Monzo Priorities


It doesn’t scream very ‘Bank of the Future’ though.

(Nathan) #123

Banks that dont make profit wont be around for the future :man_shrugging:

I agree though possibly being a bit too agressive looking for that overall profit at the expense of providing the best service possible

(Splodf) #124

Institutional investors don’t work for Monzo. They couldn’t care less if they’re the bank of the future. I’ll repeat it again so it sticks.

They’re only interested in the number at the bottom of the balance sheet. A bet on potential profit. They don’t care how you do it.


This post was flagged by the community and is temporarily hidden.

(Splodf) #126

It’s not condescending to repeat yourself to an agenda-driven individual who is choosing not to listen.

Back on topic.

(Sarcasm is the finest form of wit.) #127

Hey, the mute function here is GREAT!

Always entertaining to see two gentle trolls, gently trolling each other but yawn. Ciao!

(Stephen Brinda) #129

Just wondering if Monzo is such a terrible bank your still here? If it’s as bad as you say it is. There are other worse banks🤔 to moan about.

(Stephen Brinda) #131

Of course, but personally I think moaning about something I can’t change or care is about as useful as a handle on a snowball!

I’d just rather enjoy life being a happy chap…only live once…blah, blah

(Simon B) #132

This is going to be my new go-to phrase. I can’t believe I’ve never heard this one before :joy:

(Splodf) #133

I’ve never heard of it either. Any clues where it originated from?


I think it may be a bit more nuanced than that, but basically, yes.
2019 has been all profitability, plus new directions no one was pushing for

(Jordan) #135

But they need to be profitable otherwise they’ll just leak money and then go bust?

Some customers may not be pushing for but something that 99% of banks offer which is known to make them money - so why not? Might not be great at first (it definitely isn’t worth it) but they need to try and get some sort of product offering out there.

Continually updating things that are “nice to haves” or that make the current user experience better will just cost boat loads of money and wont bring any in.


Oh dear lord please no.

The day that monzo gives up on its core product, gives up on its stated mission to become the best current account in the world, will be the day that it dies.

Monzo’s USP will never be card designs, “plus” accounts, overdraft fees, etc. Monzo’s strengths lie in its app design and ease of use.

(Brexit Day Is Gonna Be Shamayzing.) #137

Fix roundups, this is still broken!

(Jordan) #138

I’m not for one minute saying to Monzo forget about these - I’ve mentioned earlier in this thread and in other threads that there are some clear UI and functionality features that NEED fixing.

But what I am saying is that they need something that will bring money in - and not just one thing they need a range of products - hence the current drive for more profit margin bearing products.

Again, not saying it isn’t I sell Monzo on this alone - and for me even with the deficiencies Monzo are still ahead of the Legacies by a mile, but some things do need changing but at the same time they need to push to make money before it runs out!

(Sacha Zarb) #139

This this, a thousand times this, the app is a massive reason there are nearly 1.6m customers and growing. Keep making this better and make sure new features fit into it will keep Monzo growing and bring profits.

When I was weighing up the switch from First Direct, it was between Starling and Monzo, and it was for me personally, the ease of the app which took me over the line to Monzo. It still needs improving (bye bye Pulse) but it’s miles better then First Direct or Natwest online/app offering that I can deal with the issues round the edges


100% agree with this.

However, I do think things like automatic energy provider switching have the potential to be great current account features as well as producing a profit for Monzo.

I do think a more granular and Moreno extensive Monzo Plus offering has potential to be useful too.

(Jolin) #141

There have been many requests for a paid account bundle on this forum for a good couple of years, as well as (potentially paid) options for other card colours. Not sure how you can say no one was pushing for these things. Seems to me that Monzo have responded to feedback on this community, albeit the offers need some work.

(Rika Raybould) #142

I think this is very fair to say. You can go back in the community archives and see endless discussions about the card colour and find several comments to the tune of “I’d pay for x colour/material of card!”. There have also been discussions here around various benefits and packaged accounts that are still being worked on.

Monzo making money work for everyone doesn’t mean that every feature must apply to every person. We have a whole range of things in the pipeline that apply to different people. My time here over the last few years has taught me that there are an infinitely wide range of people using Monzo with unique situations and needs. As an easy example, some may critically need to send and receive international payments regularly while others may never see a non-GBP currency.

You may not agree with or use every single feature but I hope that across everything we’re working on, across the entire year, you can find things that benefit you. :hot_coral_heart:

(Beta User) #144

You have a valid point Rika. Transferring money from GBP to Malaysia :malaysia: is so convenient due to the integration with TransferWise in Monzo app. I used to go to the bank in the past to do it. Waste of time, petrol money, queue in legacy banks and the rip off charges. Now I can do it from my home, lower fees, exact exchange rate and it arrives within a day to my Malaysian Bank. :white_check_mark: hoping for Monzo to polish further the current account. I really hope they can come up with a Big List 2 + timeline like how they did it last year. It was a great fun.