Monzo Plus - Weekly Update 10th October 2019

Yes but if people want something for nothing then they will never pay for a premium account with anyone so presumably they are out of the equation in terms of target audience?

People also dont want nothing for something, unless your a Monzo supper fan of the “shut up and take my money” ilk.

If the aim is to draw premium account users from other banks then surely the value has to be comparable otherwise they wont come?

I wouldn’t say that’s the case necessarily - people just want good value. Per the survey the Plus team did previously, the users on this forum are more likely to have a packaged account than those not on the forum.

People here clearly care about what Monzo do, and just want to see Plus/Monzo in general succeed, so clearly it prompts discussion when they suggest things that don’t seem in line with good value.


Do like a nice supper

Torn between toast and cereal while worshipping at the feet of :monzo:


Hahaha, yes my favourite supper is whisky.

I think I’ll leave that typo, it’s too good to correct.

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I completely agree and that’s fair. The point was the phrasing rather than the intention.


Presumably the idea isn’t actually to encourage people to switch from one premium account to another. Maybe they’re primarily looking to sell Monzo Plus, or whatever its going to be called, to users who’ve not had a premium account before.

In my mind, that would be the better strategy and that changes the equation. They don’t necessarily need to offer ‘more cat food’ or even ‘better cat food’ - they just need to offer something compelling. What compelling looks like is subjective and up in the air. They’re trying to find this out at the moment but I think comparing Monzo Plus to other premium accounts is pointless. I suspect the proportion of people shopping around for a premium account is tiny and not the target audience for this.

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My personal opinion is that the community members are the ones most likely to pay for a premium Monzo account.

I also believe that community members are promoters of Monzo more generally and are a great marketing resource (if used correctly).

I believe that focusing on building a product that fits the needs and desires of the most vocal supporters (and critics) is a stronger strategy than building a product based on the same research that has already failed twice.

I also believe that the language used in posts from Monzo employees and executives is critically important and the wrong phrasing can cause more issues than it is worth. The now infamous “we know you won’t like it but that’s ok” phrase has caused a significant amount of damage and mistrust within this community and wider media coverage.

Monzo Plus v1 was an excellent idea. It was priced wrongly and marketed poorly but the core concept was a good one. In the end it wasn’t viable.

Based on little to no publicly published feedback Monzo decided to change direction in response to “people asking to make it simpler” (no-one knows who asked for this). It failed because the Monzo community were incredibly vocal about the changes and vehemently disagreed with the new direction and lack of consultation.

Monzo Plus v3 is proposing a direction that the community on the whole are against and if you continue to push in this direction whilst dismissing the community I’m worried that v3 will fail again - which none of us want.


Understandably you cannot just do everything the community asks for… however we only get to see what the community is saying and don’t get to see any of the other feedback and considerations you are apparently receiving.

I’d be interested to understand how you are gathering feedback from the wider customer base and market place as a whole.

Speaking as a Mondo Beta customer the only feedback I have ever been asked for was to vote on abroad ATM charges, Monzo Plus v1 balance interest, and the most recent Monzo Plus survey - so I’d like to know how you are gathering feedback from the entire customer base.

For Plus v2 Monzo made decisions to change the product direction based on apparent feedback/requests to make it simpler - unfortunately this failed badly and we are just keen not to see this happen again.


Apologies it wasn’t in your main post but in a later reply to someone else.

This also wasn’t intended to be a particular attack on you or anyone specific at Monzo. Just an ask to be careful with that type of language (which many people in Monzo seem to be using recently) as it can read as being very dismissive of the community and the people providing feedback in a hope to help you make a better product.


I agree with a metal subscription. It should be more than just the card. I get many people will want a metal card, but at the end of the day, a metal card isn’t really something someone requires or is even a smart idea (plastic cards easier to replace and can take more wear and tear without you caring).

They should make it part of a more exclusive and expensive subscription. Ultimately, metal might not actually be worth it, but it should be designed for the few that really want to splash their cash and give Monzo the money it needs. I don’t really want to see every other guy with a metal card - that makes it kinda pointless. People want it because exclusivity and what it represents, not because the material of metal is much better than plastic.

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To be fair, the customer doesn’t really always know what they want before they’re given it.

Most the suggestions for what Plus should be are varied and I’m yet to see a solution from someone that makes Plus into something everyone will suddenly go “Wow!” to. People want different things - some want interest, others want insurance, but most don’t know what they want, they only know what was offered wasn’t great. And so far all the ideas are things that other banks already do, it will not make Plus any different other than the bank being Monzo.


@afel I’d like a blue card but without the option to have to pay for it - how hard can that be? Coral is not for big burly men!

Right let’s summarise my views on what’s been said there seems to be an issue with what Plus is.

Monzo is struggling to make money and find a revenue source that works it doesn’t know what to do so it turns to its ‘community’ yet gets overwhelmed.

Do one thing and do it well. I agree that Monzo has great potential but your bleeding money and when it runs out you will have let down a great community like no other bank’s forum least in my experience. Millions of users depend on you getting your act together. So many FinTechs don’t make it, I am so concerned about the chaos and economic viability in the next few years which are crucial. Challenger banks lack the perceived security of high street banks.

With all this chaos with Plus I seriously am concerned.

Monzo is supposed to be the young, budget friendly and fun bank that shakes things up yet seems the bank most behind on it monetizing features.

Starling seems the more grown up, professional bank. Whilst Revolut seems to be the trendy and more feature rich, N26 limited but secure and established yet lacks the excitement over here compared to the others. There are of course a good few others - my point is number of users, sign-ups, money held etc doesn’t matter if you’re not making money, and at the moment MonzoPlus is a desperate grab at obtaining a stable income along side lending and fees etc.

In summary sort it out, stick to a solid plan and learn not only from your mistakes but that of others. Prove just like the hot coral cards you stand out!


I think this sums up packaged bank accounts well for me. The current set up is sort of the status quo, and you can ask consumers all you want what from a packaged account, but I think you [Monzo] have to embrace a change-mindset if you want to deliver something truly ‘new’.

Favourite example someone else posted, was The Simpson’s perfect car - designed by the Average American:


Problem I think trying to innovate in this space is; asking consumers what they want either ends up with the Homer Car, or just copying what is already exists.

True innovation needs to work out what problem it is trying to solve, rather than ask the consumer how they like current solutions.


I am increasingly of the opinion that ‘Monzo Plus’ needs to die quietly.

Monzo Plus is a non-product. It exists solely to take money off customers. There are now thousands of posts dedicated to it but the whole thing is, in my view, backwards. Monzo should be coming up with ideas, and pitching them at fair prices. instead, they seem to have come up with some prices, and tried to guess and what they might have to give us in return for our money. It’s pretty much doomed to fail if we continue on this route.

All this hype does Monzo no favours. There’s no way on earth that anyone’s going to come up with a genuinely new, or genuinely exciting product or service. The level of hype is such that whatever comes next will disappoint. For that reason, a new approach is required.

(Caveat: The ‘Monzo Plus’ brand might be appropriate for a package that rewards #fullmonzo customers with current account interest, higher fee-free foreign withdrawals, etc but, even then, the name is so damaged it might be time for a new one)


I know from experience that we reach out to a lot of customers via chat for feedback :pray:t2:

Who is it for?


I am a big burly man and I disagree with this comment.


Well I’ve got a blue card. Is blue not for women?

It’s a colour, catch yourself on


Gosh, I hope people don’t mistake you for a Manly Man when you go shopping!!

Maybe others would be interested in Bic for Her to go with the hot coral card?