Yes, and makes total sense.
With monzo hitting half a million current accounts, is there any indication of how many accounts starling has?
Iāve seen folk postulate in various quarters, but nothing definitive, or even ball-park.
As far as I know, this is the closest weāve come to a confirmed figure -
Well thatās fairly clear. Well spotted
Unfortunately Starling wouldnāt let me have a current account, and Revolut would so I have 2 at the moment. I am toggling the 2 but Iāve decided anyway to fully go to monzo when the top up fees come, hopefully it will be after CASS implementation then itās bye bye legacy bank.
Looks like their focus will be shifting. I wonder if they will start by removing the free ATM withdrawals abroadā¦
I donāt think companies should ever be beyond innovationā¦
Sounds like nonsense doesnāt it
Absolutely, but Iām justā¦ somehow unsurprised.
Complete nonsense
At least they are being honest with what they are trying to achieve.
Granted, the ābeyond innovationā comment was ridiculous - You can be innovative and profitable at the same time.
Butā¦ no point in having features galore and new tricks if you canāt make enough money to stick around.
Not to mentionā¦ the more profitable they are, the more they can give back in incentives etc.
I think we need to reflect that these are soundbites being taken from a wider dialogue at a conference being broadcast on the medium of Twitterā¦
Do l think that Starling is now turning itās back on innovation, no l absolutely donāt. Do l think the messages here is that Starling (and prehaps others) have got to a point in their products that now it is time to shift to scale, yes l do.
If we want these businesses to be here for the long term they have to move beyond 100k or 500k users. My view is that if you want to go from 500k to a billion users you will always need to innovative. That may not always be product (app) innovation that is your #1 driver to get you there. It may be customer service innovation or machine learning innovation or something else.
On the other hand, I feel like switching to scalability and profitability while their card still fails every other week is a bit of a stretch. Once they dump GPS and replace it with a reliable in-house alternative Iāll fully support them.
Iāve experienced no issues with Starling card for months.
you had your card fail recently?
I closed my Starling account due to other issues (disagreeing with their processes and policies), but GPS often has outages and I wouldnāt want to have my main account rely on that. Iām okay with GPS for prepaid, secondary cards (in fact its own name suggests that - Global Prepaid Solutions), but for my main account I want something thatās a bit more reliable.
Not saying Monzo is perfect, but it seems each outage we have here is due to something different and we always get a detailed post-mortem report with steps taken to ensure it doesnāt happen again - there is hope that once these bugs have been ironed out it will be stable. GPS regularly goes down with no end in sight - itās been like that even back when the Monzo prepaid card used them, so any kind of hope that they will finally fix those issues is out the window.
im sorry but youāve been banging this drum quite a while now.
explain to everyone when you closed your account for clarity. because it seems youāre more upset because they wouldnāt let you reopen it.
since iāve had a monzo and starling both current accounts - monzo has gone down more. that is fact.
Just closed my Starling account too. Had to agree that Iād never be able to reopen it or open another one in the future. Whatever. Makes me not want to go back or recommend them even more. Just left a nasty taste in my mouth.
End result of speaking to customer service was the same as monzo - fab. Always get the impression though that the monzo guys are having fun speaking to people when trying to help, not just doing it as a paid job.
All l I ever see in the media is their CEO. Thatās literally the only press I see. Why the CEO started the bank and the awards they win. Yawn.