Time to annoy @Revels with the self-serving ideas I have Also, strap in folks because while thinking what would get me to use Premium, this inevitably turned into a ‘What my ideal Monzo looks like?’ post as I’d currently need more than just a paid offering to subscribe to Premium.
The Premium product would need to be substantially rebuilt for me to consider it. Essentially start by binning most things except the travel insurance.
What I don’t like
For Premium to be a consideration for me, first Monzo would need to change its approach on one thing: support. Reenable the chat button for everyone, then invest in better COp training to ensure first contact resolution of more issues. They should also simplify the Help page, replacing the weird mishmash of things from that page with a link to FAQs and a Chat button. They could also implement some form of chatbot/AI to act as a filter before one gets through to customers.
I had a great experience with Freetrade today. They have a chat button but I was greeted by an AI. But the AI actually listened to what I wanted, understood me, and told me what I needed to do. I wanted to change my linked account so it explained to me in human terms, asked some questions then submitted a ticket for me. Great experience, 10/10.
Although I don’t use support much at all, getting in touch when I need something is essential.
What needs to go
Other accounts, custom categories, virtual cards, credit tracker, advanced round ups, exports.
Move the lot into the free tier. I am not a fan of the freemium approach, where I have to pay for banking app features. Most of the market absorb such costs into the ongoing software development budget rather than charge extra. Sure, you could up the virtual card limit for paying customers but ultimately this should be available to all.
Personally, from what I have seen, it wouldn’t appear that there is a lot of ongoing development work on these things anyway. Most new things appear tangentially related to my bystander eyes, if at all. Time to improve the basic offering and charge money for other benefits.
At a time where the BOE will pay Monzo 3%+ for my deposits, it feels wrong to be asked to pay money to receive money. Roll out interest on the standard account in an effort to boost deposits and support lending. Greater Flex limits, loans, etc.
Mobile phone insurance
As a selfish iPhone user, I’d never pay for third-party phone insurance. Too many horror stories of botched repairs, late replacements, voided warranties. Plus phone insurance for the non-Apple folks can be found quite cheaply via other firms, tacked on to contents insurance for a fiver, or obtained via carrier. It adds no real value in my view.
What an ideal Premium would look like
For me, Premium should keep the extra cash limits, but should add support for Cheques too. I am old fashioned, yes. Travel insurance should stay, too. Not sure how it works at the moment, but in an ideal world it would work like with Amex where you’re automatically covered except for pre-existing conditions rather than having to worry about declaring stuff up front then being told you’re not eligible.
Lounge access should stay but ideally move to Priority Pass, and for £15 per person if at all possible.
I’d love to see some form of rewards offering - Monzo Rewards, Monzo Points V2 or whatever that may be. Give rewards on every purchase. But don’t become Yonder and allow redemptions only at poncy hipster London places but rather stuff everyone uses. Amazon, Argos, Sainsbury’s, B&Q, etc. Offer points that can then be turned into cash or redeemed as gift vouchers. Like RBS Rewards, or something. A more Membership Rewards-like experience would be the ultimate goal, but that’s not really likely.
Offers need reworking. I won’t expect Amex offers, but they should change dynamically, at least quarterly. Everyone’s seen and done the Patch offer (and it’s not even exclusive).
Oh, and Purchase Protection like Revolut or Amex charge cards, please.
I won’t ask for any of the other typical stuff like breakdown cover, cycle insurance or carbon offsetting. I may be too much of a boomer but they don’t mean much to me and can generally be found elsewhere.
In summary, I want an account that has the basics available for everyone (support, interest, full software features) but then a travel/lifestyle focussed Premium product with 0% fx (a given), travel insurance, rewards, and purchase protection. And I’d happily pay £20-25 a month for something that would essentially replace my Amex and all other cards.
Edit: oh, and a different card finish, please. Raw metal or whatever. Brass, copper? Something never done before. No need for contactless either, so go full metal. Thanks for listening to my TED Talk.