?
Other than that, the team has decided to re-start from the beggining, ‘move slower’ and not rush the project, and answer some concerns posted in the community? Other than that, what has actually changed since last week’s update other than some app desing ideas?
Please keep up the good work, but don’t dilute the post with unnecesary information to fill it out. It’s not necessary. On a plus note (pardon the pun), i can’t wait to see what the future holds for Monzo. Please continue to be transparent!
Sam
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Problem is after the last outcry, the team promised a weekly update even if there isn’t any update to give. They can’t win. Go back a few weeks and you’ll clearly see that the team said the updates will be padded out when there’s not much to say. Give the team a break, there won’t be exciting news every single week, that’s just not possible, especially as they also promised to slow down the development of Plus, after rushing things out and being hauled for it.
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Now if monzo could provide a package that gave you access to Spotify, Netflix & headspace and somehow get it cheaper than getting all 3 individually that would be a very interesting package
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Exactly this. Even in a rapid development environment there won’t always be much of an update to give every week.
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Nice update. Thanks team.
I always buy the sixes or tens for this reason (assuming Walkers, obvs).
I was looking forward to this update, thanks
That’s the best part of your post and it’s good to see that Monzo are listening in this respect.
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It seems no amount of anger and frustration will change Monzo’s view on this. I hope this is not an example of future behaviour.
Can we please ask for more direct involvement in the decisions by way of a vote (like with abroad ATM fees and interest on your balance for Plus v1). I appreciate it is early days and that you don’t have much detail you can share … yet. But to live up to your guiding principles - let the customers be the heart of your decisions. Let us understand (and even vote on) the principles of how paid software features are part of Monzo Plus.
If you don’t get this right you will lose a significant customer base.
@tomdavies - It looks like you’ve already edited the post to remove it, but can we please ban all future comments along the lines of “we know you don’t like it, but we think that’s ok”. It is antagonistic and dismissive of a passionate and valuable user base.
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It’s not just shipping an MVP - you also need to be doing a lot more research and though about the product itself.
It doesn’t matter if it’s the greatest user experience ever, if the underlying product is unattractive to customers
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You are directly involved in, and a key part of, our strategy. We’re in the community every day reading and noting feedback, ideas and concerns. We think this is true to our values and commitment to involving the community along the way.
But like any product development process, we’re taking feedback and considerations from all parts of the business and our customer base. So while we want you to feel valued, we won’t be making decisions alone based on sentiment in our forum.
I encourage you to continue being vocal and challenging our decisions, but ask that you respect that we won’t always agree and put all ideas in here into product.
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I edited the post, but just to add a few spaces and some formatting that was missing. I haven’t taken anything out.
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You mean from the parts of the business and our customer base that have caused two embarrassing failures already which have cost you hundreds of thousands of pounds of development which you have now abandoned?
@lpoolrob let’s please try keep comments civil. I’m all for respectful challenge and debate, but just ask that it’s constructive and done in the right way.
We are, after all, all invested in Monzo’s success. And we’re doing our best to get there.
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If I can add a bit of an between the lines speak here:
Transparency is important, as is the customer base on the forum; but ultimately we don’t get to set the total business direction or priority.
While The Community may have opinions, there are also other factors that determine both the viability of the business at large, direction of the business at large, and the success of a specific product and it’s business case. We don’t (and probably shouldn’t) get access to some of those kinds of metrics.
Some of those decisions will be based on expected revenue proejections, growth targets, cost of services (packages) and expected profit margin. Most of that stuff is stuff that we the customer, broadly, won’t get access to. (And that is fine).
Just want to say this because, while personally I have felt disappointed in how Plus V1/V2 ended, I don’t believe it’s fair to expect Monzo to make such decision in an echo chamber / silo / without a wider commercial view of everything too.
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