Results in! Budgeting, financial planning and expense tracking poll

[StuartL (Stuart)]

@Peter_G

Year in Monzo has a mixed review (47% of folk thought it was useful). But 71% of folk wanted something similar in the app . Explanations below please!

I think it comes down to the fact that getting it once a year while nice isn’t all that useful. However if it lived permanently in app then the information might be a bit more actionable.

[davidwalton (Award Winning Hot Coral Analyst)]

I agree and touched on it in the comments for the other poll:

Rethinking the Marketplace / Integration with other services

I’d like to see the ‘hub’ too. The founders, at least one of them, wanted the hub as a centre of what Monzo should be. But as becoming a full-on bank took its toll, almost all of them have spun off. And replaced by experienced traditional banking leaders which indirectly introduces legacy baggage and at times it seems like Monzo has already morphed from a disruptor into a, erm…, regular bank. The back-end tech still stands out as beyond the competition, and with extra innovative thin…

[edo1493 (Edoardo Moreni)]

@Revels

The majority of people don’t use a service like Emma, they don’t have the need. But people do need to see their spending habits in a clear and concise way.

Why do you say this?

[Revels]

Your app might be popular but it’s not for everyone. Not everyone has accounts that they wish to get all together. Not everyone is comfortable in sharing their account details with another app.

Starting off small I think is more important. How can I learn/know what’s going on across all my accounts if I haven’t go my head around the main account?

[edo1493 (Edoardo Moreni)]

@Revels

How can I learn/know what’s going on across all my accounts if I haven’t go my head around the main account?

I usually have 5 transactions a month on my main account, so for me it’s more a question of what happens on my credit card.

[Peter_G]

@Revels

The majority of people don’t use a service like Emma

True

@Revels

they don’t have the need

I’m not sure that’s true. This poll has shown that folk have unmet needs. Indeed, as you say…

@Revels

people do need to see their spending habits in a clear and concise way.

… so I think if folk can’t get this through their bank then they’re right to look elsewhere. And if @edo1493 and co can both create viable businesses and prompt banks to up their game, what’s not to like?

[edo1493 (Edoardo Moreni)]

@Peter_G

… so I think if folk can’t get this through their bank then they’re right to look elsewhere. And if @edo1493 and co can both create viable businesses and prompt banks to up their game, what’s not to like?

Think of Emma as a MoneySuperMarket 2.0, that’s what we do and we’ll do.

[Revels]

@Peter_G

This poll has shown that folk have unmet needs. Indeed, as you say…

But E**a is an aggregator isn’t it? It’s also yet another app to manage.

I don’t think it’s a bad thing at all and if people want to have another app to see it all together and if that nudges Monzo to improve then I’m all for it.

But first and foremost I think individual banking apps should have some insights in them, in the same way that I shouldn’t have to build a sheets dashboard myself, Monzo should be showing/encouraging me to look at these things.

[edo1493 (Edoardo Moreni)]

@Revels

But first and foremost I think individual banking apps should have some insights in them, in the same way that I shouldn’t have to build a sheets dashboard myself, Monzo should be showing/encouraging me to look at these things.

Banks are too busy trying to be a bank.

This stuff can’t and will never be their day to day problem to solve, while at Emma is life or death.

[Peter_G]

Out of interest, does this poll broadly align with your research? Or are we too much in a bubble to provide reliable results?

(Also, do you factor this sort of data into your product planning?)

[Revels]

@Peter_G

Or are we too much in a bubble to provide reliable results?

Considering he comes here and searches Emma all the time, I’d say there’s value!

[edo1493 (Edoardo Moreni)]

We look at everything.

[edo1493 (Edoardo Moreni)]

@Revels

Considering he comes here and searches Emma all the time, I’d say there’s value!

I always search “Emma”.

[Gaoler]

@Revels

first and foremost I think individual banking apps should have some insights in them

This is what I used to think a year or two ago. Now, I don’t even look at budgeting features from banks. My first question is whether a bank/credit card has an open banking API, so I can hook up to Emma and continue using just one and the same tool…

Any further development of budgeting by monzo is 100% wasted on me