RBS app Open Banking: why no Monzo option?


It’s also missing on the Lloyds open banking


Those are missing too. Seems counterintuitive to me for the neobanks who are supposedly at the technological frontier to not make the cut. Wondering if is this more a Neobank not being ready for Open Banking or legacy banks closing them out of their apps? :thinking: Maybe a member of staff can chime in on this @simonb

(Ryan) #7

Surely they want everyone to be full monzo so it shouldn’t be necessary :stuck_out_tongue_winking_eye:

(Nick) #8

Full Monzo != Exclusively Monzo.

(Ryan) #9

From my point of view you’re not full monzo if you have another bank account or a backup account but I’m sure that’s already been debated. Most people in the UK only have one bank account.

I don’t think any fintech bank like monzo who is focusing on making monzo everyone’s main account should be spending time adding a feature like this.

(Jamie 🏳️‍🌈) #10

Oh. Every bank wants to see how its customer is using the competition. All that lovely data it wouldn’t normally get to see from your other bank accounts, so it can cross–sell stuff.

(Nick) #11

The official definition of ‘Full Monzo’, from what I recall Simon saying on the forum in the past, is having your salary or bulk of your income paid in to your Monzo account. It has never been intended to mean you shouldn’t have another account elsewhere.

I was never a fan of the term myself precisely because of the disconnect between the intended meaning and the apparent meaning, as you so amply demonstrate. Not least because for the first few years (particularly when the account was still a pre-paid card, and in the initial changeover to current accounts) the messaging was always emphasising that you could open a Monzo account without switching or closing your old account.

Most people in the UK only have one bank account because banking used to be hard, and because incentives for opening a new account usually require you to switch and close your old account, which gives the impression that you’re only allowed one. With the advent of fintech, I think the percentage of people in the UK with more than one bank account will go up and up.

Indeed, there’s probably a number of people on this forum who have at least four accounts - legacy, Monzo, Starling and N26 - for example.

Finally, it is in the interest of fintech banks to embrace open banking. The easier they can make it for people to try them, the more likely they are to gain new customers.


From my point of view, I couldn’t care less about being “Full Monzo” or not by anyone’s definition/interpretation other than my own. Monzo serves its purpose for me as my current financial hub in conjunction with my other personal finance applications.

Their focus is to make money work for everyone and Open Banking is intended to be a big part of this for the consumer. This logic you have I find odd.

(Kolok) #13

In my Barclays app I can also only see limited banks


Interesting. I find it puzzling that challenger banks are behind the curve on this :face_with_monocle:

(NM) #15

As odd as this sounds maybe they were left out of the club. Even though its opensource it might not be truly opensource…

(MikeF) #16

But, as you pointed out earlier, that’s only one of the possible reasons for this. I’d be quite interested to know the answer.

(Gavin) #17

Same situation with the HSBC Connected Money app. It only offers the better-known high-street & supermarket banks, credit card providers and NS&I. It doesn’t offer the smaller building societies either, such as Principality, who have a number of branches around Wales and the borderlands. Suspect it is a size issue rather than a conspiracy against challenger banks…

(Nathan Steer) #18

Maybe they’re scared that they’ll encourage more people to try out the challengers (and then potentially lose customers) if they put the likes of Monzo and Starling on there :eyes: :grinning:

(Simon B) #19

My understanding is that we comply with the Open Banking standards and then some.

i.e our API is more sophisticated but the basics are compliant with the standard. I’m sure there’s some more nuance than this - equally I may be missing some context but the issue isn’t a technological one.

(Michael) #20

Is there a central hub for open banking or is it a web?


If and in that case, then i personally think it’s anti-competitive for them not to include neobanks.

Any plans on Monzo allowing this functionality so I can add my accounts to Monzo instead?

(Splodf) #22

In that sense then it would be impossible for me to ever be full Monzo, based on current offerings. Some of their products are vastly inferior, or just simply missing in comparison with the competition.

In my opinion using Monzo for everything banking, and ignoring features Monzo does not have at the expense of competition is illogical.

(Jack) #23

It seems like it according to this blog post:

Quote from post:

  • Visibility of more of your accounts in Monzo . We’d like to give you a way to see all of your financial life in one place, even if those accounts aren’t with Monzo. This could cover things like credit cards, other savings accounts, or even your mortgage.

(Simon B) #24

To a degree, but don’t expect us to become a full aggregator overnight.

What we’d like to do is look into the use cases and the things that our users really want and probably run some small scale tests to see if it makes sense for us. For example, let’s say there was a large demand for seeing Amex in Monzo. What would that look like, and how could we leverage it in a meaningful way that solves a problem?