Does anyone else feel that the legacy banks have less to do to catch up with Monzoās benefits than Monzo has to catch up with legacy banks functionality?
Iāve also questioned whether I should move back to my legacy bank, given that Monzo arenāt exactly working at great pace to introduce new features - more to migrate existing prepaid customers to current account.
Pretty much every legacy bank has complete parity between Android & iOS. Most have a ton of extra features like joint accounts, reporting, overdrafts etc
All they seem to be missing (feel free to correct me) is instant notifications (which a few now have) and open banking integration (which Monzo themselves donāt fully have yet anyway)
I think the gap is much easier to close for legacies than Monzo right now.
Not to sound negative because I am a Monzo customer, and want them to win out, but I canāt ignore the spreading dissent in these forumsā¦
Yeah, thatās part of my feelings right now too. Monzo has typically been viewed as more agile due to modern infrastructure etc but Iām not feeling that right now
I still support Monzo and have faith because I believe in their ethos though. If I didnāt then I would have moved over to Starling by now - I have thought about and assuming they continue along as they are they would probably be my next port of call if I did move away from Monzo for whatever reason
I agree who knows how it will look like in 6 months but till now Monzoās record is not so great just as an example this what @tom said a year ago
Its still not available I can give quite few more examples and I also understand things donāt always go to plan but Monzo are failing to followup on these sort of statements IMO transparent roadmap is also like a moving target
I still believe Monzo will improve and in few years time I am hoping to see a rock solid product and innovative CA
Got to admit, Iāve considered going back too. Only thing thatās stopped me is that I try to keep ethical. So all the big banks are out for me.
But really thinking about it, thereās not much Monzo does that my (absolutely terrible) Co-op Bank account didnāt do. Pending transactions and instant notifications are really the only things Iād miss.
The direct debit on payday thing and the lack of any overdraft as a workaround for that has made me think majorly - youād think sorting something like that would be a huge priority.
As an Android user itās even worse as weāre so far behind iOS. Itās been well over a year since anything significant was added or changed in the Android app - and it was said weād have parity for the current account release.
I originally started looking around because they (Co-op) didnāt support Android Pay - they support Samsung Pay now though.
And yet Monzo has grown so much in size. I guess that is mostly in terms of COps
Anarchist
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I think theyāve been focused on moving all the prepaid customers to current accounts and it feels as if this has delayed progress on other improvements.
They seem to be getting nearer to 50% completion on that so Iād expect some current account improvements to be coming through in three or four months at a guess.
And to piggyback off your comment, legacy banks could probably get more done to close the gap in 3-4 months than Monzo could (going by the last 3-4 months)
Using Barclays as an example, their mobile app has come on leaps and bounds in the last 3 months or so, to the point where itās actually really good.
Didnāt switch to Monzo because I think they are not really there yet for me. I see people so excited about Monzo here but they donāt want to know that everyone has different requirements.
Also weird that Monzo staff and all hardcore fans always stay quite on topics which are critical u feel they expect these sort of threads to die in few days and then itās back to business as usual
What I hope is the case - and I somewhat suspect - is that Monzo are now working on loads of things in parallel and once things finally start coming out the end of the pipeline theyāre going to start coming out thick and fast
Im a āhardcore fanā and investor - yes people have different requirements plainly , there are maybe 10 on this thread that have different requirements - which is perfectly acceptable - āhardcore fansā cant really win - if they donāt comment they are āstaying quiet hoping for the thread to die awayā - or has been mentioned quite a few times previously if they do comment they are āstamping on dissentā - - Monzo are getting quite close to 200,000 CA users - yes you wonāt please all of these people all of the time- not really much more to say - if it doesnt suit you change to a different provider, or donāt swap over to Monzo - as with most things regarding Bank account choices none are punishable - Yes Monzo isnāt perfect , yes they have slowed down their development updates , no bank account is perfect , no bank account does all things for all people - life eh
Soon enough, with open banking and APIs, any old bank plus aggregator app will equal Monzo. Iām really not sure Monzo are moving fast enough not to be overtaken by developments elsewhere - Iāve been saying this for a long time but it really seems to be coming true now.
Iāve been looking forward to a big update where everything is suddenly added and at parity - that they might have been beavering away at in the background. But Iām losing faith.
@SC95 Iām really sorry youāve had this experience and Iād like to thank you for writing such comprehensive feedback. Iām going to pass this on so someone can reach out to you over chat.
Itās probably worth noting that legacy banks have been around for decades* and had time to really develop their offerings whereas Monzo are still babies in the banking world.
Sure Monzo have a long way to go in terms of parity with legacy banks but theyāre only been around for 2 years! Things take timeā¦
*MetroBank has only been around since 2010 or so but thatās quite a bit of time compared to Monzoās 2 years.
Agreed. The current account to me works less well than the pre-paid card, due to the fact that Monzo.me no longer works with a few banks, notably First Direct.
Every time that I send someone a Monzo.me link, and then have to explain to them that it didnāt work is an embarrassment to me and tarnishes the Monzo brand. When will this be resolved?
Do Monzo have time though? The momentum they gained as a new bank can only last so long - at some point they just become another choice in a crowded market. That could be monthsā¦ itās certainly not years.
The good bits of monzo keep me aroundā¦ indeed I donāt have any issues beyond the overpriced overdraft, but there probably arenāt enough people like me to sustain a bank - the issues raised in the various threads recently need to be addressed.
There are currently so many reasons why people will and will not stay with Monzo. Especially at such an early stage. Any view is perfectly acceptable. !
For me, it means so much more than the features within the app. Company values play a huge part, being here to whitness the beginning of something huge, is another.
Monzo would never claim they are currently the most feature rich, but they aim to be. Thatās what counts for me
I currently have a Nationwide current account. At the moment, it sits with a Ā£10 balance and does nothing. However, itās there if I need to pay in any cash, or do anything else I canāt currently do within Monzo.
I want to be here to whitness the whole revolution. I want to play a part in the future of banking. And being here from this early stage makes it possible.
I agree - being a āmonzo fanboyā or whatever is the up to date terminolgy is - I have a dormant Lloyds account that I use to transfer money into my Monzo account as and when needed - I like Monzo tracking all my spending, as I have previously said Im an investor and an iPhone user - yes I would like to have the ability to set the start date for budgeting, yes I would like repayments for shared bills to be credited to my budget targets, yes I would like CASS, yes I would like interest (not going to happen, but having just received my Starling interest of 1p for the last month I wonāt be fretting over it ) is this the proverbial ādeal breakerā āIm out of here if I donāt get such and suchā ā¦no
I can give quite few more examples and I also understand things donāt always go to plan but Monzo are failing to followup on these sort of statements IMO transparent roadmap is also like a moving target 
yes people have different requirements plainly , there are maybe 10 on this thread that have different requirements - which is perfectly acceptable - āhardcore fansā cant really win - if they donāt comment they are āstaying quiet hoping for the thread to die awayā - or has been mentioned quite a few times previously if they do comment they are āstamping on dissentā - 
!
