Visually losing sight of ‘Hot Coral’ cards ‘in the wild’ would be my guess.
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My guess would be it’s possibly not a priority. During this weird time, would you consider changing bank accounts?
I just don’t think it’s a relevant thought to most people during this
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I think with uncertainty over jobs that people aren’t as keen to make changes over their finances
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Word of mouth and the physical “hot coral” card are probably Monzo’s biggest marketing tools.
As @DarkRabbit says, not seeing these cards, is going to be a bit of a blow to them.
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Indeed, actually seeing the hot coral card is often what would trigger the conversation that leads to word of mouth growth. This will have reduced dramatically with the “lockdown”
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Bend the curve?
a attraction for many I suspect is fee free spending and cash withdrawals abroad, I suspect most aren’t looking ahead to holidays just now
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Right now I reckon Monzo won’t be too distraught that things slow down growth wise and they can concentrate on supporting existing customers
I had cause to contact the COps last night for the first time in ages as Scottish Power mucked things up again and I got through and was sorted really quickly - predicted response in 7 minutes, but actually within 2 minutes or so and sorted within another minute
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Pretty sure it would just be that peoples immediate circumstances have changed. Changing bank is something people are less likely to be interested in when they are worried when their next salary will come in, and how much less it might be.
Remember, if your circumstances have not changed, you are a lucky one.
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I would say 2000/day is amazing given the circumstances
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Monzo also don’t easily give out overdrafts, so customers are possibly more likely to stay with the traditional banks that do.
The people I’ve convinced to get the card have all been because we were going on holiday together
Could it also be that while the traditional banks seems to be offering support to their customers at this time it doesn’t seem like Monzo are.
I’m also starting to see another side of Monzo in that they are not as active anymore on the forum and I’m not quite sure what they’re doing anymore. For this reason I no longer recommend them. It does somewhat like the initial excitement is wearing off.
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I’m curious as to what support you are seeing, and what you would expect at this point from Monzo?
The other banks I’m with have listed their support on mortgage payments, credit cards and loans. Which, except for the latter, Monzo don’t offer. I don’t have a loan with Monzo, so I don’t expect any communication around that.
Considering their stance on not encouraging debt, I would be surprised if they offered overdraft changes - but maybe there is something there that could be done?
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If I were Monzo it’s got to be an absolute no brainer to re-run their television marketing campaign. I can imagine it’s expensive and cash is surely a consideration for them right now, but we’re all going to need a bank account post Corona.
I don’t think now would be a good time as they’re still adjusting to the situation and therefore a surge of new customers would make the whole thing even worse. Then they have to transition back to the “normal” way of working afterwards.
I do wonder though. Will the cost of TV advertising increase because more people are now at home and therefore more eyes will see it? 
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Santander for example has offered interest free overdrafts and removing certain interest and charges. Monzo is my main bank yet they’ve not announced anything. To me it’s worrying that it at least seems that Monzo won’t offer me any concrete support yet if my main bank account would have been a traditional bank I would have some help.
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That makes sense, and I would be interested in what Monzo’s stance is - rather than what I could guess at from previous statements.
But, allow me to be cynical for a moment, I would see encouragement into overdrafts with no interest as a dangerous game long term, as a lot of people may use this, with no way to get back out when these temporary measures are over.
Now, I don’t mean to imply that business’s would capitalise on this time, but there is no way that this hasn’t been considered in the actions. This targets vulnerable people who may be in a lot of debt come the return to normalcy.
Maybe there will be other support offered down the line to help, and maybe with interest rates at 0.1% this is commercially viable (or an acceptable hit). But long term, people have to get back out of these over drafts.
I would prefer a bank that works with people to not end up needing overdrafts/loans through other means.
I’m also I’m aware I’m in a lucky position through this at the moment (touch wood) so ideals and reality may not align
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Don’t we already mostly all have one before though? Not sure what you are trying to say.
Is the unprofitable unbanked the right demographic to spend a ton of money targeting via tv, whilst the focus is on profitability?
I still believe the core app is the key to get people to switch their salary to Monzo. Get Paid Early and Salary Sorter were really smart first steps. The feature set has to encourage people to switch because Monzo can’t afford large switching bribes.
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I think Monzo are less likely to implement a blanket change for everyone, however, I know from people in the past that if you are in tough times and reach out in the app to customer services, they’ll put you through the correct team who have the ability to help with certain things if you’re facing financial hardship.
Personally, I don’t think Monzo should be waiving Overdraft fees for everyone, or reducing loan interest for everyone. Support the people that really need it first.
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