To be honest, for me it isn’t about who gets there first, it’s who gets their right
I don’t mind not being the first to get features - if it’s better. Take saving pots/goals: We’ve seen what Starling have done, now. Monzo has the opportunity to see what works about it, and what doesn’t. If their version takes a while longer to reach, but beats Starling - wicked. If it takes longer and subsequently under-delivers compared to Starling, then we can have a different conversation.
Blind loyalty is just that - blind. Nobody cares about your own money more than you, so put it to work the best way you can. Knowing that both these banks are in high competition with each other and delivering new features that will shape banking moving forwards means we just have to cut them both a bit of slack and enjoy the stuff they’re doing
Nothing blind about it and no huge difference in terms of service. What they both do, they do equally good. What one offer, the other doesn’t. Plain and simple.
And there’s nothing here about being first. It’s about being useful. I wanted to drop big banks, Starling offered me that. No blind allegiance, no early adoptions. Just offering that met my demand.
As I mentioned, the thing that really held me back was the lack of the current account. It’s coming now, nice. But I’m with Starling and unless there will be real reasons to switch, I won’t. I’m a digital specialist but UX won’t make me switch by itself.
I experienced the same thing the other day. Being the first person I knew to adopt Monzo, but the last to be offered a current account, I was ready to drop it and give Starling a try. Something stopped me however; it’s what you describe. There’s a certain feel possessed by the entire user experience. From the animations in the app to the hot coral card, there’s just something strangely attractive about Monzo. So I held off and the next day I got the current account invitation.
Android Pay is working. I have a sort code and account number. Transfers work stupidly easily. Having used it for a few days, I’m delighted with it. It’s a really odd turn to become so engaged with something as mundane as your banking, but I put it down to ongoing, developmental nature of it. Just as it’s fascinating to watch services like Google and Twitter develop, improve and expand, it’s fascinating for a service like your banking to move along the same lines, making the same sort of moves to improve the user experience.
Picture Google, Facebook, Twitter or Amazon 5-6 years ago compared to now. Now apply that level of progression to something as personal as your banking. It’s exciting.
I think this is the real triumph, whichever service you use. Engaging people in their banking, beyond it just being “a bank” and there to make money off you and screw you over.
These are exciting times for Monzo and if they can convince customers they’re there for them they will do very well I’m sure. I just hope that they can scale their superb customer service as they grow.
I think people value customer service more than ever now, as they’ve usually been burnt by their legacy bank at some point who have extorted money from them for something.
Monzo have the chance as starting they are afresh to change that. I hope they take full advantage.
When Apple Pay comes along that’ll be welcomed and encourage more to use the account full time, as some swear by it.
I came to Monzo and was delighted by the UX. I tested Starling and found the features was way ahead and customer support was very fast and friendly.
While I enjoy using Monzo I like using Starling. Notice the difference between “enjoy” and “like”.
For me it’s down to Monzo to offer me a CA with the features I require. I won’t keep both accounts around for too long. Starling has the features I want today and Monzo does not. But I have a connection to Monzo that I do not get with Starling. But I’m not waiting on a infinite time scale of “soon” gifs
Agree. I originally got loads of people on to monzo.
Now I have both (mainly because I read how terrible starling is from this forum which turned out false and wanted to try it myself after a colleague said try it)but Monzo is still on my bedside table in envelope. On android the app feels like a shell in comparison to Starling and indeed the iOS Monzo app. No Cass, no overdraft, chat to CS if I want a pin reminder etc etc. Been hearing about parity for four months…I’m glad pots is soon but things like CASS and overdraft should easily be a priority (though the overdraft is well expensive which is another blocker)
Why would CASS and overdraft be a priority? CASS is something you use one-time and is a nice convenience, but hardly essential. It’s a one off thing to switch some payments.
As for overdraft, it’s rarely a good value way of borrowing money anyway. It’d make sense for them, since it’s potentially a profit source, but not really something to desire as a customer.
Do people use their overdraft a lot? Should we have a financial eduction section where we discuss budgeting and getting out of debt? I’m with MMM, debt is a financial emergency! Spend less, sell stuff, work more. Debt is robbing your future self!
Why would CASS be a priority? Seriously? Because 58k people per month switch accounts and if you want to attract an older generation with lots of payment set up this is importsnt, or generally people who have a life and don’t want to set up/move 23 Direct Debits manually.
Overdraft might not be a desire for you as a customer, but as stats show many people use them (it’s shocking in fact ) and won’t move bank if they’re can’t because they have an overdraft in use. Maybe monzo doesn’t want that type of customer anyway, I don’t know.
I don’t use an overdraft but I have one just in case, and feel a lot of comfortable with 2p per day than 50p per day if something unexpected happens. I don’t have money issues but I send quite a massive chunk into savings each month and on occasion i have sent too much and it acts as a safety net.
In order to attract people to your product you need to make things as easily for them as possible.
People switching to better current accounts has had a notoriously low uptake for years. CASS was introduced to make things easier for people and has encouraged some more switching, but it is still low.
There’s an awful lot of inertia. It’s all about removing barriers.
As for overdrafts, I was reading yesterday that something like 60% of people are into their overdraft just one week after being paid. Personally, speaking, I’ve never used an overdraft for over a decade now.
someone had to tell him. Cheers 