Hi everyone! I was unfortunately unable to attend the open office evening last night, but I was wondering if there was anywhere that there’s a rundown of what was talked about, any news etc.? Or if anyone was there - what happened?
He actually gave a brief run through of how they got to the position they are now and how they’ll move forward. He flashed a real Monzo debit card, informed us that 1 or 2 members of the team now have current accounts for testing. They’ll increase this as they move on before opening it up to outside people. They’re not going to go full out with a big release. They’re going to stage it carefully and increase in 10’s, 100’s, 1000’s etc. He reiterated that you can expect the Current Account will have all the features of the pre-paid card but without the drawbacks such as pre-paid pumps declines.
They answered a few questions but I can’t recall them properly.
It’s good to hear your thoughts on how the marketplace might work
The customer journey will probably look like this: a customer requires a mortgage/loan, the customer will go to the Monzo platform, and Monzo will do the ‘behind the scenes’ complex number crunching, to get the the best deal for the customer. A win win revenue model, with partnership proposition and a multitude of FS, fintechs and other banks. I created this diagram on the train home from the event, to bring to life what is next in my eyes.
I’m sure that, that will be a viable business model (& perhaps the only way to manage the service while there aren’t many providers who’re part of the marketplace) but ultimately, I hope this isn’t the approach that they stick with, for the reasons I’ve explained here -
I think it comes back to trust and affinity to brand. If monzo continues to keep that ethos of doing whats right for customers and revenue is a side effect then it will work. If they move KPIs to a revenue first model then it will fail. Trust is hard to get and very easy to lose.