Record 13,000 people switched to Monzo in Q3

2 Likes

Interesting - I know that not everyone necessarily uses CASS / does a manual switch - but given stats of what, 55,000 accounts opened per week - or around 600,000 accounts - only 13k have fully switched.

Edit - or if you look at the account counter someone made - 765,000 in Q3 -hard to image only 1.7% CASSed.

I wonder what stats are on ‘Salaried’ users from that period of time from Monzo’s POV

Just because they didn’t use the CASS, doesn’t mean they haven’t fully switched. Anecdotally, most people seem to do it in stages.

For example, I am full Monzo, although my old First Direct account is still open, but empty and unused. However, I didn’t use the CASS because I opened my monzo account ages ago and used it in a limited way, before gradually bringing over more and more of my financial life (SOs, DDs, salary, etc) as more and more features became available.

In summary, I am a full monzo user that wouldn’t be counted in the stats in the way that you interpreted them above and I’m sure I’m not the only one.

6 Likes

Also there with be a % of new accounts opened that will be people’s first UK bank account as they are new to the country or students heading to Uni, so nothing to CASS from

1 Like

How many were closed?

Can’t find the full figures but this is the net increase

This is interesting

These figures are paired with research the switch service did this month, finding 37% of under 25s will ‘multi-bank’ – in other words, leaving their old account open when they open a new one. This is compared with just 17% of over 35s who will leave old accounts open.

Source

1 Like

Only one example, but the only time I used CASS was to close an unused account (and get the Full Monzo badge…)

Both when I moved from HSBC to Starling and then to Monzo I did it all manually, which was not that difficult overall

That HSBC account claims it has been open since 1991 (longer in reality) and it will be useful for some question some time

Like my partner who came to the UK from Malaysia and using Monzo as a primary account and have received her first salary today :raised_hand_with_fingers_splayed:t4::point_up:t3::stuck_out_tongue_closed_eyes::joy::sunglasses:

3 Likes

This one is intresting..

Just found this blog which i don’t think has been posted on the forum

1 Like

It’s not the CASS figures that the incumbent banks are worried about.

We’re aware of a growing perception amongst all of them, that if they so much as see a transaction to a Monzo account from one of their customers, be it to the customers newly set up Monzo account or to a friend/family member who has an account with us, that there is then a statistically significant chance that customer will, over the next few months, decrease activity with them and increase activity with us.

It doesn’t mean they’ll necessarily CASS.
It doesn’t mean they’ll necessarily put their salary directly to us.

But it’s enough for those banks to be very concerned.

Because we all know there are various levers we can pull here that we’ve only scratched the surface of. There’s many more ways that we can incentivise primary account usage, or switches, if that’s our primary goal. And we will do many of those things. And then we will see what happens.

It’s an exciting time for us.

20 Likes

I have fully switched from Barclays to Monzo however I never used the CASS as I joined Monzo before it was available. Also I think the actual number must be higher as a lot of people want to keep their hight street bank account open. It gives reassurance to a lot that they have someone to talk to in a branch for some reason.

2 Likes

Them’s fightin’ words. :cowboy_hat_face:

5 Likes

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.