I’m not going to give up my Barclays current account for as long as they give me a free cappuccino every day, but for things like savings and investments I would love for Monzo to be a viable option - but for me personally, it is not.
Most of my money management is done on a Saturday morning using a fast PC and a 28" screen. I have nystagmus (a condition of the eyes that makes looking at small text difficult) and although I can use the app for basic tasks, it’s so much easier to work on a big screen when I zoom in and out as needed. Try doing that on the Monzo app.
I also use a mix of banks, credit card providers, P2P lending sites, insurance companies, pension providers, credit reference agencies etc. and keep track using simple spreadsheets. This involves a lot of switching around to refer to things - totally impractical on a mobile phone. Copy & paste is laborious and not always available. Switching to/from secure apps such as Barclays is impossible (put it in the background, switch to Monzo, switch back and need to log in again).
Example scenario - booking a hotel. Totally easy on the big screen so I can open all the tabs for comparison, read reviews etc. Then make a booking on the credit card (for section 75 protection), then line up a payment in online banking to clear the balance, while referring to the current account to make sure the money is in place, and to my calendar to check pay day. (It’s a slightly contrived example, I could go into a lot more detail). Some might do that on a small screen, but I need the big screen to be productive (especially with bad eyesight) and to step down to the small screen.
Maybe in some happy future there will be a secure and comprehensive linking between all the financial services, but it’s a long way off - and even if Monzo could see all my financial details, they’d have trouble fitting it into a phone screen.
I see on Monzo’s roadmap they have a public API for current accounts. Even when that’s finally available, it raises a couple of questions. What is the business model for any third party provider of a Monzo web interface? And who would be liable in the event of fraud?
So why am I here? Because I like the Monzo card for travelling. The exchange rate is great, and I like getting a notification of each transaction (this is more useful abroad than at home, because the unusual spending pattern and exchange rate would otherwise be hard to track). Also, because Barclays has an annoying bug in their standing orders and I was looking for a bank with a decent web interface. I would try Monzo before going to the likes of Lloyds or Nationwide, but I will do that if needs must.
I realise some people find a mobile app perfect for their day to day spending. But for me, without web banking Monzo is just a convenience for travelling and doesn’t get used in the UK. I cannot move my savings there (I’d like to have half a dozen pots), nor will I bother with other things like investments (shopping for funds on a small screen - maybe not!)
It’s a shame that Monzo’s product roadmap is filled with things that work well on the big screen, and yet they seem determined not to provide a full service.