Targeting customers not using websites and apps


(William Brown) #1

This could shake up banking if monzo was available to people who didn’t use apps and online banking as sole access to the account customers could come flooding in if monzo was open to every group in society with a new style bank but the app being main thing but building other things around it like hubs where you can go and open your account etc have a coffee and a chat with someone on a relaxing environment. For customers who want to have a more offline account statements can be by post and able to do things as they are offered if I had the chance i would have a bank statement by post and other things that may be offered offline instead of all being the app it would make me more happier and would trust monzo a lot more hubs or lounges are things other banks have done for example virgin money have lounges many are integrated with bank staff with branches or stores as they call them so you can open accounts and pay in money or take out. KBC bank Ireland have hubs only they don’t have banking facilities like pay in or take out but are more like offices where you can open accounts etc but they stress they are a digital bank first but still have telephone for you to call them. Monzo could take a lot from legacy banks if they had locations around the country where people can socialise give ideas pay money in and open accounts of course it would be designed differently and will not be a stuffy bank branch that I hate going in to that’s not enviting


#2

And YOU will help pay for that? Maybe thru a £25 a month account fee and a charge for UK cash withdrawals? Realistically it will cost too much…Monzo is NOT branch banking!


(William Brown) #3

It’s not about branch banking it’s about other things they can do which makes them different


#4

What’s described does sound a lot to me like Virgin Money’s approach with the whole Lounge concept.


#5

But what you have described regardless of if they branches, offices, or cafes, is still bricks and mortar with all the cost that entails.


(William Brown) #6

Where others fail monzo could gain from and it’s not about money it’s about doing what customers want and things that will drive people to them


(Gordon Dack) #7

I though the whole point of the likes of Monzo was to be mobile banking only. Why would we want them to be another high street bank? If i wanted a service where I could go into a building for my banking needs then I’d use a legacy bank.


(William Brown) #8

I’ve left legacy banking behind Lloyd’s bank of Scotland rbs NatWest Halifax and tsb and Santander are all legacy and old style nothing is good about them it’s money in money out nothing else

I am member if virgin money’s lounge it’s a free coffee free WiFi etc next to the bus station so no need to buy a coffee before the bus and best of all it’s free I don’t pay any extra to go there it’s enviting and welcoming


(Gordon Dack) #9

But someone somewhere who has accounts with virgin money is paying for that, it’s not actually free.


(William Brown) #10

One person said if a virgin money lounge came to Birmingham I’d open an account with them straight away


(William Brown) #11

No customer pays upfront for that and that’s the beauty of it regardless of what you have you can use it and many legacy banks cost more for you to be with them for less in return it’s not all about how much it costs and who pays for it


(William Brown) #12

Being online can go horribly wrong as TSB sowed spectactuarly and even IBM are struggling to fix the mess that followed so there needs to be an alternative to just online that can work for customers too


(William Brown) #13

I’ve accounts with virgin money along with a pension with them I don’t pay from that for it


#14

They provide mortgages, credit cards, loans, business bank accounts etc which all make money to pay for a branch network. People can do most online, doesn’t make financial sense which is why banks are closing their branches


(Gordon Dack) #15

But you do, indirectly, every customer contributes, be it in lower interest rates on savings, fees on tsheir pensions, credit card…etc. Every customer does end up paying somewhere for this network of branches. There is no such thing as FREE!


(William Brown) #16

Banks closing branches are old banks old ways saying no one visits branches no wonder what do a branch offer when your there nothing that’s why virgin money is changing that and they are opening new better branches as lounges where you can come enjoy yourself and there is more planned one is due for Cardiff and roumers are it’s gonna continue to offer pizza from the building they are taking over so free grub on the menu that’s a plus I’ve been bowling in Sheffield and watching movies in Glasgow


#17

Financially how would that make money for Monzo? It might suit Virgin’s business model as they can get people to sign up to money making products, but Monzo will offer those products through 3rd party providers, so wouldn’t create profits in the same way.
Also they are limited geographically where an app only bank is available all over the UK.
Have they said if there is pineapple on the pizza?


(William Brown) #18

Edinburgh virgin money lounge is always busy so they must be doing something right


(William Brown) #19

Geographically limited they are available in all four nations of the UK every person in the UK can have a current account and savings account along with eu resedents who are non UK living so live in Spain Germany or Ireland or even Italy you can have a virgin money account so they aren’t limiting who can get their product people can pay in with the post office and withdraw from the post office something monzo doesn’t do


#20

Well, they’ll have a long way to come for their free slice of pizza!