I know a Monzo account holder who has previously got into financial difficulties (and is still in some, but the Monzo account is helping) who has some suggestions on how Monzo can help people like them:
Different card colour/harder to read card.
A problem they’ve highlighted is that it is just too easy to spend on Monzo: the card is very obvious in their wallet/purse and the numbers are easy to read: meaning a lower “barrier to spend unnecessarily”. I’m not actually sure what Monzo could do in this apart from offering a dark blue card like practically everyone else (with numbers which rub off…)
Changing the notification sound.
Yes, it’s good - but it does (for this person) act as a kind of “reward” for spending: the lovely ‘chur-ching’ noise we all love, they also love it and what better way of getting it to sound than spending more than they should… They’ll still like an alert (in case of card compromises etc), but being able to change it to something less rewarding (think Nedry from Jurassic Park ‘Nu, nuh, no…’ or a depressed sounding ‘de-chunk’) or a custom sound file on their phone would be good.
Being able to set direct debits to come from certain pots and then have the pot ‘auto-top-up’ to a set limit whenever it is able in a whole figure. For example: ‘Pot Credit Card X: Keep £50 in at all times’. Direct Debit comes out of that pot, reduces the balance to £5. As soon as the main account then in more than £45 credit (for example, straight after pay-day), take £45 and put it in the pot to reserve it for the next direct debit. It’ll then make it very difficult to be unable to budget for it.
They’d also like another person to be able to easily keep an eye on their spending: they haven’t said if they’ll prefer this 3rd party to have ‘full visibility’ into the account (see all transactions) or just get a daily/weekly/monthly summary (such as the monthly overview detail, but without being able to drill down beyond the categorisation level). The 3rd party the have in mind is also a Monzo account holder, but being able to access this via email or a web page would be ok.
Anyone got any other thoughts/comments?