The race to SIX MILLION users is over

Can’t you update it next week so everyone can see that I’ve won?

Or is this @bee making sure we can’t beat him?

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Ruining all our fun :sob::sob::sob::sob::sob::sob::sob:

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What is the downside of keeping it, Alan?

And does Monzo still talk about being “transparent by default” internally?

:pray:

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How about the number in other places it is held/displayed for those who do wish to know?

A self-selecting audience I know, but is this change intended to totally hide/bury the “real” value or just simplify it for the widest view?

TL;DR I liked it how it is/was

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I’ve noticed the live current users number now is obfuscated with “more than 5 million”. What was the reason for hiding it?
I’ve also noticed the Grafana dashboard with historical growth charts is also not working (although I understand it’s not officially supported)

I’m just worrying that Monzo is slowly hiding any visible KPI from the public. I loved the milestones and progress Trello board that was visible a few years ago. That really signified the “transparency” values.

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how we talk about this metric more consistent

Sounds a bit like an empty business speech. More consistent with what? And how does rounding it to millions make it more consistent?

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Did you read the whole post?

It’s not important, most were only waiting til it clocked to 6 mil so they’ll just tell us when that happens instead of unnecessary traffic to said page.

If it’s not important, why keep it at all?
Transparency board also seems like not important?

@Revels I did but didn’t manage to find what consistency are they trying to achieve. Might have missed?

They way I read it was that now they have more account types and such, they’ve never developed the code that updates this figure to account for these increases and decreases.

So perhaps they got told off for advertising a false number, or as they said they’re doing it to be more accurate without having to spend time on developing this “feature”.

It’s not important for us, but it’s important from an advertising / potential new customer perspective.

“Who are Monzo, I’ve never heard of them, I wonder if they’re good. Oh, over 5 million people bank with them so they can’t be that bad. Perhaps I’ll give them a go”

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^^

@Revels But different products is not the same as customers. It’s like apple and oranges. They must be careful, because from aside it feels like they are trying to hide things that are not meeting expectations and the saying “but hey, numbers is not everything. We also do other stuff”.

Now that they removed transparency dashboard, users counter, there aren’t really any KPIs public can track anymore.

Nobody but a few nerds care about that number. The fact they are simplifying makes me think that want it to be more accurate.

None of us would know the difference between 5,195,289 and 5,329,012. It’s not something we can check or even accurately monitor to see if it’s going up logically.

If they weren’t getting the growth they wanted, they could just add 1000 a day to it, add 10,000 we’re going to be none the wiser.

What other banks let you accurately track how many customers they have? Why do the public need a KPI for customers from a bank?

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I’ve been with Monzo since 2016 I think and their core appeal was transparency. It is like we are all big community and building the bank together. That’s why them hiding different parts of business now makes me concerned.

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Personally I don’t care whether Monzo have 2 customers or 2 billion.

Seeing an exact number makes no difference to me because I’m using them and I can see the benefits of having an account first hand.

My money is protected and if the number for some bizarre reason plummets to the point Monzo need to close, I’ll use the CASS to switch to another bank in a matter of minutes.

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Not that this is a serious deal, but just logically that doesn’t make much sense though does it…

‘There are lots of ways to define customer numbers now, so we are going to keep using the same one but report it less accurately’.

That doesn’t really achieve any of the consistency mentioned.

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It matters to thousands of investors that helped to bring Monzo where it is today.

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Why? I’m an investor too. You can’t invest more or take your investment out.

Monzo are still far more transparent than the vast majority of banks and they’re doing so in all the areas that matter. How they treat their staff, care for vulnerable customers, development of features, who they invest with, their carbon footprint and so on…

You can still see roughly how many customers Monzo have so not a big deal at all. There’s no big conspiracy theory and they’re not hiding anything.

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It’s more consistent because of the number fluctuates from 5.4k to 5.2k to 5.5k, it’s still correct in each case.

I find myself in the “eh, big deal” bucket. Sure, it takes the game away from the people who likes guessing when the counter would tick over to a magic number, but that’s all it was - a game. In terms of any material effect it has on customers as a whole? None, zilch, nada.

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