I really don’t want to poo poo on what is some very good stuff, but how much of what you’re saying is just marketing mumbo jumbo that’s driven more by the regulator than Monzo?
The cynic in me says Monzo is at the bottom of the report because you’re one of the few banks who never signed up to the code and so had no incentive to protect your customers against this fraud and reimburse them. Let’s not kid ourselves; Monzo customers have been very easy targets for APP scams for years, and you’ve done nothing about it in all that time from a customer facing standpoint. And you’re only taking this seriously now because participation in the code is about to become mandatory, and you’re soon to be on the hook for 50% of the reimbursement. So you have no choice but to be incentivised now. Effectively meaning, everything you’re doing here is being driven by the regulator, not by Monzo wanting to do best by their customers. The timing is too suspect, particularly in the face of this report. You didn’t jump before you were pushed.
Don’t get me wrong, this is all great stuff, but I don’t buy in to, nor appreciate the spin you’ve put on it. My brother has been caught out by APP scams as a Monzo customer multiple times. Monzo don’t care. They never have. The regulator is now making Monzo care. At least be honest about that. Utilising what are efforts being driven largely by the regulator to save face from what is a disastrous report for Monzo isn’t a good look at all. A little more time on actually acknowledging your own pitfalls and apologising for them, and less trying to dismiss the concerns raised by the report would have gone a long way for me.