We’re tweaking how locked pots work


(NM) #64

You have the data. The data is:

With this in mind the next iteration should be not be COp orientated what does that mean:
This means either a PIN idea or some sort of time lock and then rename the “locked” Pots to “Hands off”(I would prefer Terramundi but I assume they’ve copyrighted the name)
(https://www.terramundi.co.uk/?gclid=Cj0KCQiAwc7jBRD8ARIsAKSUBHJYzQWVFA3drE73dX9X0Ayg_zAe6fKkAEcIYocyac9eC8e8sYuglkAaAvbZEALw_wcB)
and provide an explanation as to what their purpose is. It should be sign posted as to what it should be used for when you’re tempted but you’re saving up for something big or if you have issues with spending(then run a PR campaign about different types of spending and encourage #spendingBMI)


(Sarcasm is the finest form of wit.) #65

Or, allow people to unlock with some additional friction that isn’t COP oriented? Like a 24hr delay? :wink:

I get the thinking, that ‘people’ can’t be trusted to use things the way they ‘should be’ but such is reality. With the best intentions in the world, people aren’t great at managing money. Pots are a good foundation for getting a level of control, and sure some people will just unlock them willy-nilly (technical term there!) but a lot more will find this change useful, given the data we’ve been presented at least.

This way needs no med/big additional cost or PR effort (also expensive).


(Hugo Cornejo) #66

I understand what you’re saying but we also need to cater for emergencies and mistakes. For example, you have a locked pot and you add some money to it that you were trying to move somewhere else. Now you have a problem.

Of course all these different cases have different possible solutions that we can eventually get to but we’re also trying to come up with something simple enough that everybody can understand.

That’s not what I mean. What I mean is that with the new lock mechanism we’ll be able to see if the ratio of manual unlock differs (and how much) from the old model. Do you know what I mean?

There’s a chance in which the customer support interaction was adding zero friction and literally everybody who wanted to unlock a pot were actually unlocking it.

There’s another scenario in which 100% of people will unlock their pots earlier just because it’s now easier and won’t be able to stick to their goals.

The reality will be somewhere in between. That’s what I mean by data and learning, if that makes sense.


#67

Don’t put your money into a locked pot if you want to draw it out sooner - the clue is in the name.

I preferred the original lock

(Yes yes exceptional circumstances, hence why you needed to speak to Monzo to get it unlocked)


(Nathan) #68

Will this be similar to cash deposits data though…

This data may be slightly compromised, how many will now put this locked pot money elsewhere to get the same friction they previously had? I for one will.


(Michael) #69

That’s not compromised data though, is it?

That’s how you and others will actually be using it and so grist for the stats mill

Were there a perfect answer to this that pleased everyone (or anyone!) we would probably be suggesting that


(Nathan) #70

It is compromised in a way…

Cash deposits in the current form dont take into account how many would use the feature if it were the same as every other bank and fee free… thus giving a false sense that as a customer base we the monzo users dont deposit cash that much.

Similarly, taking data on how many people choose to open there “locked” pots early in this way will not take into the account people like myself who will remove their locked pot money and put it elsewhere or those that will now not see the point in making a pot “locked” in the first place now.


(Ben ) #71

It’s tricky though. It sounds like part of the Locked Pots concept was designed around helping to manage an amount of impulse control.

If you’re not saving money long term because of that -> Locked pot with friction helps.

If you need the additional friction - the new locked pot purpose is not helpful.

When was younger and worse with money - I had a credit card I froze in a block of ice in case of emergencies… That type of friction is helpful!


(Matt) #72

I agree, but if there were rules from the start, do you people would be more conservative with what they put in?

Do you know if most people needed all of their money or just some to get through to pay day? Maybe if you were only able to get to 20-30% of the money without interacting with cops, that would bring the number of requests down to make it a more viable option?


(NM) #73

Yeah that makes perfect sense that is not actually the design that was the friction it was the implementation of the design that made the friction.
Is there any chance of a data release(anonymous and GDPR compliant) as I have my hypothesises and want to see if they match/are close…


(Hugo Cornejo) #74

That’s a fair point. We should also be able to see that data though: Do users create less locked pots now? Do they add less money to them? etc. etc.


(Sarcasm is the finest form of wit.) #75

Dipping out of this now but did want to say that I find pots, locked and unlocked very useful for ‘casual saving’. If I wanted to put big friction in my own way I’d move them to another bank account altogether. I have that choice.

For me, pots are not intended for Savings (with a capital S) but savings for occasional and near future things. They don’t offer interest so it’s just a way to put money aside. I don’t think the level of friction needs to be massive for that, just needs to be ‘enough’ (ha, define that!).

Anyway, intrigued as to how this plays out, but that’s all part of using something that is still being developed. The other option is that Monzo just launch stuff and its stuck like that for years and years which is… big banking way of working! No thanks!!

Ta to @Hugo for sharing and discussing too, on a hiding to nothing at times I’m sure but great to see the engagement.


(Kevyn) #76

These are my three posts from the other thread. They pretty much sums up my opinion.

On being able to unlock your own pot within the app:

Based on the figures given by @BethS stating 20% of locked pots are unlocked by COps and 6.5% of COps time is taken up from unlocking pots:

Based on @Dannytc stating he wanted a location based lock/unlock to create a little friction:


(Splodf) #77

It sounds like if you had consulted with the community, we would have come up with a much better solution then either of the current iterations, something people actually want.

Why wouldn’t you use what you have available?


(Ben ) #78

A lot of this comes back to “what problem are Monzo trying to solve here”?

The first implementation seemed to be solving a different problem to this version (i.e. “I can’t save without friction”) although to @Chapuys point - it seems to work as 80% stay locked as intended.

If you look at the blog announcing in:

It can be tempting to dip into your savings, especially when it only takes a few taps. So, to help you stick to your savings goals, you can now lock your Pots until a date you choose and you won’t be able to take money out till then.

So it’s back at a few taps only.

Hopefully though you get some useful data. I just tried to lock a pot today - so hopefully you have some nice metrics soon on the “why are you locking” that helps inform between impulse control vs long term saving etc.


(MikeF) #79

I’m never sure working something on the opinion of a small and self-selected subset of the customer base is a good idea.

Yes, we’d have opinions but ‘use with caution’ ought to be stamped all over them!


#80

Loving the ice!!


((╯°□°)╯︵ ┻━┻) #81

If you needed to unlock your pot early, what would be your preferred method.

  • Location based
  • Nominate a friend
  • 24hr delay
  • Pin protected (give to a trusted person or hide it)
  • Contact customer operations (old way)
  • Indefinate. No way to unlock it all.
  • Watch the video you made when you created the pot

0 voters


(Jordan) #82

Maybe there could be 2 levels of “locked”:

  1. Vault or Safe option - you can access this money fairly easily but with say a 12-24hr wait time - nothing more than entering your PIN to withdraw;

  2. Locked option - here it is locked and only able to withdraw via a third party authorisation/ questionnaire/ some form of extra friction as well as the 24 hour withdraw time.

And on the front end before opening the pot (or locking it) there is a clear bullet pointed summary of what each pot does - that way a customer knows what each “level” does.

I think this allows for both sides of the “locked” argument to have some middle ground.


#83

Should have a variable

£0 in pot user can unlock straight away.
£X in pot 24hr delay