Honest viewpoint here but I don’t want it to sound negative because it fundamentally isnt.
I love the Transparency, I really do. I think the way the Foreign ATM Usage situation was handled was really great and honest. The outcome was effectively a way to make it affordable, but keep it available for those who need it and still beats the competition
(The only negative thing I honestly saw of that, was the voting. It turned the community a little toxic nor did it allow any additional voting options with input from the community - but we can’t have everything )
I also appreciate the honesty with which top ups are now being handled. They cost more than they should and Monzo is absorbing the cost too much to make a profit. I agree on the approach (I never use it since getting a CA and moving everything across). I thought the blog post and the decisions behind it seemed fair and logical.
But one thing that really hit me today is its starting to feel like Monzo is doing a race to the bottom. They need to reduce overhead, so they need to cap some of the more, exotic features like Free ATM’s Aboard and Free Apple Pay Topups). Fully understand that, but I have to ask - where does that leave the customer?
Right now, your Mobile Apps amazing, your approach is amazing and open but ultimately what you are doing is giving the competition a run for their money. They are rushing to catch up - and eventually they will. At that point one has to ask, what does Monzo offer me over the competition?
I can give an example now. Monzo’s growth has been extreme, a great product at a time when no one trusts big banks while giving the community such a big push and role. However since then, with such growth and such users - the personal side of the service sadly takes a hit. It’s totally expected though. Speaking to Support now feels more scripted. Takes a lot longer to get to tickets and if so, it doesnt feel at all times like the person at the end has time for you - likely as they got so many people to support!
I’ll still remember the first few support requests, getting answered by Tom himself! Those were the days Though totally unsustainable.
So now as a Customer - with the competition starting to catch up - What do we get?
We’re losing some of the best Perks because the cost overhead is extreme and support is being hammered with so many users and becoming very impersonal - I’ve been called the wrong name more times than I care to admit on it!
Put it this way, if someone has thousands of pounds sitting around in their Monzo CA which is making a lot of interest for Monzo (in effect paying for the service as we don’t get the interest). What incentives me to keep it in that account? Pots don’t as all they do is lock my money in an interest free area and make my available balance deplete at risk of bounced DD’s.
Right now I have no choice but to transfer it off Monzo to another provider to make interest. Therefore Monzo is encouraging users not to have high value balances in their account.
Maybe the target market for Monzo is more for the lower end of the Financial spectrum and I just sound like a entitled (insert negative word here). But I do ask, who does Monzo want to appeal to?
Fundamentally though to the point of my rambles. I love Monzo, I do. I get the exotic perks cost a lot and need to be contained because of abuse/overuse by a certain % of people. But for the honest Monzo user, following the guidelines, using it as their primary account with salary, having a high balance - what does one get from Monzo to keep them as a customer?
Right now like I said its guaranteed because no one can compete with the service in terms of the App - but that will change in the long run.