One reason Monzo is doing so well?

(Graham - Mental health professional) #27

Wow - this thread really does get to the heart of the matter around target market. So easy to get into stereotypes without realising it.

I suspect the age demographic is much wider than is indicated on this or any other similar forum. I reckon it’s more likely, though, that the older (crappy term I know) members are less likely to engage fully, or even at all, in expressing their views. They’re probably just getting on with the Monzo experience in whatever way works for them.

For them, maybe, the cut and thrust, such as occurs from time to time here is too tiring to bother with.

At the risk of upsetting some (though I’m sure I won’t :grinning:) perish the thought that the startup banks’ forums become the places for youthful banter alone - cos that’ll be one boring place to be.

(Spencer Luxford) #28

I think Graham here has hit the nail right on the head. I’m 43 years old. I’m a Monzo user and have been since April 2016. I’m now using the Monzo current account full time so I’m pretty much ingrained in the Monzo eco-system! I don’t spend much time on this forum though, because I have family and work commitments that come first! I am an engineer, so I only spend time on a computer at home and when I’m at home, I have a Wife and Daughter who take up 99% of my spare time! :grinning:

(james_e_bell) #29

I agree with the general annoyance with how the ‘Millenials’ term is used in the press - the success of Uber, Airbnb, etc are not due to ‘millenials’ being in love with their phone/technology or their preferences - its business model disruption / fixing fundamental service offerings enabled by technology.
e.g. Uber - improved service and decreased cost, Airbnb - released underutilised assets, banking disruption - undercutting exorbitant fees, providing superior service.

Having a cheaper, quicker taxi or paying less banking fees clearly wouldnt be age related - generational aspects (if we wanted to generalise) would more likely affect adoption rate/adoption speed (e.g. barrier of how many people have phones as mentioned).

I find ‘Millenial’ articles are often shallow either assuming Millenial = young people (infact gen Z are about enter the workplace and oldest millenials are mid 30s now!) or that millenial = tech crazy people rather than thinking about what the underlying drivers of behaviour are. I guess sweeping assumptions gets clicks!

(Michael) #30

I’m 62, update my Apple phone every time they are released.
All my banking is online, only ever went to branch once to pay in s hefty deposit

My Mother was 78 when she died and used a smart phone as well as Amazon and Nationwide online banking !!!

(Edward) #31

On the flipside, being supposedly a ‘Millennial’ by age I use Mondo in spite of their smartphone focus, rather than because of it (my main draw is the backend processing system being actually up-to-date). The lack of even a web interface (or standalone desktop client) is a continuous irritation for Getting Things Done; e.g. several years in and I’m still double-entering individual transactions by hand for accounting because there is not even a cursory CSV export available on Android, and I can’t do a bulk copy-and-paste and manually reformat because I’m stuck with an app on a bastard finger-mashing telephone rather than being able to access things on an actual proper computer.


I would press “like” a million times if that actually made any difference. (Although, for me, the annoyances have become so great that I’m actually not using Monzo very much anymore, unless I need cash abroad [yes, I know: You’ll all hate me. I can cope with that. In my defence: I originally got Monzo because I thought it was cool and I really wanted it to work for day to day spending.] because accounting is a pain that I cannot deal with manually!)

(Andrew Schofield) #33

If you’re somewhat technically minded you could try using this:

I use it to pull down transactions from my current/pre-prepaid accounts, and my wife’s pre-paid account weekly for import into desktop accounting software.


Yeah, I’d like to think I am :wink:

I know I can write my own web interface using the API to run on my raspberry pi (and I might well do that one day, when I have the time), but right now I just cannot really use Monzo for day to day spending the way I’d like to, and I don’t really have the time to look into any existing scripts that others have put together.

My accounting package actually has an API as well (which is sadly still in closed beta), and I’d love to write a something that marries those two APIs to automatically push all my card transactions into my accounting package.

(Edward) #35

I did give that (or a similar tool that was intended to output CSV) a try before, but spinning up an entire web server stack from scratch to run the framework to run the script is going a bit too far.

(Andrew Schofield) #36

The above script just requires ruby.

(Shaun McDonald) #37

Oh look the Android version will soon have the exporting. The beta has just been released: Monzo for Android - Beta Channel


Oh, I have a web server running :slight_smile:

My point still is: As it stands Monzo’s insistence on being not mobile-first, but mobile-only, is a hindrance for me. I know I could do stuff to get around that (either building things myself, or evaluating 3rd party products) but I don’t have the time.

(Edward) #39

O frabjous day! Callooh! Callay!

(tom) #40

The use of “millennial” annoys me as well. I always try to point out that Monzo is for anyone who lives their life on a smartphone. I often get really nice messages from customers in their 70s and 80s. It just feels like lazy reporting.

On the other hand, 50% of our userbase is aged 20-30. And journalists love snappy labels, so I guess this is not a battle we’re going to win.

Here’s the breakdown from a recent presentation:


(Joe) #41

It surprises me there’s not more under 20s, I’d have loved Monzo as a student.

(Hugh) #42

I have great difficulty selling it to peers as it doesn’t come with large, interest free overdrafts, switching bonuses and a free railcard…

(which is fine - I’m happy with Monzo, others my age don’t see a reason to switch)

(Mal) #43

I work with one of the legacy banks and a number of my peers have a crafty Monzo card tucked in their wallets…

(Jolin) #44

Without wishing to re-open the card colour debate, maybe this is the real reason that Monzo needs to have a dark blue card option: to enable stealth use by legacy bank employees. :laughing:

(Jedihomer Townend) #45

If Android/Apple pay were supported, they wouldn’t even see a card :wink:


They actually had a stealth card option, the Crunch card - look in the Monzeum! 🏛 :joy: