We’re planning to launch a business current account


(Alejandro Mery) #21

I’m really happy about this. my business account is with Starling but unfortunately they don’t have any competitor with banking licence, no fees and fast connection to payment networks.
tide and revolut have business accounts, but payments take hours and they even share the same sort-code! (prepaid solutions) but they have freeagent integration, starling doesn’t.


(Duncan) #22

Yes, the latter. I am not sure what kind of a bank has a single branch for all business banking… :rofl:

I see you have lived a charmed life.

I rather meant on the backend, like increasing your working capital pool gives you more scope for making loans (i.e. within the bounds of your capital requirements), or perhaps just having a larger presence makes you less volatile in the interbank clearing system (the larger the bank, the less money has to be sent each night after reconciliation). Or some reason along those lines.

Future world: two remaining incumbents, Monzo, Starling, are the only banks. Back to where we started. I wouldn’t be surprised, you know. Witness: basically every other industry in terms of consolidation.

Perhaps you’ll even get your FreeAgent / Xero integration to market before them :rofl: :rofl:.

Yeah, we’ll see. But business banking is pretty different, and people always underestimate complexity at a distance when it comes to software :wink:.

Don’t get me wrong, I am looking forward to it and will use it myself. It’s just the U-turn that confuses me, and the distraction that worries me…


(Duncan) #23

I was not enthused by my experience with Tide.


(Hugh Wells) #24

Sure :pray: I hope we’ll be able to clarify things down the line. In the meantime, perhaps it’s important to remember that scale does have the advantage of letting us do more cool stuff simultaneously :smiley:


#25

I’m really hopeful that business Monzo will support the personal current account. How? I think like this:

  • let’s be honest, Monzo needs more revenue. The current cost base and revenue streams look promising but until something like the marketplace (or business banking) takes off, we are unlikely to see significant profits. A dangerous place for a start-up with ambition.
  • I think that business accounts might really help deliver features for personal customers. Monzo’s architecture makes it easy to share and reuse features so if we get things like a proper web interface or integration with personal accounting packages then I’m all for it!

(benjaminlbowles) #27

Yup it’s terrible, actually worse than Lloyd’s business banking.


(William Brown) #28

Had bad experience with RBS which pushed me to an all time low when I comes to antics these banks go make money from you and i twigged on they were using me and to find out what they put people through on the tv wasn’t a surprise and with low credit scores getting business account is near impossible in the UK and though I’m sole trader I don’t need a business account legally yet but if I go limited company in future I will be legalaly obligised to get a business account. I await a business account that allows functions used on monzo current account plus more on top off it


#29

Euro account PLEASE! :roll_eyes:

I think there’s a realisation that, if personal account options were bad, business account options have been a lot worse. So there’s huge demand for this.

Plus, there’s money to be made.
Bottom line - this is hot on the heals of a funding round with VCs stomping around, so the dots are all there. #profitability


(Rob) #30

Card should be a different colour, don’t want to get confused and acidently tap a personal purchase onto the business card.

I’m thinking matt black card with hot coral colour for the Monzo logo and mag strip


(Duncan) #31

In a way, that is impressive.


(benjaminlbowles) #32

At least the basics: (standing orders, faster payments, direct debits etc) work with Lloyds banking and the mobile app isn’t too bad…


(Tom) #33

I wish they’d update the business banking app for iPhone X though, it’s been ages!


(benjaminlbowles) #34

Agreed!


(Patrik Ivan) #35

Understand this is probably long term project but you need to first fix personal account, at this moment you do not have 90% of features that businesses require.

  • recieving money from abroad,
  • multiple debit cards on the same account
  • multiple credit cards with travel benefits on the same account
  • web banking (lets face it 40 years old Helen will not do transaction via app)
  • making easy PDF statement
  • loans
  • overdrafts
  • cheque book
  • pay in other currencies
  • credit checks

and so on and so on. If this comes before business account and you make it no fee great, if not then its kinda useless. If you can pull this off then it can be great for personal accounts as well so good luck.


#36

Recieving money reliably from abroad is on its way

Multiple debit cards on the same account would be excellent without needing to create a joint account that ties financially

PDF statements are already a thing, I guess you mean better options of export

Web banking - there is a web version of monzo already but I don’t think they’ll add making a transaction from it when app focused - also who is this 40yr Helen? Monzo has customers in their 90s, there is no age thing just a tech thing, I think the learning curve is pretty small tbh.

Loans and overdrafts are here - just not the limits we expect, I’m sure they’ll go up in future

I can’t remember the last time I had a cheque book, how about an option to print individual cheques as needed rather than waste them printing a book of hundred for one or two to be used


(Patrik Ivan) #37

How can I make PDF statement? Never saw this option in monzo app.

I mean if you have business account, its not you doing all the payments, its your accountant team, and they are not always tech savy.


(Liam) #38

You can export transactions history as PDF, CSV, and QIF. :raised_hands:t3:


#39

The button can also be found under Profile > Account statements > Statement history

If you want ‘All time’ then right at the bottom of Summary > Export & bank statements

If you’re the kind of forward thinking business that would switch to Monzo banking, I’d like to think it’s the same business that would look after their employees and provide training to do their jobs.

Clicking on Payments > Bank transfer > Enter account/sort and done should be fairly quick to pick up for those new to mobiles/using apps. Probably easier than navigating most legacy bank websites tbh.


#40

Just for anyone who missed the memo, neither women, 40 year old people nor bookkeeping staff are some kind of weird luddites who can’t work a smartphone in 2018.

It also seems to me that the less tech savvy people are, the more likely they are to have a smartphone but not a computer, and people working in the trades will often be out and about with a smartphone but no computer access most of the time.

Smartphones aren’t necessarily a great tool for 100% of business bookkeeping tasks, but even then, a lot of that’s because the arcane tools make bookkeeping unnecessarily difficult.


(MikeF) #41

Personally, I think you’re way of base here both in terms of the personal and the business accounts. Sure, to appeal to absolutely everyone, all of the time, then a lot of those things may be needed (apart from the seemingly ageist assumptions :wink:) but the lack of any or many of those doesn’t mean that the accounts will have zero appeal.

The practice around here has consistently been to launch with a minimum of functionality and grow from there. Some people are frustrated by that but it seems to be working as an approach in the personal market.

Let’s see what happens.