Fair enough but as we are being serious now, if Monzo do have to pay for access to this data (which I believe theyâve said they do) then how can they afford to pass it on for free at the moment?
(Now, I donât know if they pay for it for their own use and passing it on is an extra which would colour my judgement.)
I might agree for the Barclaycard integration because if I remember correctly, that didnât come out of Labs.
The Credit Score though, thatâs a different matter, that was being rolled out to customers and was clearly going to be part of the core offering by the wording of the original post and Blog coupled with the e-mail retracting the service.
I personally donât have an issue with it as Iâm getting it as part of Plus anyway but it does seem a bit disingenuous on Monzoâs part.
I wouldnât call it disingenuous myself. I donât think thereâs been any attempt to deceive.
What weâre seeing is Monzo shift features around (in a highly volatile market right now) between their products. It sucks that the basic account has been frozen for so long, and I donât agree with Monzoâs direction on this, but I donât see that theyâve deliberately misled us on any of these issues.
phildawson
(Sorry, I will have to escalate this.)
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Yeah I donât think anyone at Monzo way back when though weâll string a load of customers along into thinking theyâll get this for free, doing a muh-ha-ha little do they know theyâll have to be paying us ÂŁ5 a month to actually get it.
Just a case of them brainstorming going right we need other things to add to Plus to make it sound better. Well the roll out of credit reporting didnât really happen as we wanted, weâll claw that back and shove it under a Plus benefit instead. Sure itâll piss off a tiny percentage of forum users who wanted to see it but for millions of customers who didnât know about it looks like weâve created something new. Excellent thinking Brian, âdo itâ
I get the original aim behind Monzo to be not just a bank but a financial hub but in that regard there are others who have stolen that crown.
You can only see your score from one credit agency, so you still need to use other apps to view the others and theyâre all free. And there are already websites that offer all of them combined which is what you want.
But my point still stands, why put it behind a paywall when itâs free from the provider. Itâs Monzoâs choice but it doesnât make a lot of sense. It feels a bit like, how can we justify ÂŁ5.
Strictly speaking itâs not to the detriment of core monzo since it never had those features, it just means the rate of improvement there will slow.
This is the inevitable consequence of launching a premium tier based on app features. You can expect most interesting features to be plus only from now on, because thatâs how monzo have aligned their incentives.
I donât think seeing your credit score in app should be core. By not having it, that doesnât change your day-to-day banking experience. So youâre paying for convenience of having it integrated instead of needing to go to a seperate app.
Itâs a fair point that you pay for the convenience of having it integrated into the app, but I really think this and especially the linked cards feature should have been free. It could have helped with increasing salaried users. I read that salaried users was fairly stagnant around 30%. Iâd love to see the team push hard to increase that to 50+%. Paywalling those things puts me off wanting to move my salary to Monzo. If Monzo needs revenue asap, then placing these behind a paywall definitely makes sense though.
But NatWest offer it free in their app, fully integrated, same credit agency.
It was available in the app for a while, for many, it then got switched off and now itâs behind a paywall.
I really like Monzo but I think theyâve not been innovative enough. Theyâve sadly stalled and other banks and apps have caught up or in some cases over taken them.
It was only available to a select few for testing.
There are plenty of things that Monzo offer for free that other banks donât Difference being is that NatWest are subsidising the cost elsewhere where as Monzo are being transparent.