Switching Energy provider offer in feed

Don’t forget that this was a test. The aim of Monzo is to save you money. If they think you can save money by switching your energy to Bulb then I want them to alert me.
I think it’s generally agreed that appearing in the feed wasn’t ideal but…

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I thought this, it was sent to less than a hundred people, the beta is meant to test ideas the team have to a small group of users. When I first saw the thread the way it was carrying on I thought Monzo had been selling data/ invaded privacy/ leaked information. Suddenly springing it on users may not have been a great idea but it was the easiest way at this juncture without a marketplace tab

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I wouldn’t like adverts for a ‘free’ account at all. I’d rather pay a couple of quid a month and have a ad-free experience. Adverts are dumb. I googled Huel recently and now all I’ve got is sodding Huel adverts following me around the net absolutely everywhere I click. I conscientiously switch energy suppliers every year, I don’t need them jostling for my attention in my banking app too.

However, I would, as I have explained earlier in this thread, be happy for Monzo to analyse my energy use via my direct debit and offer to switch me to the cheapest deal when my switch time comes around, but only if this was a genuine comparison, and not skewed because Bulb have paid to be bumped up the ratings.

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:grin:

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Thanks. I know about those. But my point wasn’t about blocking ads per se, it was that ads are dumb (anyone who thinks they’re getting ‘targeted’ ads is kidding themselves, they’re targeted at broad demographics such as ‘Monzo users who live in London and are male and aged over 40’. Google knows absolutely everything about me as I use it daily and route my email through it, yet as I said, I google one thing and it just serves me the same ad for weeks, constantly tugging at my attention. All the perpetual ads for Huel do is just make me never want to see that brand again. And I don’t ad block because that implies I’m happy to take the free services and content on the net and make sure they don’t get paid for it (if that’s their model). As I said I’d prefer to pay for a service and not have to put up with ads.

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Monzo’s ads can be smarter than that though, at least in some instances.

For example, they can definitely tell you that you would save money by buying a monthly travel pass from TFL, rather than paying for your travel on an ad hoc basis, based on your spending history. Then, offer you a loan so that you can buy that season pass straight away & spread the cost in installments.

I would have no problem with that sort of advertising at all, in fact, I’d welcome it.

If the analysis can be made smart enough, then you could even argue that they should be called something different than advertising & instead, they’re ‘insights’ / ‘recommendations’ / ‘suggestions’ etc.

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Yeah I covered that above too. I too would welcome proper analysed cost-saving as long as Bulb (for example, in this case) wasn’t paying Monzo more than the other companies to be put into my feed. You just have to look at the comparison sites debacle to see how companies pay more to get further up the rankings. Any kind of impartiality went out the window when they started getting more affiliation cash.

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If you are on iOS, Tweetbot is the best Twitter client and no ads :wink:

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I’m glad to hear there will be an option to permanently opt out when this rolls out to more users, as like others have stated I absolutely do not want ads anywhere near my banking operations.

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Just signed up with bulb, the £50 signup bonus is very nice, thanks Adam.

If anyone is considering bulb and fancies 50 quid signup bonus (full disclosure - they give me £50 too), here’s my referral link - bulb

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I’ve been a Tweetbot user since the very beginning. Tweetbot is very good, but it feels like there’s been no development on it for some time. Twitter is evolving their app and I no longer find myself using Tweetbot exclusively.

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I switched to Twitterific a long time ago and haven’t looked back :slight_smile:

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The one thing that really bugs me about Tweetbot is that if you try and look at a thread it often shows you a load of replies to the initial tweet rather than the thread.
Other than that it’s solid.

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I agree. Polls would be a great addition in my eyes.

Yeah there is that!

They’re not deal breakers but it’s annoying.

I wonder if they’re restricted by the Twitter API.

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From the few conversations with them, they are. It’s usually the reason behind why they can’t do something.

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That’s really poor form from Twitter.

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Quick followup from me on this - thank you for all your comments - really helpful! Two quick points:

  • Our intention is not to fill the Monzo app with ads … in fact, we’ll be working hard to avoid “ads” - our aim is to send “recommendations” on ways we believe you can save money or make better use of your money in a really convenient way (i.e. aim for one-click experiences where we can). For example, a good energy switching experience would be to let you know the day before your energy direct debit is due that you are about to pay say £144 to British Gas and let you know that we think you could save £40 by switching to a different supplier … then give you a few options for suppliers to switch to, some of which will be one-click switches from within Monzo (so may only take 10 seconds, unless you wanted to look into it in more depth of course!). We’re not there yet, but that’s the plan. We hope to provide similar experiences for other products like savings/investments, insurance etc. We also plan to provide these experiences in context (e.g. provide an easy way for you to move your money into a good savings account from within the budgeting experience in Monzo). It will be a journey though - initially, the targeting may be sub-optimal and we may surface a lot of these experiences in the feed just because it’s the easiest way to ship these tests and learn from them - it doesn’t mean that will be where any given experience will live long-term - we’ll always aim to provide these in the best context within Monzo. Main point is that our top priority is to create value for you guys over making money for ourselves (obviously, we aim to do both!), so we are certainly aiming NOT to create “spammy ad-like” experience within Monzo!

  • I’ll aim to communicate better with you guys. We’ll do a few blog posts in the coming weeks about partnerships, the vision and plan etc. I’ll also update you on this forum more about the tests we’re running.

Keep the feedback coming :slight_smile:

Thanks!

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Thanks. Personally, I joined too late to see the ‘first pass attempt’ at the electricity switching recommendation so I don’t have any explicit comments (and may not have received it anyway, I guess) but I do find myself (surprisingly) open to such things if they’re handled sensitively (as others have suggested) and if they actually offer savings and are not just bank revenue opportunities (sorry!).

I have become the sort of person that switches energy provider annually in any case in recent years so may not be the in the key demographic to benefit from that aspect of such things although easing the process would be useful. Now if only you could simplify getting any overpayment back from a cancelled supplier!

Thinking about it now, I believe frequency comes into the ‘reaction equation’ as well as sensitivity. Seeing an insurance option every week will quickly sour me to the idea in the same way as a ‘Save money now!’ type headline banner so let’s see if we can avoid that. As others have said ‘Ads in my bank statement’ will get a powerful negative reaction.

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I saw on Twitter that Monzo is recommending the energy supplier “bulb” on people’s current account feed. If anyone wants to join bulb you can use my referral link, if you do you get £50 credited to your account:

For the sake of full disclosure, I get the same benefit.