These are both kinda cooked statistics. How does Monzo know what their primary bank is?
Also, monthly active users? How is this defined? One app open a month? A week? A day? Does it require spend? Does it require direct debits?
Even if they’re using Monzo as a primary bank (and Monzo is right on this) their average customer is important - is their average customer paying £7 to get a railcard and sausage roll or is their average customer holding £100,000 in investments via the Grow tab?
I reckon that the visualisations that directly equate to them making more significantly more value per customer aren’t as nice to look at as the ones that seem impressive.
Hey, part-time work could theoretically take that much money in… I do think it’s a bit hmmm though. There isn’t really a good definition to be found. I think Monzo would be better off stealing Nationwide’s Fairer Share criteria than whatever they’re using now though.
£500 in a month + two payments in/out (probably make this direct debit only, accounts without any likely aren’t that high value anyways) with an amount of savings (or more than 10 payments being made by card/direct debit per month) with any amount of income.
I like the idea to only allow ex people back with a paid account, but I suppose it begs the question, would it actually encourage people to stay, or act as a reason for people to leave again to save money?
My mate thinks it’s crazy I pay £3 a month for Santander and another £3 for Triodos he would never dream of paying for an account.
I remember as a student in the 80’s one of the key reasons I chose Midland bank was because they didn’t charge students fees (which at the time included fees for paying in money and paying out cheques… lol I am so old)
well they don’t, and I suppose I am unusual in not being bothered by that. Which is why I posed the question if people have to pay to return would it actually retain people? or just give people an excuse to close the account again
