Some of the newer cards are Mastercard (eg a debit card linked with the university of Singapore) but mostly Visa. If you look at the top 5 cards at Citibank, theyāre all with Visa.
There are more credit cards with Mastercard compared to the number of debit cards, but from my personal experience I probably can count on one hand the number of times Iāve seen someone I know use Mastercard.
When I worked in retail the ratio of Visa/Mastercard/Amex cards I saw was probably like 6: 3: 1
Yep, again using securecode to shift liability. No me gusta.
Have we derailed this thread though ?@GalaxyMergirl
I donāt think so. Some of this should be moved to 3-D Secure, yes. But, at the same time, it keeps coming up as a blocker for switching to Monzo. If people are encountering this enough, it needs resolved to address that and win switchers.
So, a bit of bothā¦ The finer implementation details (what it should look like, etc) should probably be continued over there. But personally, I think the āis this a show stopper?ā fits here nicely.
Hopefully we can have our cake this year. One possibility is Monzo is waiting for the new 3-D Secure standards coming soon. These should reduce a lot of the pain points from my understanding.
In the end I went with Starling, it just had got there whilst Monzo was still travelling, DD, Apple Pay etc, I also prefer the Goals to Pots as I can view several of them together, oh and no charge for foreign ATM withdrawal.
I can say that as long as Monzo keep their foreign card use structure the same, I will stick with them. I travel a lot and, small as they are, FX fees get under my skin. To be free of that is worth the teething problems for me.
I still have accounts at Metro Bank, but mainly just savings. Iām not sold on pots just yet, but partially Iāve just not had time to explore them.
Iām also an investor and am concerned that the development pipeline comments being made are about migration of pre-pay to CA. I thought the benefit of Monzo would be that their technical legacy would be better managed and therefore they would not need to devote all effort to the migration. I appreciate it isnāt quite flicking a switch activity but am I alone in being shocked by how difficult it seems to be. You get similar comments from the big banks. Monzo will fail if it does not out compete the big banks here and ensure they do not build this technical debt.
The problem here is that migration relies on the end user to complete it. Customers are under no obligation right now to do this. A firm timeline will be set in place in the coming months and then focus can shift back to features 
Okay, but this does not and cannot explain why other feature development is
suspended. Allow customers to migrate whenever they want, and therefore
shift focus to new features. I donāt understand why the migration needs
developer engagement stillā¦
Some things Iām aware of would be:
I would assume more than just those exist, and that they will be solved now that people are back from Christmas and New Year break.
Youāve summed it up quite well.
There is also focus on the migration because the intention is to shut it down. This has an end date, new features donāt!
Also, features are being worked on, CASS, for one itās not that all focus has switched 
I have Barclays account for over 12 yrs. They accelerated quite nicely tech side recently.
I have Monzo for few months now and when my ātestingā finished I use it less now. I am not going to switch to an account and I guess I will close it shortly. Android app is ok, but looks like it is lacking.
The only bits I will miss are instant notifications and notes to transactions. If Barclays add those, then no point to stick to Monzo at all.
I think youāve hit the nail on the head here and that is the big banks with their 1000s of development staff are seeing the shift and are developing rapidly to get the main features people want. While already having the things we are waiting for like Apple Pay.
Itās not a great ask for pending payments in fact several old banks have added this and notifications I canāt imagine are far behind. Adding logos and making a feed more interesting arenāt going to be hard to add either.
The budgeting and stuff is the hard bits and that is where old banks may stumble as they donāt view it as their responsibility really. However there is plenty of apps that pickup that slack itās just will people will be willing to make Monzo that one central place over 2/3 apps to make what Monzo is and wants to be (a financial control centre)
Thanks James. Your assessment is startlingly obvious, come to think of it (which I hadnāt).
Instant notifications and money management tools pretty much account for the vast majority of wants. And I suspect the core demographic will secretly be more than happy to run apps alongside their bank account to meet their daily needs. Itās what that app store is all about 
.
Itāll pay the mobile banks to think hard about this in terms of direction of travel. Whatās going to attract the audience for the longer term?
