Monzo Plus - Weekly Update 26 September 2019
Firstly, I apologise for the delay getting this update to you. We had planned on posting yesterday but I was a little under the weather. Better now, so here’s your update!
Thanks for your ideas and discussion on our first update earlier in the week.
This week we had a couple of goals. Firstly, we wanted to make sure we addressed the frustration felt by existing Plus customers and ensure we had a plan for them moving forward. More on that below. Secondly, we wanted to get our first smoke test live in the app to see if there was enough guidance on customer preference to give us confidence on our direction.
Test, test, test.
This week we ran our first test. Though we got some great insights, testing alone isn’t a great measure of what will and won’t work for customers. We’ll take what we’ve learned from our discussion in the forum, the feature survey, and our first test to apply moving forward.
♂Analysing the results
We’re still processing all of the results, but here’s a few learnings from the community survey. For example:
- 54% of community members don’t have a packaged account, whereas it’s 67% for the rest of the user base
- 20% of those of you with a packaged account have Nationwide FlexPlus, whereas it’s 12% for the rest of the user base
- 35% of those of you with a packaged account have an Amex, whereas it’s 20% for the rest of the user base
We asked you what you expect from a Monzo Premium account and 45% of you said a mix of insurance and money management / customisation features.
In terms of what purpose you wanted a premium account to serve, all of the following got above 30% response:
- An account that rewards you with cashback and points
- An account that helps you get more out of Monzo
- An account that helps you travel more easily
- An account that helps you budget and guards against risk.
We’ll keep processing the results. And we’ll make sure to keep some of the learnings in mind as we try to build something all Monzo customers can get value out of.
Shipping more polished things
We’ve also taken on your feedback about shipping our products too early for testing. We want to get the balance right between involving you early, but also ensuring what you see meets your expectations. We’ll likely spend more time rounding the edges and adding some polish to our new iterations of Monzo Plus before you see them.
More clarity for existing customers
As we covered on our first post earlier in the week, we’ll be giving everyone the chance to cancel their existing Monzo Plus subscription if they like. If you’re happy with your package, you can keep it until it ends without any worries.
If you want more detail on your options with your current Monzo Plus package, we’ve posted them here.
Next week we’ll take learnings from the test, survey and forum, and turn them into an initial proposal to debate internally. We’ve pulled out the top themes from your feedback, so thanks again for sharing your ideas and preferences. We’ll use this to decide what we test next.
We’re also looking into new card and packaging designs, some of which are VERY exciting