A lot of retail banks offer a switching incentive, would this make you more inclined to switch to monzo or would you switch purely based on technology and service?
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And then people switch straight away to another bank to get another incentive. Itās a costly and pointless exercise
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Monzo wonāt and donāt need to offer any incentive, they have over 600k users and climbing on word alone.
Incentive = Gimmick
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This year alone I have made Ā£375 from switching accounts. I have no intention of keeping any of them. Monzoās āincentiveā is the whole package.
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Incentive = Artificial growthā¦ Take Ben (and myself included) just switching to banks to get free money without any real attachment to the bank. 
@anon72173902 pretty much nailed it here 
An incentive is lovely, but itās so short lived, customer should want to join Monzo for Monzo 
Not because of Ā£100 
I thought my post ended quite nicely thereā¦ But in addition to that; the goal of Monzo is to help you manage & save money. So in the long run the theory is that youāll save yourself more than the Ā£100 bonus at the start (in the long run).
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As well as all of the above regarding the loyalty of āpurchasedā customers and the current rate of Monzo growth, knowing whatās been publically shared about the profitability of Monzo Current Accounts at this point, Iād be greatly concerned at the offer of a switching bonus since thereās nowhere for the money to come from to pay for it. Even if they thought they needed to, paying for customers is not an affordable option.
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Great idea.