I still can’t decide if there’s a winner here. I like Monzo, but their poor app development is so frustrating. They are not interested in providing basic functions. I had assumed whilst on the CA preview we’d see many app updates as they tweaked things. I think there was one update.
Starling can’t seem to do things like re-setup a direct debit if it has the same reference number, which just suggests poor software writing, and no one thought about all the issues that could come up like this. Makes you wonder what else hasn’t really been considered.
Legacy banks have obviously had so much longer to get these things right but maybe in time we’ll get there with the newer banks, but we’re not there yet.
Yes as far as i can tell currently it 100% doesn’t, there’s still not enough info in the blog post to fully answer in future, but I suspect no it really wont. I actually like pots as a savings idea but dont feel its that innovative. The blog post even says ‘great for savings’ itself, though thats debatable given monzo doesn’t pay interest and starling is minimal.
Some people need or want a distinct second account, not a bolt on savings/storage option to make do with. It mentions DD’s but not SO or something like Continued Auth Payments on a card. I think Monzo/Starling will figure they need to seriously look at second and joints sooner rather then later. As monzo/starling grow and become more successful, it’ll raise expectations on the legacy banks. You’ve already got the likes of CYBG and B making efforts, real time transactions on Amex etc. They already know its cheaper to service people via an app. At some point they’ll catch up (or buy someone with the knowledge or tech to do and roll it out) there’s a risk everyone will just move back or have little reason to join anyway. One thing the legacies have got down is getting longevity from their customers.
On pots does anyone else think the current location within the app is pretty poor? (as are account sort code and number). I didnt even realise it was live and even when i did find it, i later forgot where it was again.
For me, i would love to be able to tap the account button on the menu bar and have the option to view another account, or swipe left/right to another - job done! (and that could work for second or joint accounts or other future products if they were incoming). Cant say i especially miss the pulse/burndown graph at the top. The account name & details, available balance and with ability to swipe to another could fit in nicely up there too - especially when a/c details aren’t on the card.
Back to M vs S though - both have prioritised pots which to me feels a bit odd. Both current implementations offer little extra over having an alternative account anywhere else, only minus having the absolute certainty that money you want is separated totally, clarity about how it works and minimal or zero interest on whatever you’re saving. It feels very ‘me too’ on both sides. Monzo were talking about it back in Mondo days but starling then rushed it out. Now feels like Monzo have wanted to get it out to match Starling. Personally, I would have preferred starling put the effort into the login and password ux and monzo on the payments tab.
As a Starling CA holder, I think this thread captures it all. Both offerings are on a journey - each has features the other doesn’t (yet) have and both are finding it challenging.
Right too, that whilst Monzo is disappointing some very patient but committed members with a less than exciting CA roll-out, Starling is frustrating with some of the basics.
Two very different approaches yet I’m sure we’ll end up with two enviable products. (I feel all warm inside now ).
I am exactly the same. Actually pretty taken with Starling and thinking I prefer their UI too. I have the full Monzo current account but just waiting for it to be totallly functional and more slick. It pains me to say this though. It’s definitely simply because Starling are ahead of the game but the lack of Overdraft thing is annoying on Monzo and the naming of sections is more intuitive with Starling. I think this forum gives Starling a hard time for pretty small things - the thread on apple pay activation summed it up for me.
I really like seeing that UX and marketing alone can make a company, as I’m a digital and marketing strategist.
But as a consumer, I am looking at the actual features. Starling offered more / offered it earlier / is cheaper.
And the amazing side of digital banking are exactly the same: real time, easy to use, stupidly easy to open.
CASS is a key aspect for Monzo, even if the fans don’t care about it. The main resistance that Monzo, Starling, etc… have to face is the “trustworthiness” factor. It’s not that immediate to get millions of people to say “yeah, I’m OK with putting all my money on an app”. Not easy at all. But that’s the goal or they won’t survive.
Monzo is OK for now thanks to the last round of funding, but they have to grow even faster to lead in the long run.
I don’t see it as putting all my money on an app. I see it as having my money in a secure, latest tech, best in class system … that uses an app as an interface (just like a browser when internet banking).
But you shouldn’t underestimate the amount of uninformed people out there that don’t even know what FSCS is. Hell a lot of people don’t even know what protections you get with a debit/credit card and what a chargeback is.
I have found Starling a bit harder to talk to when you have an issue as I recently had an issue with my account and I was on chat for about 45 mins going back and forth with the same info. I agree that they seem to be more robotic though. I still don’t like their Pulse thing, it just drives me nuts
When I have got an issue with Monzo, the people are so nice and I can even have a bit of a conversation with them (I happen to have the same customer rep helping me out twice which was amazing) but overall they get my issue sorted much quicker and with emojis
I’ve decided that when I go on holiday, I will use my Starling card for withdrawals and Monzo (and occasionally Revolut) for card payments
Revolut is good if you want to buy some currency in advance and if you know if the pound is going freefall…although I will be getting N26 when it eventually comes out (maybe go N26 Black or N26 Metal)
I often leave home without my wallet because I really don’t need it. Not having Apple Pay severely limits my use of the Monzo card, and it’s a key reason why it isn’t my main account yet (along with reliability - I’d like to wait at least 6 months without any service disruptions before relying on Monzo to that extent).
What on earth did you do three years ago before Apple Pay even existed? It’s not a hardship to put a single debit card in a pocket whilst you wait for Apple Pay.
You may find the observation amusing but the problem given really is easily solved until Apple Pay is available with Monzo.
Apple Pay is a frequently discussed topic, and frequently people are reminded that Monzo is unable to confirm or deny they’re working on Apple Pay due to Apple NDA. We go over this again and again and again.
This wasn’t even a problem for anyone until very recently.
I have just decided to switch my main Halifax account to starling because I can just use it with yolt for budgeting functionality…i will check back on monzo to see how they develop. My heart wants me to bank with monzo… Because Monzo are cool. But my brain wants me to have app/bank with better functionality…
Ps. Also starling have personalised photo for pots/goals savings which actually sold me for the time being haha
Unfortunately I have no experience of Starling, app functionality is important true but what interests me most is the backend tech, after all that’s where all the good stuff happens.
So what I would like to know is does Starling have good back end tech or are they hooking into legacy unreliable existing infrastructure?
For all the good tech and fancy app (the best one around) Monzo can not rely on that to attract and keep customers if they can get mobile banking from a competitor that offers overdrafts first and at better value, offers Android pay first, offers Goals before our Pots, seems to always be a step ahead. We may be Monzo fans, but it is the non-fans we need to attract to our bank. They will line us up against Starling and find us to be lacking if they purely do a tick box exercise on banking services and app functions. You may swing them your way if they got to see or try the app, but now the prepaid is gone they are unlikely to open multiple accounts just to evaluate an app. So coming up with a significant First or a significant USP is much needed
This is true, but Monzo seems to be doing a pretty good job of this so far. almost 123k active current accounts, and a waiting list with tens of thousands. We don’t know how many users Starling have, but I don’t think any estimates have put them anywhere near 100k. That doesn’t mean they’re worse, but more that attracting people is about more than just having features first. This isn’t a criticism of Starling – they have plenty of time to grow – just an observation about ways of attracting people.
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