Today when I use my Amex at certain retailers (British Airways for example), additional albeit limited information gets added to the transaction such as ticket reference number, origin/destination etc. Similarly if I buy something in the Apple Store I get an emailed receipt containing additional information and with Uber I get details of the trip made. Whilst this helps with warranties, insurance claims, work expense claims and travel planning etc, the additional information is not structured so not readily analyzable.
Perhaps Monzo could offer retailers a secure API through which they could optionally submit additional information about a transaction in a structured way? Imagine doing a grocery shop and getting a structured receipt itemizing everything you bought from which price comparisons could be driven or nutritional information received, allergy or product recall warnings given, or warranties activated.
Retailers could be motivated to share this detail if in return - provided you authorized it - they received your contact information for marketing purposes and perhaps greater insight into what you like as a consumer; whatever you felt comfortable sharing.
You could start by targeting manufacturers of the most common POS systems first.
I think this will be a really exciting possibility as we develop the framework for marketplace banking. Tom wrote a great blog post about this which is worth a read if you haven’t seen it already.
Offering intelligent and relevant suggestions based on customer spending habits and preferences is something we’re really excited about. We could potentially help customers save money on their utility bills or find better deals on car insurance for example. This won’t be something everyone will want, so we’ll always make sure things like this are optional. Nevertheless, I think it could be a great extension of our service and help give people more control over their financial lives holistically.
Have a look at the thread on Flux. They are working on a system exactly like what you’re talking about, and have asked for feedback on what sort of features people would find useful.
There was also a link to an article about Flux posted in the Competitor Update thread.
Edit: I think the advantage of having a separate company develop this system, is they are more likely to succeed in getting POS developers/retailers on board, as it will be seen as attractive to a wider range of people, not just those with one bank.
Thanks - a platform like what Flux are describing into which Monzo could integrate would be exactly the sort of thing I was suggesting. You’re right that POS vendors would be more likely to work with a platform rather than individual financial institutions - I did think perhaps Visa or Mastercard would follow Amex’s nascent lead and start to do this sort of thing.
Not sure why I would need to share my personal data just to get access to rich transaction information. If by accepting a digital receipt instead of a paper one I save them money and consumables then that’s the deal.