Upgrade (Migration) Updates

It’s on the debit card delivery posting?

Could you link the post?

I don’t think Naresh said he had or didn’t have the pre paid card if thats what you’re talking about ?

Exactly, I just read it again and no mention of anything

perhaps you read my post - chinese whispers :slight_smile: :slight_smile:

Hey Drew!

This absolutely isn’t the case. Right now new users who sign up will be placed on a waiting list which won’t start moving until everyone on prepaid and CA Preview has been offered the chance to upgrade :grinning:

9 Likes

I mean it’s very ambiguous but yer the post doesn’t say she wasn’t on the prepaid program but I can definitely see how it might sound that she was completely new to monzo

While I can’t talk about any specific users, at this point, we are not unlocking from the waiting list unless the person is an investor :rocket: or we are honouring a very small number of offers we made to make up for a failure on our side. I’m one of the people actioning any unlocks from the waiting list as it’s a multi-step manual process and I have done fewer than ten of these. :slightly_smiling_face:

As an existing user, you absolutely will have priority over anybody signing up today who does not fall under those specific categories. If you have not already got the banner, you should see it within the next few weeks as we continue to roll out the current account. :soon:

9 Likes

As someone who didn’t have the prepaid card (no offence intended, but I don’t really trust prepaid products), but is anxious for the current account, do you have any idea when we’re talking availability? In rough terms… December? 1Q 2018?

It seems you’re adding about 1,000 current accounts per day, and have about 425k left to move… very rough numbers, obviously. To me that would seem to suggest 1Q 2019. But, I also know that is based on two key assumptions that can’t possibly be true - that you won’t start moving cards out faster, and that everyone on prepaid actually will move. So I’d guess 1Q 2018? Reasonable enough to assume?

I’m a very happy human…

All I can say is “before the end of the year”. :calendar:

We’re increasing the number of existing users we’re inviting every weekday, not everybody who has been invited has chosen to upgrade yet though (hence the numbers we sometimes quote will not match the numbers found on monzo.com/current-account/live as this tracks activated accounts where someone has received and activated their debit card). :eyes:

3 Likes

It should be earlier than that.

Current account signup for brand new customers isn’t based on moving existing customers to the new accounts, but rather giving them all the opportunity to.

3 Likes

Indeed :slight_smile: Thank you for the awesome response!

Definitely, that’s why I even noted my maths were based on absurd assumptions - the idea everyone would upgrade. Sadly, a lot won’t… true of any product that people fall off, for whatever reason. In any case, definitely way above/beyond any response I expected to my late-night thinking out loud :slight_smile:

1 Like

Yeah, the truth here is that the pace of upgrading depends on a lot of unknown factors really. We anticipate that the launch of new features will increase the pace substantially though, but the process will also streamline due to lots of other things (identifying blockers, improvements and increase in comms, etc)

1 Like

Definitely, by Q2 2018 your pain will probably be convincing the remaining 10% to switch from their prepaid card… it’s amazing how change averse users can be. We have a goal at work to get 95% of our admin staff on Windows 10 by July 2018. The final few percent are the huge challenge… the first half, easy.

3 Likes

Luckily not, as the prepaid scheme will have been shuttered by then :grinning:

1 Like

Do you have a minimum take rate to shutter it? If not, it could be a place you lose a lot of customers…

Great question. We don’t anticipate it being a problem for the majority of users :grinning:

1 Like

Fair, for one the majority who refuse, probably don’t even use it. The kind who just saw it as a travel money card, for example.

I don’t think they will need to convince anyone to upgrade. They will just give them two options on the last day:

1: Click here to upgrade to a Monzo current account
or
2. Click here to go to Starling’s website to sign up for a free forex account

2 Likes