New feature coming 👀

Anyone else like the idea of a transaction feed that, through Open Banking, displays all transactions in sequence - whichever account they happened on? It would be useful in terms of tracking overall spend.

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Swipe right for the Master Feed™. I like this idea.

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There was an update today, nothing new yet

The new update text talks about the rollout of confirmation of payee.

Oh, Didn’t see anything in Google Play update notifications :smiley:

Open banking it is then

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Very exciting times :smiley:

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Hopefully so.
Nice to have something new in the lockdown.

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If the details don’t match this seems to be the warning you get. :+1:t3:

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Hope being green lit means we’re about to get it :crossed_fingers::crossed_fingers::crossed_fingers:

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Very excited about some Open Banking integration. Does anyone know if this is likely to be for current accounts only, or will other products be available (savings accounts, mortgages, credit cards etc)? The sooner I can get a single overview of my finances under one roof the better!

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I imagine it will start with just current accounts, but hopefully, they will include everything

So Monzo really can be the place to see all your finances

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I don’t think anyone here (aside from maybe @kieranmch, though he’s probably not telling) knows right now.

It seems like this is bank account integration rather than credit cards, and hopefully directly rather than through TrueLayer, so I imagine it’ll be limited by what data banks can share (some don’t share savings accounts I think), what Monzo wants to show in the app and how they’ll present it.

I’m hoping for the full shebang (technical term). Although I wonder if this might be a Plus Exclusive :tm: as otherwise it might eat away at revenue?

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Indeed - I thought the only focus was profitability, and if implemented as some describe, it gives less reason to make Monzo a persons primary (salary) account?

I think the idea would be it could get you using the Monzo app more, since you would get into the habit of opening Monzo rather than your other bank apps, and therefore you would be seeing how good it is - which would make you consider switching your banking to Monzo completely?

Also, I feel it is really meant to give you a better overview of your credit card spending but has been rolled out for current accounts as well, since it requires limited extra technical work to add the feature for all types of Open Banking account?

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This has always been the business plan, though. It’s how Monzo was first envisaged. It’s not looking to replace your bank account. It’s looking to become your financial hub.

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True, it was, but if that was still the case then they would not necessarily need banking licenses, let alone be starting the process of getting a license in the USA. Being able to see money in another account at another bank is not a route to profit, and they have been quite clear that profit is the focus this year. It might well be the basics of what have been built are being able to see other balances, but they have built something on top of this, eg investing money from your HSBC account right into a Monzo savings pot from within the Monzo app.

Just to put a different slant on the idea of profitability and how that might inform Monzo development, I think it’s worth considering the wider context of modern banking. The fact is that Open Banking is gradually becoming adopted throughout the sector, and it will increasingly become an expected feature for users regardless of who they bank with, in the same way that having an app is now expected. There are many banks that have already implemented Open Banking to differing degrees, so it’s as much about keeping up with the competition as it is producing directly profitable features. In the long run, if Monzo starts to lag behind especially in the area of technical innovation (where they might currently be seen as ahead of the crowd) it could seriously harm their brand. I hope they see Open Banking as a chance to take the lead and innovate for the wider benefit of their customers, rather than thinking strictly about how immediately profitable the feature may be.

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Of course it is. The more Monzo knows about your entire financial life, the more money Monzo makes from you. If you use Monzo and, say, Barclays, Monzo wants you to populate its platform with your Barclays data so that it can see how much you’re paying on your mortgage and sell you a cheaper one, or a different energy supplier, or savings account.

It can also target you more specifically with advertising. Some companies even sell your data (anonymised) but checking the privacy policy I can’t explicitly tell if Monzo does that.

The alternative is that Barclays gets your Monzo data, so Monzo wants to build the most desirable app and suite of products and services.

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And that is the point where I would close my account. I’d rather pay for those features, than have my data used to pay for them.

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