From this we have come to this day where it’s goign to be OK to test bribe because Monzo is doing it 
There are several posts like above where Monzo staff were firmly against these sort of bribes 
This switching bonus experiment might suggest Monzo is struggling with actual growth - i.e. attracting customers to use it as their main account.
Not sure what will @anon72173902 say now;
Monzo runs experiments all time. No bother.
This one involves money…
There seems to be a lot of “when did this start” and “how come I don’t get this” being thrown about. A quick search shows this topic where this was introduced as a concept, with plenty of discussion/info.
You’re welcome.
But there’s a difference between the referral and switching bonus. bribe
It is real - I got a notification offering me this, haven’t done it yet tho…
Doesn’t help those who aren’t on this forum, though.
Those people, however, are living their lives blissfully ignorant, that they aren’t benefiting from this experiment they have no knowledge of 
I don’t read that as the same thing - that’s referring to the £5 bonus individuals get for inviting new users, not switching current accounts
So there’s zero interest on account balances for those who’ve been with Monzo and helped them to grow but select new users can grab £50 for switching!?
From the goals page:
But we know we can do even more. About 20% of new customers use Monzo as their main account at the moment, and over the next three months we want to make that even more.
Switching is the best way to bump up that number, and as long as people aren’t just gaming the bonus I couldn’t care less.
Whilst it might be irritating to people (like me) who have helped Monzo grow, I don’t really see the issue here.
It’s obviously a small scale test.
Why? They can’t just coast along on word of mouth forever, they need to test other methods to see what works and what does’t. It doesn’t affect anyone in the slightest, your’e not losing out.
This is a very small scale experiment right now to see the effect on main account usage (ie. a full CASS switch to Monzo). It’s also not £50 for everyone in the experiment, one of the things we are testing as a variable is the amount and whether more money = more switches.
It is very difficult to announce these kind of things, because they are small scale experiments that won’t be enabled on most people’s accounts. Depending on the data it may never amount to more than that.
Not too bothered but I would have thought coping with the current volume of customers would have been more of a priority than boarding new customers
But just to clarify…switching bonuses now DO fit in what what Monzo do?
I suppose they’ll let you know once the experiment has concluded!
Everyone has the right to change their mind, surely?
You’re right, they can’t survive on word of mouth forever.
However, I feel that performing these types of tests without keeping users informed, especially early-adopters, is going against what Monzo stands for and is not “transparent”. I’ve also experienced long wait times for support over the last few weeks; as JohnE said - surely coping with the current customers should be more of a priority. All of this while Monzo have said they’re “attempting to make a profit”.
Absolutely, so they should tell us right?
I’m pretty sure they didn’t ask a few of the COps to suddenly start running a switching trial. I think these are completely different teams.
I think this is probably the key consideration @SC95
I’m sure there has been significant modelling to establish cost benefit of organic growth vs. incentivised referrals and switching. From a behavioural economics perspective I find it super interesting how incentives influence behaviours and help form habits. Whilst I am sure there’s some commercially sensitive knowledge this particular experiment, it would be amazing if Monzo could share some of these insights in the future. I think these insights could be relevant within the marketplace context too.
Is ultimately what matters that Monzo becomes a sustainable enterprise without straying too far off course from the values upon which the business has thus far been built? That means reducing reliance on new money to sustain day-to-day operations, and instead putting those funds into growth and product. If a £50 inducement to switch users’ accounts to full Monzo catapults the business to beyond breakeven in double quick time and costs the business less than just relying on an organic conversion rate, then 