This will not be the only source of revenue for Monzo.
Monzo has a chance to become the behemoth and be integrated with a majority of big players in each market (insurance, travel, bills and so on). If integration with Monzo offers convenience, it means that we, users, will prefer to use third-party companies via Monzo - without any shady nudges from Monzo. Monzo has expressed that they are not looking for switch switch switch model, but looking for sustainable model.
Tom explained it really well in this Open Office - url to that exact question. I trust this answer, it makes sense for me and I’m not too worried.
Also. All banks do it, if you don’t like data analytics then basically (no offense intended) you have to become a hermit nowadays.
The difference is, Monzo are using the analytics to benefit you (not predominantly them) and because of their transparency at least there is an element of trust.
Well, going further, Gmail doesn’t give us a free email and youtube doesn’t give us access to content just because they are good companies. They earn a lot, not from us, but from advertisers that want to put their dirty hands on us. I occasionally check out MSE as well - but I question their motives and always double check prices/deals and try to find more competition (companies that might not have been conveniently mentioned).
MSE produces editorial content that shifts focus from their customers to something else, I’d even call it a research - that’s just them working on engagement with the audience.
Rule is simple, if you are not paying, you are the product. And sometimes, even if you are paying, you are still the product. I might be young, but disillusioned - servers cost, people’s time costs, MSE is not a company ran from a garage. Someone is paying for it - and it’s not MSE readers.
Yeah, I’m sure that Monzo will try to set up a system where they use the data to the users’ advantage, and I hope they succeed. I’ve just seen too many startups with impressive business plans descend into spammy advertising when they realise their original plans were over optimistic.
Again, I’m reserving judgement, and I hope they succeed, but I do have concerns.
He might be Brad Pitt, but if someone tells me the best deal to save money, I am still going to question it. This is also probably the reason why I can’t watch most popular tv shows because everyone tells me that they are the best and I stubbornly refuse to engage.
I really like MSE I found it extremely useful when I got serious about managing my money. ive saved a fortune using tips, tricks and product comparison tools. Granted they are taking a cut from the companies they recommend but if MSE’s site was just in it for the money it would be reflected in the products and services they promote. And ill say it again I have saved a fortune by just educating myself on better ways to manage my money which came mostly from MSE.
Santander for one listens. A few years back they where going to start charging for using one of their older less popular business accounts (the one I have), people complained and Santander backed away from the idea.
Some banks do listen. Monzo doesn’t have a monopoly on the feel-good factor.
True, but I think there is a difference between business banking and regular banking for most banks. I’m not surprised they listen to businesses over normal folk.
I’m not swayed by MSE, I only use it as a referenced before doing my own research. They’re just so biased and act childish if there is something they don’t like (with an extra squeeze of [law breaking] (MoneySupermarket fined for Spam))
MSE has miss-advertised Monzo and people think Monzo has changed their path because they never did their own research. I made a comment on MSE post and I was getting replies such as the following.
MSE advertised Monzo under it’s “FEE FREE TRAVEL CARDS” post, It’s a shame people are acting crazy because they think that the current account REQUIRES a full move to Monzo. The thing to remember is the CA works the same as the Prepaid, the prepaid was literally, just a beta card for what’s going to be on the CA.
Monzo has not exploited anyone, they have a clear path to where they want to be. Anyone who thinks Monzo is exploiting them as a person by introducing fees and releasing a CA, have most likely themselves been exploited for MSE marketing purposes, by reading MSE articles and sharing them, you’re giving them traction to keep posting shit and exploiting companies such as Monzo while advertising them as something they’re not.
I occasionally check out MSE as well - but I question their motives and always double check prices/deals and try to find more competition (companies that might not have been conveniently mentioned).
(has Martin).
