I wonder if this has almost been because of their own processes, rather than because of the appeal? Up until recently, it was a requirement to have a personal account in order to have a business account with them. Given they were offering the bounceback loans and various support initiatives (and handling it better than legacy banks in many cases), if businesses were moving over to Starling, is it not a fair assessment to believe that this would mean their average age of the retail customer also increased as a result?
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I was wondering that myself.
presumably because this is the third thread in less than 30 minutes heās trying to derail.
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Itās a Starling thread and heās talking about Starling customer support.
Coz people donāt like him so the usual flagging crew comes out in force to suppress his posts like they usually do if anything bad is said about dear Monzo
It is the same that will happen to this post in a minuteā¦
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The irony of him talking about banking fanatics and then turns up here. Amazing.
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Iām just guessingā¦
Heās been ranting about telephone support in two other threads and now this one. It might be about starling but itās not his reason for posting
My guess would be someone is flagging him to get the mods attention to block his account. But just a guess
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flagging crew comes out in force to suppress his posts like they usually do if anything bad is said about dear Monzo
This. Itās really odd ā¦honestly.
Starling are pretty much on point the ONE thing thatās missing shared tabs. Otherwise itās like for like in many ways only it feels like itās got a āproper bank ethosā behind them.
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Pretty much this, and it is the silent ones (we all know who they are) that are doing it.
No we donāt.
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Not sure Iād say theyāre bad at it.
The vast majority of customers have a bank account but donāt feel the urge to analyse or critique it or, indeed, compare it to other banks. Their bank is a thing they spend little if any time thinking about. And switching is not even a thing.
Budgeting is also a minority interest and certainly not a driver for choosing or sticking with a given account. And budgeting is probably what distinguishes the new style of fintech bank from the rest, as the notion of instant notifications is no longer seen as a feature only of mobile banking.
So if you donāt crave chasing the next CASS Ā£100 and you can pretty much manage your money, thereās no driver to move.
If anything, thereāll be a drift towards high street banks who have broader product offerings and ever-improving apps.
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This topic is temporarily closed for at least 4 hours due to a large number of community flags.
This topic was automatically opened after 12 hours.
Coral Crew:
Can we move this one over now please?
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@simonb, just to follow on from this:
https://community.monzo.com/t/starling-makes-a-profit-for-oct-2020/109144/20?u=n26throwaway
Counterpoint - when Monzo did do it (quite a while ago now!) it was hugely successful.
Out of interest, what metrics were used to measure that?
I would have thought bribes would introduce too much bias and influence over someone to measure success effectively. Especially when it comes to services. Are people recommending people and claiming to love Monzo for free money, and are those who join do so because they like whatās on offer, or because theyāre gonna get something out of it, then stay due to inertia? I know a few people who tried to get into the bank switching game, moved to first direct first, and then just stayed because they couldnāt be bothered switching again, rather than on the merits of the service alone. A big success for first direct Iām sure, but how do they measure that success in terms of the quality of their service, rather than consumer laziness?
Although I can probably see how it may incentivise someone to go out of their way to try something and they actually fall in love with it.
I suppose ultimately it depends on how itās handled, and I would probably be a little more accommodating of something that would perhaps only reward the person Iām referring for signing up, and not myself. Itās the referrer getting a kickback that murks the water for me.
I assume when companies have to reward their customers to recommend them, itās due to their product not being good enough to effectively sell itself on its own merits, and Iām not sure how you could measure success to account for false positives in such cases.
And then we have companies like smol, who keep pestering me to send this message to my friends and family:
Hi, I thought you might be interested in a brilliant new company I am using called smol. I really recommend them!
What is smol? The worldās most effective concentrated laundry capsules and dishwash tablets that come in the post. All this and they are cruelty free too.
By delivering direct they can save you up to 50% on your normal brand price. They use less chemicals than other brands (with no loss of performance) plus their packs are super compact and plastic-free.
They are currently running a free trial for new customers. I didnāt want you to miss out.
This is blatant MLM in the form of a referral program. Itās a damn shame because their products are excellent, but I canāt recommend them, and the second a laundry capsule comes along that matches their credentials, and isnāt run by big laundry, Iām gone. As I direct result of their approach to a referral program.
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A Ā£5 reward wouldnāt make me recommend something that I didnāt believe was good enough.
I always see offers to refer a friend for various things and make some money. I only do it if I would have done that for free anyway.
But Iām sure some people made a chunk of money from recommending Monzo. Would they have done it for nothing? Maybe. Maybe not. But thereās no way to know or test that.
Starling can say they havenāt āboughtā users but then they have 1/3 of the users, maybe if theyād offered a reward they might be closer? Or maybe they are happy with their growth and now making a profit.
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What is MLM, please?
Basically a pyramid scheme lol
Multi-level marketing ( MLM ), also called network marketing [1] - or sometimes pyramid selling [2][3] [4] - is a marketing strategy for the sale of products or services where the revenue of the MLM company is derived from a non-salaried workforce selling the companyās products or services, while the earnings of the participants are shared in a multi-tiered compensation commission system. An MLMās compliance program ensures that compensation paid by the MLM is based on actual sales to real customers, rather than based on wholesale purchases or other payments by its participants.[5]
Source: Wikipedia
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Yep, this. My issue is more to do with the approach to selling that MLM schemes take. Itās very pushy, and rubs me the wrong way. Smol send me those emails on a monthly basis asking me to copy and paste a crunch message to push smol on to my friends. The tactic, the wording, and the overall approach is very similar to that which is employed by pyramid schemes, and I canāt stand it.
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Well done. Thatās definitely what itās about.
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