Testing out cash referrals 💵

Super excited for this feature, and I completely agree with this. Maybe the reward could be triggered only when one of the following is met:

  1. At least 2 transactions have been made by the card?
  2. Only when a full switch has been made (although a bit of an old bank technique I guess :sweat_smile:).
  3. A staggered reward e.g. £1 when they sign up, £1 when they make their first purchase, £1 when they transfer to another Monzo user, £1 when they transfer to another bank and £1 when they create their first pot. The referring friend could also get a staggered referral, or simply a single amount once all the onboarding tasks have been complete.

Number 3 would be a lot more complex to implement, but it would greatly improve the chances of the user actually trying out all the main features of Monzo, hence greatly improve the chances of them making a complete switch.

Or in a traditional Monzo fashion, you could test out all three of the with A/B (C :thinking:) testing :sweat_smile:

Just my 2 pounds worth :smiley:

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It has been rolled out to me, I just hadn’t realised.

How can I take part?

Paying cash for referrals sounds so like ‘yesterday’s financial services’. I think Monzo is great - I love encouraging people to try it - and there’s always that moment when I see they’re thinking ‘what’s in it for you?’ So much better when the answer is ‘there’s nothing in it for me, I just think it’s a great product!’

Why not give people a badge instead that shows how many people they’ve brought to Monzo? Then why not run it more like a loyalty programme? Invite those that bring in the most people to visit Monzo and take their views - put them higher in queue for investing, things like that?

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A few ideas I’ve had:

Monzo credit

  • Similar to Google Play credit you can get from doing surveys in the Google Opinion Rewards app.

  • Credit can only be used on Monzo services (eg: foreign ATM withdrawal fees, foreign transfer fees, marketplace fees), just like Google Play credit can only be used in the Google Play Store with actual money used to cover any difference after the credit is used up. This way any value given out is retained in the Monzo ecosystem.

  • Credit would not have an expiry limit (if it did the limit would be a year or more).

  • I think this could work well with @o99’s ongoing reward system.

Tribes (idea for gamifying)

  • If you refer someone you both become part of the same “tribe” (other name suggestions welcome).

  • If anyone in your tribe (yourself included) refers another person, they also become a part of your tribe.

  • After a rolling 3 month period, every member of the largest tribe gets a reward (eg: cash, cashback for most used merchant, Monzo credit, higher interest rate for a certain time period etc…) and the tribes are disbanded and start again from scratch.

  • This could be integrated with @o99’s ongoing reward system idea so each referral gets the tribe a certain amount of points, then each member earns the tribe more points by using their card, having a direct debit paid out, putting a certain amount away in marketplace savings etc… then the tribe with the most points in the 3 month period would win.

  • There could also be a leaderboard for the tribe with the most points in the current time period* and an all time leaderboard for the tribes with the most points over 3 months.

*could also just have a rank so no need for a tribe name unless the tribe gets into the top 10 all time (then the tribe member who earned the most points would get to name the tribe).

After writing this out, I’ve realised it could be pretty complicated to do, but I still think it would be cool and hopefully foster a community spirit.

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I have seen a few of my friends offering this incentive, and based on the response I have seen on Facebook appears to be enough to entice people to “give it a go” and try Monzo for the first time but I am missing out :cry:

Is this going to be rolled out further and wider?

Thanks for the great work.

I’ve invited a fair few people via this referral but haven’t seen any details from friends who have signed up. Is there anywhere to see successful referrals or how do you receive the referral bonuses? Haven’t seen those screens yet…

Personally, i like the idea of passing on the savings of advertising if it works to pull the right people in!

The proposal here is surely aimed at getting short term users in for a small cash incentive. The main reason banks shell out £150 - £200 per customer as a bonus is because it’s a massive move.

I wouldn’t move my joint account for a fiver - it’s too much effort for little reward.

Why not reward Full Monzo or Savings instead and beat the market rate. Get to the top spot on uswitch savings or moneyexpert (not MSE) for highest bonus savings rate and boost the Monzo cash levels.

Adding more users to pay them £5 will surely cost Monzo more than they will gain

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The bonuses do come in, I’ve had 2 so far.

I was shown an ad on Facebook earlier today for a page called “I HEART MONZO” - this ad linked through to “http://monzoreferralcode.co.uk/” where you could click a Monzo referral link to claim the £5. Is this something that Monzo are happy to occur, or will they look to stop people gaming the referral system in this way? I know Plum had a lot of issues with people using the referral bonuses as a “get rich quick” scheme.

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This kind of thing is nothing new unfortunately and there is nothing in Monzos Terms and Conditions that states this guy can’t do this. Whether it is gamefied or not Monzo still get what they want out of the deal which is more customers.

On another note. To get back what he has invested in build time, domain fees and hosting he would need quite a few referrals :open_mouth: It is also risky because Monzo clearly state that they can pull this or amend the terms at any time. Most people just slap their referral code on those coupon code sites.

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Whoever is doing this could be in violation of Monzo’s Copyrights on it’s Logo, Card image and colours. I think @simonb might be able to take up with relevant team.

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Very good point, I think it certainly is in violation because there is no dissociation in his brand or message.

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@SC95 @Ordog

Thanks both, I’ll pass this on :eyes:

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Any way to tell how many referrals we’ve had from our link?

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Just had this ad pop up on my Facebook - presumably from a user?

PNG

Think that one was reported on slack earlier. Could you post the url so can see if it’s the same one?

Sure, it’s https://monzo.com/referral/?code=vto5wb9

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Looks like it’s a sponsored Monzo ad rather than a user one.

I’m still yet to see any Monzo advertising in the wild!

I thought that however, the Facebook account doesn’t lead to the Monzo account it leads to an account created on Monday last week

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