I wonder if you are in a position to release updated user stats such as the % of people that are #fullmonzo , average balance and average transactions. The reason I mention this is 1) personal interest but mainly 2) because old numbers are frequently regurgitated in articles like the below and it gives the authors the opportunity to downplay Monzo’s success to more mainstream audiences. I would suspect/hope that many of the new customers that sign up each day are now signing up for a full current account with salary paid in and, as time passes, the idea of monzo as a top-up card is further diminished. Confirmation of this would be great.
While the number of people who own one of the challenger’s trendy pink bank cards has grown since it started moving customers to full current accounts in September 2017, the total figures suggest individual Monzo users would only make roughly one transaction every three days.
This is not surprising, given how the bank has struggled to attract customers into using it as their main bank. Monzo’s last accounts showed that the average deposit was just £150, and four in five did not deposit their salaries into it.
Thanks for sharing that. I wonder what causes a user to become a salaried account and then cease to be, as the staggered graph suggests. Sounds silly now I say it but it hadn’t occured to me that Monzo would be losing customers (presumeably via the switching service) at this relatively early stage.
It’s not necessarily people closing accounts. A large number of people who open an account but don’t have their salary paid in would also cause a drop, because the line is showing the percentage of accounts, not an absolute number.
