📻 BBC Money Box Live: New technology and banking - Report on :mondo:


(Sufi) #1

There is a report on Monzo :mondo: after 14:25…


#2

I recommend people listen to the entire programme.

Apart from the presenter coming across as some sort of aggressive, investigative reporter (no need for this), and one of the interviewees raising their voice at end of a sentence to make a statement sound like a question, … it’s a fairly interesting programme overall.


(Sufi) #3

Agree! :ear::radio::money_mouth_face::gift:


(Brandon Billingham) #4

Wow! I was so surprised that the women they interviewed who was a year long Monzo user didn’t want a current account as she felt safer with her traditional bank account.


(Sufi) #5

Yes and reporter kind a blindly agreed to what she felt. :thinking:


#6

I think this illustrates a lack of understanding by some people. They think they signed of for a separate card to budget, or a “currency card”. They’ve never understood Monzo’s intended journey.


(Brandon Billingham) #7

I thought it was fair her comment regarding that it’s gone down a few times and perhaps this is why she is worried about a full switch.

A lot of people signed up to Monzo on the basis of recommendations from friends, my girlfriend did and so did friends. I think it’s these people who haven’t closely watched the Monzo story, don’t read Toms blogs about outages, don’t follow Monzo on Twitter who aren’t aware of the intended journey.


#8

Maybe she suffers from Stockholm syndrome? :thinking:


(Sufi) #9

I think Monzo is in a good position to challenge this sort of myth that high street banks are somehow more safe


(Brandon Billingham) #10

I don’t think it’s entirely unrealistic for people to trust their money to a bank that has existed for years, who have physical branches. Even if ultimately it’s all meaningless because of the FSCS protections etc. A lot of people have hang-ups about this sort of stuff. I was just surprised she did as she seemed so positive on the benefits.


(Brandon Billingham) #11

I think it’s a time led thing. The more people who have Monzo, and see their friends using Monzo and more importantly trusting Monzo with their salary then it’s easier for people to move over.


(Sufi) #12

This is so true from a personal experience my wife is so reluctant because she was fan of debit card top up and just use for daily spending but when I moved all DDs, SOs and Salary she started to take Monzo as a serious alternative for all her banking needs.


#13

Yeah sure I know what you mean. I had a bit of an ‘ehh?’ moment listening to her say how fantastic it is but then that she won’t be switching. I thought she’s pretty ignorant to what they are doing here, but I guess that’s how a portion of the user base feels and Monzo needs to listen and understand them or lose their vote. Kind of like Brexit.

It’s the same with any market disruptiion really - most people in the early mainstream are caught up in the hype cycle - they don’t really get how it is better or why it is here but everyone they know said they should get it so here they are. It is only after the new thing keeps getting better and the old thing stays the same that they realise the old thing is not what they want. Plenty of people 10 years ago were happy with their feature phone as they already had a desktop computer - now all the feature phones and desktops are in a landfill :frowning:


(Brandon Billingham) #14

I think we also live in a bubble.

Example, for a long time leading up to Brexit vote I was convinced it would never go the other way because everyone in my social bubble was a remainer. Not till the last couple of weeks did it flag how close it was.

We live in a bubble where everyone is an early adopter of Monzo and a participator in their roadmap.


(Change Works) #15

Although I had a feature phone and desktop PC back in the day, I can assure you that I am not in landfill (not yet, anyway) :grinning:


#16

Yeah. It’s good that Tom and the team are aware of it though. I seem to remember him saying that if they build everything that the forum power users want then they will build something that nobody else wants, so they need to listen to regular people who don’t care enough to read the company’s blogs or write about it on a forum.

They need to listen to them but they also need to beware their feedback too as they will end up just building NatWest.:grinning:


#17

Correction… a small number of those people are now in landfill. The rest are still around and wouldn’t be seen dead with a feature phone :smile:


(Brandon Billingham) #18

it’s reaching those people that’s the harder part.


(Change Works) #19

Ha ha. I’ll look forward to meeting those few individuals when my time comes. :grinning:


#20

There is an advantage in a physical bank as you can get your money out, like with northern rock.
The open banking changes do seem a bit like buyer beware, due to the protection issues.
I think perhaps with online only some issues are: access, trust and customer service, you can always go into a branch and complain, as person as limited options to just ignore you…

However “Your bank cannot hold you responsible for unauthorised transactions just because you have shared your credentials with regulated AIS and PIS providers.”
(https://savingschampion.co.uk/news/savings-news/open-banking-brave-new-world/)

(https://savingschampion.co.uk/news/savings-news/ask-anna-what-open-banking-and-can-i-opt-out/)