Effectively what it does
@camy_93 I’m genuinely interested in what other “direction” (I don’t particularly like “priorities”) Monzo should go in.
I have a couple of gripes with what Monzo have (or haven’t) been up to lately
I’m not a massive fan of some things taking a seemingly long time to implement (pulse graph/ summary tab/ general management in app).
The trial is a trial and I’m not too bothered by this yet - Monzo are testing the water so to speak but I agree with the consensus that it isn’t great value.
But at the same time, Monzo are still a new player on the block and I’m not expecting every new feature to work perfectly - my money is still safe and I can still pay for things so overall I’m not too angry.
But it does have to be said that Monzo is a bank who just took on a whole lot of money from investors who want to see some new revenue streams - business accounts being one and maybe plus accounts if they ever fly.
But overall - what is it specifically that Monzo should actually be doing differently to what they are now - I’d like to see your own image.
Not technically true… handed over PDF version of my Monzo account to RBS, accepted with 0 issue.
First I’ve heard of that? Usually stroll into a branch and they’ll print a certified copy off for free if I need it…
Not to mention the lack of news around international transfers incoming.
Not a problem for me personally but can see why this is a relatively big issue that needs sorting.
But have we just been lucky that previously Monzo were so on top of letting us know what they were up to (even if the finished product or feature was months away)? Now that it is a much bigger operation can we expect the same amount of news to be dripped out? Maybe nothing has happened and so that’s why we haven’t heard? You’d only ever hear from the legacies when it is about to drop - its only noticeable because we had so much information 6+months ago.
I have to admit, I find the lack of time-frames from Monzo is most irritating.
There is plenty of communication but there is never a set date as to when we can expect things. I understand that things can go wrong so setting a specific date can be a risk.
But I would rather they say, we aim to get this out live within this date range, and if they are struggling then let us know the revised timeline that keep us what feels like hanging for a while.
Maybe not, I see this point. However, I know multiple people actively looking at moving away from Monzo because they can’t get their salaries paid into their account.
It’s not us Monzo have to worry about, it’s the silent majority.
That’s the issue - Monzo is still a relatively new kid on the block and so not everything is getting completed to assist those that need it. And for those that do need it will feel let down as they see other features getting looked at.
I think this may be more of a managing expectations problem - things may move so rapidly that things get dropped for a longer than suitable amount of time (I don’t know that this does). So if a X to Y time frame was given and then Monzo say “it is actually 6 more months away” is that acceptable? I’d say no - so then no timescales avoids this issue.
Triple A title games can get pushed back months and years and people get disappointed yeah, but with some integral banking operations would that be acceptable?
But having a rough idea, or even a list of what they are currently working on at top capacity would help this.
I understand that and as someone who used to work at Game I really really understand the game analogy that you used.
I think there are certain things that I, like many I imagine, are looking forward to seeing. New account screen, custom pot images, potentially a re-work of the graphs etc.
It would just be nice to have a tangible date to look forward to then to have it sprung on us.
Get rid of pulse graph
Add fortnightly pot transfers for iOS
FIX MERCHANT INFO!!!
I definitely agree that I would like to have an approximate date of release. I just feel like if Monzo did that and it got heavily delayed it would cause more problems than if they hadn’t given a date at all.
You’re right, it’s been too long and I’ve only half-remembered.
NatWest still seems to be a £3 charge for “historic statements”
I dont know… look at cheque imaging. Theyve pushed that back basically two quarters but people dont mind too much because they give a perfectly valid reason for it
Id love to see more of that
In my own opinion, Monzo should prioritise:
- Joint Accounts
- Home/Summary/Payments tabs
- Cheque imaging
- Business Accounts
Monzo is my main account, my wife now has Monzo as her main account and we have a Monzo joint account now too. The in-app experience and responsiveness (e.g. opening a joint account) is what draws me to Monzo, along with the low-balance push notifications when payments are due to go out. The first time I received that push notification I thought - THIS, this is awesome.
However, in general I agree with the notion that Monzo’s priorities do not seem to be focused on “core product”.
