That might be true. But the fact you are the only N26 user on this thread does kind of back up that speculation
Plenty opened an account to see what it was like but their MAU figure must have been terrible
That might be true. But the fact you are the only N26 user on this thread does kind of back up that speculation
Plenty opened an account to see what it was like but their MAU figure must have been terrible
As ever, in the absence of any actual facts, we’re each free to see this in whatever way we want.
I know little of N26 except for the anecdotal limitations of the account on launch but if their reasoning is true and Brexit is to blame, they look pretty inept from the outside if they couldn’t see a chance of this happening from before they opened their doors over here.
You say ‘bias and assumption’, I say ‘considered opinion based on the evidence and my experience’.
I’ll say again; if you launch in the UK market after the Brexit vote, you have a plan to get through it. It’s simply not credible to blame Brexit for pulling out of the market when you knew going in that it had been voting for and would be happening, no matter what N26 might be saying.
I’m probably going to leave it there now, as I’m at risk of simply repeating myself, but I did feel I had to defend myself against the unfair accusation of bias. It may be that it was a poor choice of words of your behalf, but it’s uncalled for. My take stems, as I’ve said before, from an objective look at the evidence.
Looking for the other n26 members
You keep saying this but it’s not true.
Interesting how the Monzo engineer flagged the immediate spike in in-bound payments from N26 yet the Monzo user growth charts show no spike in new accounts on that day or the following days.
I ain’t a rocket scientist but doesn’t that mean that the few people still actually holding a balance with N26 already had an active monzo account to quickly claw back their cash?
It implies that there were approximately zero #fulln26 users in the UK.
This is a community for Monzo fans and users, of which I am also one. You won’t find many people here that like N26 and aren’t interested in Fintech. Judging from comments within other communities, this one is often hostile to those who prefer other banks or critique Monzo, and I can see why.
You say ‘bias and assumption’, I say ‘considered opinion based on the evidence and my experience’.
All opinions and speculation stem from bias in some form or another. I wasn’t accusing you of anything and didn’t intend to cause offence so I apologise.
You keep saying this but it’s not true.
Can you elaborate as to how it isn’t? In the current circumstance this is the case, until there is an agreed deal to say otherwise.
Interesting how the Monzo engineer flagged the immediate spike in in-bound payments from N26 yet the Monzo user growth charts show no spike in new accounts on that day or the following days.
I ain’t a rocket scientist but doesn’t that mean that the few people still actually holding a balance with N26 already had an active monzo account to quickly claw back their cash?
It implies that there were approximately zero #fulln26 users in the UK.
This data only looks at users who had accounts with both banks. I’m included on that chart. While I used N26 as my primary bank, I didn’t move my income to them in case something like this happened. When I received the email, I transferred all my funds to Monzo, then moved them from Monzo to Barclays after I got frustrated trying to use summary and pots to set up a budgeting system that worked for me.
All opinions and speculation stem from bias in some form or another.
They really don’t. You should look up the definition of the word before you carry on using it any further.
We have both drawn differing conclusions for their reasoning behind the decision based on the speculative conjecture and limited data and evidence available. That’s the very definition of confirmation bias. Neither of us are neutral to either bank here, so it’s incredibly difficult for either of us to be free from bias.
Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms or strengthens one's prior personal beliefs or hypotheses. It is a type of cognitive bias. People display this bias when they gather or remember information selectively, or when they interpret it in a biased way. The effect is stronger for desired outcomes, for emotionally charged issues, and for deeply-entrenched beliefs. People also tend to interpret ambiguous evidence as supporting...
Can you elaborate as to how it isn’t? In the current circumstance this is the case, until there is an agreed deal to say otherwise.
Actually, at the end of this year when the transition period ends, the Temporary Permissions Regime will give EU firms currently operating in the UK via a passport an additional 3 years to get a UK licence - so until the end of December 2023 - assuming there is no deal covering this in place.
And this regime has already been legislated for…
Thank you!
Update: I’ve had a brief read and this seems to directly contradict N26’s statement when announcing the closure of the U.K. bank. I’m curious now if they applied for authorisation and were denied or if they chose not to seek permission in the first place for some other reason. I do wish N26 would be more forthcoming with information in this regard.
Thanks for sharing and expanding my knowledge of the situation.
I ain’t a rocket scientist but doesn’t that mean that the few people still actually holding a balance with N26 already had an active monzo account to quickly claw back their cash?
It implies that there were approximately zero #fulln26 users in the UK.
I imagine there’d be similar inbound charts for other existing banks too, and regardless of ‘full’ status, since you can’t CASS to N26, I’d image most users already had another bank by default. (Since “swtiching” accounts and closing your old one wouldn’t be a thing for N26).
I also imagine a fair number of adopters also have multiple fintech bank accounts anyway
Anyone think Revolut with their Lithuanian licence might follow suit?
No. They’ve using the Emoney license for the uk operation, moving the hq to Ireland and using their Lithuanian license for Europe
Fintech unicorn Revolut will shift responsibility for its European payments from London to Ireland and Lithuania after Brexit, the Telegraph can reveal.
Let’s see how that goes, eh?
Revolut customers are protected by the Bank of Lithuania – but it’s not certain it will pay up
Anyone think Revolut with their Lithuanian licence might follow suit?
I very much doubt it, as isn’t the UK one of their biggest markets?
love this thread -
Updated figures Rank Country Users Date 1 🇬🇧 United Kingdom 3,000,000 July 30 2019 2 🇫🇷 France 1,000,000 Jan 28, 2020 3 🇷🇴 Romania 920,000 Dec 17, 2019 4 🇵🇱 Poland 850,000 Nov 21, 2019 5 🇮🇪 Ireland 500,000 Nov 12, 2019 6 🇪🇸...
Except it isn’t. Anything other than tapping the app icon and being right there is friction.
A moot point now, but I just noticed this setting in the app; as frictionless as Monzo for logging in.
as frictionless as Monzo for logging in.
Your screenshot does not support your claim. In fact, it disproves it.
Your screenshot does not support your claim. In fact, it disproves it.
How exactly? Log in faster with Face ID is identical opening Monzo. In fact, in my testing, it’s approximately 2 seconds faster.