I’ve voted No too, mainly after reading the other responses, but I currently have deals with a bank, and a few other places. It’s very rare that I use them. And if monzo are losing time or money to provide them I think that it would be better used elsewhere.
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i’ve been swayed and have changed my vote to no too.
no such thing as a free lunch
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I don’t think this would be added value to Monzo as mentioned by others I don’t think I would enjoy being bombarded with lots of adverts - unless this could be hidden somewhere and controlled.
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One of the primary purposes of Monzo (and how they intend to monetise) is through the marketplace. I just view “deals” as an extension of the marketplace.
This is a very good point.
If this is something the team really want to do, it should, in my opinion, be an optional service enabled from the marketplace and be held to the same standards as a 3rd party integration.
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I wouldn’t mind this as long as there is an easy way to opt out. After all, someone has to pay for those offers and you usually “pay” for them through tracking, analytics, reselling of your data, etc.
Finally I don’t think Monzo should waste their time on this - O2 (for example) are doing it to have an extra selling point their competitors don’t have, but in the case of Monzo they already have tons of advantages none of the legacy banks will be able to offer in the near future, so I doubt there is need for such a service.
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Maybe Monzo could offer small selection (1-5) of good deals that are exclusive to Monzo users and rarely change. It would be good to have types of deals that make non Monzo users want to leave their current bank or at least open up a Monzo account.
I think the deals need to be nationwide, places like Nando’s, Brewdog, Odeon would be good!
Maybe they could be tiered, the more you spend the better deals you have access to?
Disagree with them being tiered, that just means the rich get more benefits and the poorer get less. It should be one level of benefits for all account holders
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My gut instinct is yes. But it would be dependent really on the deals that are available.
Hi Tristan,
I’m glad to see most of us are of the same level-headed mindset. Would you be able to tell us more about:
- Where this gift would come from/what would be the cost? Also, what are some potential alternatives?
- Would these offers favour any demographic? (eg, London-dwellers)
Thanks
Like I said, just spitballing ideas
Probably more than you guys were thinking, but take a look at Amex’s personalised offers. They offer account credit when a specific target is met, usually a spending target at a participating vendor: https://cl.ly/kMah
Yes, if you’re planning this, try to be smarter than the existing providers. With O2 and Amex offers, or M&S offers, the onus is on me to log in, trawl trough what’s on offer, select and apply what I want to my card/account. Some effort is required. A push notification if I’m near a good deal will be super useful and a nice touch. With the option to look through everything on offer if I choose to, of course.
The offers should also separate you from the rest ie they should stand out in terms of quality and value for money. Try to remain above average with everything you do.
No. Stick to the basics first.
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Nationwide rewards offers are great. They allow you to register your card and then offers are automatically activated. Once you spend with an offered retailer, you are emails about your cash back and it’s credited to your account within 5 days
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I mentioned over in the Avios thread:
The same applies to discounts, offers, and other incentive schemes.
If we want something equally of benefit to everyone, why not contribute a proportion to government tax! Or just keep costs down and provide better features.
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As a general rule, the increased number of sales makes up for lower prices, for the retailer. They make more money, even though they make less profit per sale. That’s why they’re prepared to offer these discounts & in this scenario, they don’t result in anyone losing out.
I voted ‘no’.
I don’t need or want my bank to do that, this is low value service in my eyes.
I know that retailers need to know some stats about userbase before thay make a deal (a nail shop won’t advertise when userbase is 80% male for example), this happens with any advertising. I trust Monzo wouldn’t reveal anything too specific, and probably on a level of Monzo user infographics that are publicly available, I know this is a slippery road though. Revenue depends on potential advertising potential (impressions, clicks) and/or on conversion rates, in both cases I’d feel not quite right about Monzo being a part of it.
I have also very low faith in those deals. I have o2, so I checked o2 priority few times and not even once found something I’d go for (Barclays had something similar and it was even worse). This is subjective though, other users might find it useful.
I can see how it can be done without hurting my feelings though 
- get opt in/out setting (out by default) for account. Users who are opted in, are included in stats and can browse deals. Users who are opted out, remain anonymous and are not included in any stats, can’t see the deals.
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If I want cinema tickets, I’ll buy them somewhere else. What I expect from monzo is a top quality card service witht no fees and a great app.
Voted no.
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I sort of get what you are saying.
At the risk of digging myself into an economics hole, I wonder where this “more money” comes from? Is it fewer jobs somewhere else, or higher prices somewhere else, or less money for other people, or more debt - either personal or national? I accept it may depend on the scope of the viewpoint, but overall does the country/society gain something?