I agree. I’m only concerned if it affects the opinion of potential customers, not current ones.
I don’t know if there’s a definitive way of measuring this. The number of signups are determined by a lot of different factors, and it’s fair to say that some potential customers may be put off by the low score on Trustpilot.
I’m more curious to see what options Monzo are looking at to encourage existing customers to leave (presumably positive) reviews, as they mentioned a couple of weeks ago. I’m not suggesting that they should waste resources trying to dispute the negative ones.
There may be some but I think it will be so small that is isn’t worth worrying about.
I can’t see people basing their decision on opening an account on one factor alone. The internet is very resourceful and people know this, so it will be rare that people will only look at Trustpilot and base their decision on this. Especially when the status of the page isn’t ‘collecting’.
Not that simple, I’m afraid. Been on lengthy email chains with their compliance people. They want quite a lot of ‘proof’ to remove posts or it’s just our word against theirs. And their guidelines for flagging posts aren’t really equipped for the situations we have.
They want quite a lot of ‘proof’ to remove posts or it’s just our word against theirs
What kind of proof? Is it something you can release or are you required to keep it confidential by law (regarding account closures due to suspected fraud for example)?
I’m usually all for confidentiality but I think it’s fair to show off their dirty laundry if someone is being abusive on TrustPilot, so if the law allows it, why not just tell the real story?
To be honest, I can completely see why Monzo have to tread lightly around complaints, alongside the FCA and FOS likely being engaged (taking the “reviews” at face value) these will likely need to be concluded, and overall probably have some form of GDPR/ Confidentiality attached to it.
But in general, I look at reviews yes but understand that people are waaaaay more likely to post a bad review from a bad experience they had than a good one - this is just the nature of the beast.
But what we need to remember is that those sites are just a forum for people to vent (I’ve done it recently for a product that arrived very very late and had poor customer service). But for Monzo they just toppled first direct for customer satisfaction so an “average” trust pilot score probably isn’t the be all and end all - as long as no adverse decisions/ findings are made for me they’re doing what they need to!
I think Its quite clear on the JMLSG (Joint Money Laundering Steering Group) website the financial institution can have little further contact with the “customer” once the institution suspects any suspicious activity- which could involve a “dodgy” payment of as little as €1000 . If the financial institution doesn’t follow this advice from JMLSG most Courts can conclude that the bank is in breach of guidelines on Money laundering and Proceeds of Crime Act - which would presumably not only risk fines but could also risk their banking licence
I find it interesting that Trustpilot demand Monzo provide proof that a review is false, yet Trustpilot don’t appear to ask the poster to provide any proof before they can submit their review?
Some of my friends don’t want to open Monzo account because of TrustPilot reviews.
Just checked other banks reviews… reviews not TrustPilot rating…Barclays, NatWest, Lloyds, Starling etc…only few complains about accounts closures.
Is it true that Monzo freezes accounts without any notice? Thanks!
Because the majority of their customers aren’t social media aware younger people who are more likely to be recruited as money mules, who then possibly coordinate comments like these to try and force Monzo to release frozen funds to protect their reputation
