Just something to maybe consider, I currently bank with Lloyds and one of the main reasons for myself is that with our join account we have the following benefits;
Mobile Phone Insurance
Travel Insurance
Break down Cover.
I know this won’t be for everyone but for myself I would be happy to pay a monthly fee.
Linked to this I think some sort of profile system to categories users would be great, an app which adjusts or displays certain information based on the type of customer you are.
My needs from a bank when I was a student is now very different working full-time, if saving money is more important then display tools / services that can help me do that.
Heh. All the banks are currently being sued over misselling those kinds of accounts because they often don’t cover what they appear to cover, and they’re almost always a waste of money.
I would definitely not expect Mondo to offer account bundles, but it would be interesting for them to offer integrations with other financial services (Cuvva + Mondo = ️:heart:️:heart:️ eh? )
I’m actually a big fan of these value added accounts. Yes, they’ve been mis-sold to people who don’t need them, don’t qualify for them, or can’t get value out of them but they work for us. On a joint account, we pay RBS £16 pm for travel insurance (which we’ve had a good experience claiming on), breakdown cover, mobile phone insurance etc, one of those “taste cards” etc. For two people with two cars, this is pretty good going.
I totally get that Monzo don’t want to be bogged down in providing something like this, but from what I can tell, most banks use a third party to run these accounts anyway (I think they’re called Lifestyle). Could they not be invited to the “marketplace” to offer a value added type “add-on” for those people who are happy with what they are paying their existing bank for these services but would like to move to Monzo for other reasons?
The idea is Monzo users will be able to purchase all services you’ve listed in Monzo’s marketplace.
That means that rather than having to sign up for whichever bundle of services your bank’s decided are best for you (&/or most profitable for them), you’ll have a choice of providers for each service. So if you need cover for action sports in your travel insurance, for example, you won’t have to worry about whether that’s included & the providers will be competing, which should drive down prices.
By creating the marketplace, Monzo will (hopefully) make it easier for users to access these services & certainly make them easier to manage - as they’ll all be linked to your Monzo account. They’ll also be able to do clever things like spot when you might need travel insurance but forgot to buy it, before you left the country or remind you to cancel your breakdown cover, if you don’t renew your vehicle tax.
This is food for thought! I guess that what is so exciting about what you guys are doing is that you have the ability to pull a deeply flawed system to pieces and redesign it from scratch. The marketplace idea is fantastic and I suppose it is exciting to envisage your banking app realising that you are at the airport for example and ensuring you’re covered. I guess you have had preliminary conversations with potential marketplace partners. How is the response? Are they open to new ideas?
It’s great to hear that you’re excited about the marketplace idea as I am
Great question, I don’t work for Monzo though so that would be a question for Phil. But since he only joined Monzo last week, I’m guessing that it might be a little bit too soon for him to answer that
Hey Greg - I’m only Day 8 into Monzo, but from the conversations I’ve had so far, we’ve got a lot of partners who are keen to work with us! It’ll take us some time to work on these partnerships and build these great experiences, but watch this space and keep sharing ideas and feedback!
Hi all, unsure if this has been raised or not but me personally would like to pay a monthly fee for some premium services I know we aren’t to far from the launch and I would quite personally like have to the option to pay a monthly fee for premium service just a thought but what does everybody else think?
I would switch in an instant if Monzo did breakdown cover, mobile phone and travel insurance and a credit card. I need a credit card that shows me transactions carried out in real-time not in the next monthly statement.
For those those of us, like myself, that sometimes have to top up by card, why not place it behind some kind of monthly premium service to cover the costs and remove or restrict access to card top ups from/to those that don’t wish to pay?
It’s certainly an idea we’ve considered. As long as all standard functionality is accessible to all, there might be some potential for paid add-ons. We’ve not committed to it, but it’s one idea that’s part of a wider ongoing conversation about revenues.
️:heart:️:heart:️ eh? 
)
and I would quite personally like have to the option to pay a monthly fee for premium service just a thought but what does everybody else think?
is the way that Monzo will go -