Monzo Plus - Weekly Update 3rd October 2019 📣

That’s the excess for iPhones - other phones are a little less.

Millennial problems. :man_shrugging:t2:

As regards to paying for features.

If we had something like a taste card mechanism (that Lloyd club account offers), but Monzo integrated a service that shows google maps and shows drinks/food deals and offers exclusively offered by monzo/taste card for that plus account. I wouldn’t mind a paid feature like that on top of an offered package.

If this is something youre after you can purchase travel insurance (even for 1 day :wink: ) from compare the market and get 2 for 1 cinema and 2 for 1 meals in a lot of places for a year.

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Yeah I mean if the offer isn’t competitive compared to what’s out there, then the feature would fail haha.

Hi Dan, I don’t disagree that it may still be relatively good value for money, but if I were paying a premium that would cover 2-3 people and just using it myself, even if jt were cheaper than everywhere else, I’d still be paying for something I wasn’t using.

This is the first thing that’s been said since I’ve banked with Monzo that’s made me think of abandoning ship and going with another challenger bank. A freemium model is a horrible idea, and as @Feathers said - I want to deal with a bank, not an app developer. Those apps you’ve mentioned are non-financial and that’s the main difference.

If Monzo becomes freemium then I’ll be leaving, no question. I’ve struggled with debt before and Monzo’s budgeting tools massively helped me deal with it, if advanced budgeting etc went behind a paywall, I would have never been able to afford to do it. Charging for features is a deal-breaker.

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What I don’t understand, is why can’t you just offer a pick ‘n mix bundle? Your two attempts so far have largely failed because you bundled a load of rubbish together that people neither wanted nor saw value in.

For my two cents, I would love to take up phone insurance, or travel insurance (if intelligently offered to me when I land in another country for example)

Stop tying yourself up in nots thinking of ‘packages’ – which invariably will have more value to some than others, and do something genuinely different – which is supposed to be what you’re all about. Let people choose, and take a 10-15% cut on the price. Why does it have to be anymore complicated than that?

You’ve got over 3 million customers now – so negotiating good prices shouldn’t be an issue.

If people want a “plus” card, let them pay for it, if they want merchandise, let them pay for it, if they want interest, let them bolt that on too. I didn’t want any of those things, just the ability to add on things that are useful to me personally – but you didn’t give me an option to do that without having to first buy a load of irrelevant stuff with little value.

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It was stated (unofficially, but by a Monzo staff member) in the Legacy Monzo Plus thread that a modular pick n’ mix style approach isn’t viable.

I think the reason people are saying Monzo aren’t listening and just repeating their mistakes is because while the modular approach is a popular idea, no-one from Monzo has really addressed it’s current viability in an official capacity (or at least from what I’ve seen).

People are then still attached to the whole concept and are disappointed when it’s again revealed that a modular approach is not a part of the plan because they haven’t seen the comment buried alongside hundreds of other comments in a single thread.

Same. I dont, and will never, put a bank in the same boat as, for example, Myfitnesspal. One is a developer who has made a product, the other is a product with a development team. They are not one and the same

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Thanks for your reply. If it’s not viable, I (like the other people you reference) would like to understand why.

I can’t really see why it wouldn’t be, aside from the fact it probably wouldn’t make them as much money.

…but they might find they get a few more sign-ups!

I think this, the whole chat thing and other comments/articles is leading me to the belief that;

  • Monzo is not only loss making but struggling to keep it’s head afloat. Therefore it absolutely needs options such as this to keep the lights on. It will likely have some hefty “sunk” development costs from the original plus offering that it’ll have to find money for. You can’t recoup development costs from a product that no longer exists.

  • It is really struggling with scale. Like, really struggling. It’s not a junior challenger bank anymore.

Wonder how long it is before a main bank will offer what Monzo does, and what the future will be for them after that?

Completely agree. I was looking forward to what they could do with a modular system, but have been a little confused over the lack of an update on why a modular approach seems to be a route they no longer want to go down.

I saw the comment by chance yesterday, but I don’t spend much time on here to keep up with literally everything, so it might have been talked about previously. Someone will likely correct me if I’m wrong and it was an announcement at some point.

It’s a complexity thing. What looks simplistic from a end user perspective can get endlessly technical from a development perspective.

I think it started out with the best intentions, but perhaps wasn’t planned out in enough detail from a technical perspective (just because it could be built, doesn’t mean it should be!) and snowballed epically after that.

However then bundles didn’t work out either and now we have a new plus team.

I reckon they’ll get there.

That or the team aren’t being given the deadlines required to give the users something special which results in giving the users something rather unspectacular and disappointing.

I’ve unfortunately been witness to too many software projects where the idea is good but the company want it in half the time the developers quoted or sales have “already sold it”, things are chopped and changed to meet the deadlines and ultimately the end product is pretty crap, technical debt spirals making the next phase or project even harder, and the process is repeated ad nauseam because the non-technical side company thinks it was a success.

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The failure of the pick and mix approach i put down to the testing at the time to be honest.

They over complicated the flow and the small number of people they tested it with seemed to find it too complex when trying to buy multiple things at once and going through all the terms and conditions.

That was my takeaway from it anyway.

Definitely. As someone who used to have a poor credit history, it’s also nice to not get treated as a second-tier customer with Monzo. If a freemium model comes into play, I’ll be back to feeling that way.

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Banks are going through a pretty hard time actually making any money, so they’ve got to do it somehow… I think it’s a pretty clever way to do it. I would never want to use any advanced features, but can understand how people would.

I also think that if it integrated its business account with accounting software and other add-ons, then there’s a value-add right there that would be worth paying for!

Today is the day we should see another weekly update :slight_smile:

I’ve been following this closely.

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I wonder if the best thing to do is to kill Monzo Plus / whatever as a concept and charge each customer £1 per month to have an account with a guarantee of no increase for 5 years.

It would provide Monzo with a steady income stream and, probably, shake loose a bunch of very unprofitable customers.