Monzo Plus – you asked us to make it simpler, so we’ve created bundles

[Justin]

@Tsuto

Did the Monzo travel insurance addon change prices if you were a different age? I didn’t think it did? It was cheaper than any insurer that I’ve ever seen for what it offered you.

When I signed up for Monzo Plus, travel insurance was only available to 18-42 year olds, if I remember correctly. It wasn’t available to anyone else.

[StuartL (Stuart)]

You’ve dropped the ball in this instance monzo.

Fair enough you felt that your approach to Plus had to change, I just hope that you learn that communication is key especially when you’re dealing with a product people are currently paying for.

It’s good that you have apologised but just please learn from this, continue testing different approaches and keep the paying customers in the loop.

Ps. I just bought the Supporters bundle, good luck with this going forwards. Happy Friday.

[don_quixote]

Lots of posts but I guess the question that matters

Will you buy any of the bundles?

• Travel
• Home
• Supporter
• More than one
• None

[Justin]

@StuartL

I just hope that you learn that communication is key

To be fair to Monzo, they usually do this better than any of the other banks. I think we’ve probably all been spoilt, so when things don’t quite go as they should, our indignation is that much greater.

I agree that feedback has been very passionate because this is something for which customers are paying - and nobody likes wasting money. I suspect it’s also because people have been waiting much longer for this than they expected to, and frustration has increased.

I hope it proves to be an exceptional blip, and Monzo get back on track.

[Justin]

@don_quixote

Will you buy any of the bundles?

Good idea to do a poll. Would it be worth adding:

• Stay on original contract
• Cancel Monzo Plus ?

[walderston (Adam)]

@anon36543001

One thing we learnt is that almost 30% of people already had a packaged bank account somewhere else.

If another bank asked me if I had a packaged account, I would have said yes as I would class my Plus account as a ‘packaged account’. If a packaged account means bundles then you should have explained what a packaged account meant on the survey. There was no definitions for any of the ‘key’ words.

Maybe what you learnt from the 5 users is that the current signup UX isn’t very friendly and if you presented the information in a different way (running total etc) you’d have different results.

[tjvr (Tim)]

@danmullen

If someone could explain how bundles offer greater flexibility, better value, are simpler to understand or are in any way superior to offering unbundled features, I would be grateful.

I don’t think this comparison makes sense. People who like apples and bananas aren’t necessarily correlated (I definitely prefer bananas), but people who want travel insurance are more likely to use airport lounges.

And bundling features together lets us make them cheaper. Compare with the old Plus offering:

• Modular: £6 Core + £4 Travel Insurance + £3 Travel Money = £13
• Bundled: Card + Discounts + Travel Insurance + Travel Money + Airport Lounges = £9

[tjvr (Tim)]

@Justin

When I signed up for Monzo Plus, travel insurance was only available to 18-42 year olds

For the first few weeks, we partnered with Pluto to offer travel insurance. Since then we’ve been offering worldwide family travel insurance through Axa, which covers 18–70 year olds.

[km2019]

How about a 1% cashback on all card transactions, that would be some progress… … I’d prefer that over my AMEX

[Justin]

@tjvr

Since then we’ve been offering worldwide family travel insurance through Axa, which covers 18–70 year olds.

Glad to hear the offering was improved

[anon99402360]

That’s more then the platform fee. So I think you know that isn’t going to happen.

[anon38670904]

@tjvr

but people who want travel insurance are more likely to use airport lounges.

My emphasis. Whilst technically true I suspect that conversion rate is quite low. Hence why people were so excited for a modular approach to begin with.

[mark1 (Mark E)]

Well…making Plus “simpler” has become a shit show…

I’ll keep the core £3 Monzo Plus as the interest is paying for itself. But auto renew is off.

[walderston (Adam)]

Would it even auto renew … that is the question.

[tjvr (Tim)]

My understanding is that we will let you keep what you have for your 12-month contract, but we will not be renewing modular subscriptions once the minimum term is up.

[saf]

@tjvr

And bundling features together lets us make them cheaper. Compare with the old Plus offering:

• Modular: £6 Core + £4 Travel Insurance + £3 Travel Money = £13
• Bundled: Card + Discounts + Travel Insurance + Travel Money + Airport Lounges = £9

Are you are saying the base cost is lower if Monzo bundles it rather than the customer?

[anon99402360]

Thanks for continuing to post out of hours. Would it be too commercially sensitive to release if there has been a sizeable drop off in Plus following the announcement? Or any movement in either direction.

Appreciate if you can’t divulge.

[anon24692559]

@tjvr

I don’t think this comparison makes sense. People who like apples and bananas aren’t necessarily correlated (I definitely prefer bananas), but people who want travel insurance are more likely to use airport lounges.

Maybe what this thread has shown is right now Monzo doesn’t have a proper grasp of reality. The comparison of apples and bananas both being fruit, makes no sense to you, but travel insurance and airport lounges, which are both travel related do.

Isn’t that more of a case, of just trying to justify it, by just saying it makes no sense, when actually it makes perfect sense to the majority. In fact in my fruit bowl, I have apples and bananas.

You also totally ignored the point that was being made about being able to choose what you like, rather than being told you have to have them together.

[tjvr (Tim)]

@anon99402360

Would it be too commercially sensitive to release if there has been a sizeable drop off in Plus following the announcement?

Our data scientists stressed to me that it’s too early to say

[anon66544660]

@tjvr

I don’t think this comparison makes sense. People who like apples and bananas aren’t necessarily correlated (I definitely prefer bananas), but people who want travel insurance are more likely to use airport lounges.

I don’t think this comparison makes sense. People who want travel insurance and access to airport lounges aren’t necessarily correlated (I definitely want insurance, and no lounges), but people who like apples are more likely to like bananas (due to them both being fruit).