Point 1) I have a Starling Personal account for overdraft purposes. I borrowed £150 last month for around a fortnight, it cost me 64p and I was able to view the daily fee accumulation in the Starling app. This would’ve been around £6 on Monzo and they wouldn’t even let me have more than £100 anyway. Therefore I would like the overdraft facility to be both cheaper and more lenient with regards limits. This is a priority in my opinion as my clients pay by cheque, often unpredictably. When your mortgage comes out of Monzo, this made me extremely nervous before I got the Starling overdraft.
Point 2) Is linked to 1, i.e. there are no overdrafts available on joint accounts. See note above about mortgage payments. I can not see how this is a lower priority than bill splitting or energy switching.
Point 3) Easy one - “Committed Spending” should include a total “upcoming” value. Harder one - joint accounts should be integrated into Summary and Payments because that helps budgeting. Show sort code/account number for standing orders and bank transfers, even if only last 4 digits of account number for example. Otherwise people with multiple accounts can’t be differentiated without clicking on the transaction. Would like home tab transaction list to differentiate standing orders, direct debits and “subscriptions” at a glance, e.g. colour coded. Would like same to be applied to “Scheduled Payments” listing. Every time I experiment with changing my pay date it creates a new summary period, which make it very difficult to look back at spending over time. I have no idea on my overall spending trend throughout the year.
Point 4) I now get in my car and drive 20 minutes to my nearest Halifax branch to deposit cheques via their machines. Halifax have cheque imaging but it’s limited to £500 so I can’t use this for all cheques. Monzo (and Starling now) have freepost but that adds at least a day to processing times. Also, I no longer post cheques to Monzo as last time I did it took a fortnight, which brings me back to the overdraft argument. Apparently, Monzo had my cheque for a week before they even passed it over to their cheque processor. If Monzo implement cheque imaging with the same limit as my legacy bank, it will still be useless to me.
Point 5) Looks like Monzo have started looking into this, but I would hesitate to bring my business account across to Monzo due to apparent lack of direction on core features of the personal account offering.
Bottom line, even though I’m #fullmonzo, I use my legacy bank for cheque processing, cash deposits, credit cards and I use Starling for my business account and overdraft facility. If it is Monzo’s vision to replace legacy banks, they have not achieved that for me, yet.
I wouldn’t necessarily argue that “red tape” is a valid reason. I would argue that it is an acceptable one but not valid.
Out of interest, why are you using the monzo account rather than just the starling one
Opening a joint account in starling was also instant
I originally started using Monzo during beta, then went full Monzo when they launched the current account. This involved consolidating numerous legacy accounts and changing the way my wife and I managed our finances as the joint account wasn’t available yet.
I enjoy using the Monzo app, it’s quick and easy to use (if you know where to look). I have a bunch of pots with scheduled payments and goals and a savings pot.
Overall I think Monzo is great don’t get me wrong, I just think they’re future direction/priorities don’t seem to follow the trend of previous development of being an awesome bank account.
Starling on the other hand, I use out of necessity (overdraft and business account). I don’t enjoy using the app and find it confusing. It’s a lot harder to dig out your own bank details and the in-app chat response is even slower than Monzo’s. If Monzo implemented these features I would drop Starling without a second thought.
Ohh i also believe that it should have been done by now but transparency is why i love monzo.
Other things took priority and they have said this and said look this is when it will be delivered now, i can deal with that.
One of the things i hate most about monzo and this forum is the use of the emoji for just about everything. Id rather they give rough timelines
I think on this one each Bank will have their own idea on creditworthiness. The FCA are getting into the ring on overdraft fees and there is a separate thread for that - so it won’t be long before the Xp a day is gone in favour of a base-lined APR % rate. This will likely mean that overdrafts are cheaper but not necessarily.
I think on this one it might be more the added risk of two people operating the account at the same time. One of the joint customers may have a really high credit score whilst the other doesn’t which naturally adds risk for Monzo - but I think it is something that should be added.
This would be great and IMO the whole summary/ budget area needs a major overhaul, it just isn’t quite powerful enough for me and I would like to see it grow.