When it comes to churn, I wouldn’t expect a lot of users to cut up their card or switch to a competitor (unless they need a mortgage & can put up with a really badly designed app, in which case, they could switch to Atom).
My main concern is the users who sign up to check Monzo out & then end up only using it for discretionary spend / travel etc. in other words, infrequently because they’re still using relying on the bank which provides their current account, particularly if they’re earning reward points from credit cards.
But having said that, it’s still early days & Monzo aren’t expecting to be making a profit at this point so I don’t think it’s a major problem if user engagement isn’t that high (although it is interesting to know). What really matters in my opinion, is useage after the current accounts launch, as that’s when users will (hopefully) switch to using Monzo as their main bank
Just to mention, I’m not aware of any of Monzo’s competitors sharing useage metrics either so even if we did have the figures, we wouldn’t have a benchmark against - if you have any, please share them!
@alexs Oh I agree completely - the Beta card is all about learning what people want and building community interest - but even if they’re not making a profit, high engagement is definitely a good sign!
I’m user 50,065 (According to API /profile?account_id=$account_id)
Think I paid my initial £100 on 30/09/2016 and got definitely activated/attempted first transaction as soon as received on 03/10/2016
A quick update - the last user who shared their user number with me (thanks @Avishai) activated their card on the 17th January & was user #96,196.
The pace of signups has picked up after Christmas too so if you’re a new user, please do share your user number because we can’t be far off 100k users now
Edit - in fact, this was included in Monzo’s weekly update on Facebook
I’m tracking the signups here & older user number’s are helpful too
Thanks Tommy! Do you remember when you registered your card in the app by any chance (the activation date)? I expect you made your first transaction not long afterwards…that’s the date when you’re assigned your Monzo user number.