A thought provoker, and no mistake.
You do know the challengerās plans for this, right? I would explain myself but I donāt have time right now.
The plan isnāt just to give users access to the appās functionality within the challengerās apps is it?
Iām more taken by the notion James raises about the potential for existing high street bank development teams to rapidly respond and narrow the excitement gap.
Ultimately it feels like functionality alone wonāt win the day - customer service, the softer stuff, will surely have a greater part to play. Both Monzo and Starling forums put a lot of store in the relationship account holders should have with their respective bank.
Sure, itās going to take both functionality & a good relationship to satisfy users. I think the challengers have to be strong in both areas.
Itās definitely not impossible for the legacy banks to catch up with what the challengers have now. As Iāve said before, theyāve only delivered the basics.
The question is, can the legacy banks catch up before the challengers innovate more, especially when it comes to the clever stuff that the truly digital challengers will be able to do.
And will they successfully reorientate their business model so that itās service, as opposed to product, orientated.
And thatās really the point. And even if they can, do they think they need to?
Itāll be fascinating to see quite what the genuine challengers will have delivered and embedded in 18 months or so.
And your latter point about the legacy business model:
Itād be one thing to refocus their developers into innovation - quite another to reorientate the whole approach to customer satisfaction. A big askā¦
I think many of the traditional banks would argue they orientated to a service approach a long time ago. Is there really product innovation in consumer finance? Theres has been tinkering around the edges but credit cards, overdrafts, mortgages havenāt really radically differed. That their service orientation misses the mark with customers is a important but it is being tolerated by customers.
For me (and l have mentioned this elsewhere) is when price comes into the proposition and whilst āfreeā banking remains the current fintech entrants will never really leverage their real benefit, that their cost are lower. Service is important too, but innovationā¦ can l live without notifications/emojis yes l probably can.
One of the real benefits of the internet is that the cost of use fell significantly and for things like Facebook, Twitter et al itās free if l sacrifice my personal data and insights. Until fintech entrants can tap into that, they will always have an enthusiastic base but will they wonāt significantly brake into mainstream.
My partner and l are very similar in many ways (not looks l have them) he doesnāt get my fintech thing. For him itās all about having stuff in the same place, interacting via the same channel etc. I say āwell thereās an API for thatā he shrugs his shoulders and says whatever l will stay where l am.
To get to a billion accounts there are many people like that to persuade and for me the easiest quickest way to influence them folk is through cost. Until cost is an issue in the UK fintech entrants wonāt storm the market. It will be really interesting to see how Monzo performs in markets where there is cost such as Europe and the US. My guess is whilst Monzo is born of UK itās more successful markets in terms of pick up, retention, income generation will be outside the UK.
Maybe they would but they havenāt. Hereās Monzoās co-founderās explanation of what that can really be -
I think we can all agree that, thatās not what the challenger banks are pinning their value proposition on 
Iām not sure what you mean by this? The challengers will be analysing our personal data to provide insights & earn revenue.
You can get used to that, itās going to take a while for some people to see how what the challengers are doing is different
Cost is an issue (although not the only one), the legacy banks make about half their revenue from punitive fees - the fees that the challengers arenāt charging. Customers know this (even if they donāt know how the revenue models are structured) & they donāt like it.
Think my point was here was the internet became free on that premise, l am happy for my browsing history to be known used for insights. Am l happy to for my bank transactions to be used in that way. I am, not sure the wider population is ready for that.
Absolutely Banks have cloaked free banking in this model. I know itās not free! But for me it is my DDs donāt bounce, l never go overdrawn etc but some poor folk are paying for my āfreeā banking. But letās say l incurred a couple of charges a year, would that in my mind be resolved that the rest of my banking is free. Maybe. For me l think the fintech entrants need to get together and start pushing Government that they have a more cost effective sustainable business model than Banks. That would benefit those less well off through less charges and budgeting tools. People shouldnāt be paying Ā£8, Ā£15, Ā£25 for a returned direct debit when all it is one line in an electronic file being sent. Until we rid the notion that banking whilst in credit is āfreeā in this country l fear the market will not radically change.