What does Monzo premium / value add mean to you?

also thinking about it maybe link up with a popular coffee house for discount…as we are a nation of coffee drinkers… :slight_smile:

Hey Peter, please don’t sit out the rest of the convo, we hugely value your input.

There’s nothing in these sessions that drastically changes the tone of this debate. There’s probably a couple of things where the interviewee could infer through context some of the ideas we are considering but it’s also true that we have yet to nail any concrete plans, and that’s why we run these sessions in the first place.

I wouldn’t say it puts the interviewee at any kind of knowledgeable advantage over anyone else.

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As long as Monzo gives me a choice of picking what’s meaningful to me (the whole marketplace idea), count me IN!!. Last thing I want is one fixed rate product (with bunch of irrelevant offers).

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I wouldn’t dare in case I go against the NDA :joy:

Maybe just saying “Monzo are up to something which involves a premium / value added product” like the thread title? Haha

Out of interest, the only NDA I’ve signed in the past has been when I worked as a web developer on a client’s site… If and when Monzo integrate some of the ideas we discussed in the interview can we publicly compare what we saw / discussed with the finished product?

The other thing we have to be careful about is that, theoretically anyone who we conduct research sessions with could easily go to the press and say “Monzo are building this and this is what it looks like and I saw mockups of X and Y” and the media will report it as if it’s a fact - when the reality is that we’re just gathering feedback, some stuff may never be more than a mock-up, or indeed the feedback might well tell us that the idea is terrible and we’ll rip it all up and start from scratch. It’s obviously crucially important that we maintain the ability to do that.

In certain situations that are closely monitored and regulated this could be highly dangerous. Let’s say if it were to do with a lending product, and something we hadn’t actually built was reported in the press as if it was something committed to and ready to launch. In that scenario you can imagine the regulators not being too happy about that.

So the NDA isn’t about keeping secrets. Rather, it’s just so that you understand the weight of the situation.

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10 posts were split to a new topic: Using NDAs for Monzo User Research

This doesn’t really need a formal link up with Monzo. You can go to TopCashback and register your Monzo card, or any payment card, for In-Store TopCashback offers. I assume TopCashback have a relationship with Mastercard, Visa, and Amex.

A partnership with someone like groupon/vouchercloud/ to get deals if you activate geo location (with geo fencing or something) directly when you Pay

Purchase loans, if you have already paid for something have the option to turn it into a credit purchase by asking a small loan and pay it in parts (Exaplanation: pay it in full but then decide you need the money so you choose to pay it in 3/6/9/12 months, get the cash back and the transaction turns into a credit purchase

Those are my two cool ideas, I’ve got more if you want

Cheers

AF

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Starling have this feature, though the minimum purchase is £500.

I’m sure I’ve seen somebody on these forums mention that Monzo have been trialling this as well (for a subset of customers).

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Yep, I’ve been offered it a couple of times.

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Family packages for children and disabled people in care.

Monzo would be great for my teenage daughter who is currently 15. Paying her pocket money to Monzo would be easier and she would be able to track her transactions making her realise how much she actually spends.

For my 5 year old, it would be a good way of showing her the reward of saving using pots.

My wife is also starting a job looking after her brother full time. Having Monzo whereby both she, other carers and my brother-in-law could see it would enable them to keep an eye on his money but also give him that level of independence he needs too.

I would definitely pay for those features!

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I wonder if this kind of thing could be effectively gamified in some way to make it more attractive to children and teach them effective money management with their pocket money.

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Reverse loot boxes :joy::rofl:
Edit:
I had a thought about this and how it work and what I was thinking is you make a reward pot so like £50(money that’s basically me debited from your main account)and then a number of rewards chests
Rare etc. Common could have like pence values rare low pound values and super rare more and legendary like a tenner. Then you set savings/spending target i.e I want to only spend £10. Then if you meet that target you get to open a selection of boxes that contain an amount you set earlier.this is different to gambling as no money is changing hands. Although whether it would promote gambling would need to be looked at.

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Honestly I have never been enticed by a package account. Thinking about it though:

Package insurance is just not worth it (for me), better insurance products are available from my chosen provider based on what is right for me.

Some features I would pay for:

  1. Being able to convert a pot in to a currency and spend from that pot automatically when abroad.

  2. Higher ATM withdrawals

  3. Free cash deposits

  4. Ability to use my monzo card like a credit card. I.e a monthly rolling credit, This way I can see those big purchases in monzo. You guys miss out on all this money (both as savings and spending) and I Have gone full monzo.

  5. Virtual cards linked to a pot.

  6. Parent account
    My 11 year old is going to have to open an account with a high street bank and TBH that’s just annoying.

  7. Automatic savings maximiser
    Monzo moving money round providers to maximise the saving rate. Imagine when a better instant access rate appears seeing a notification that your savings have been moved to a higher rate?!?

Those are just a few features I would “pay” for, there are also plenty of perks I can think off that might entice to pay money. However I would want to be able to pick the ones that matter to me. Think amazon prime, Netflix, Spotify, YouTube premium, etc.

I guess at the end of the day, I would pay for features that make my life easier and services I am already paying to others.

If Monzo bring in paying for Features then they should be a individual bolt on per month or in app purchases for that oh no moment.

ATM example of £100 withdrawal.
Pay £1 in app or £3 at the ATM.
As some times the 3% is enough to put me off so I don’t bother.

The point raised about “included data” for abroad was interesting I could see that being great perk when eSIM support is more common.

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I’d purchase premium instantly if it offered features such as virtual card numbers (privacy.com clone - one time payments for online transactions OR long life virtual cards that lock to specific merchant on first use).

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I wouldn’t pay for privacy, especially when it’s a basic human right.

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It would be useful if there were options that people could vote for? Let the most popular rise to the top.

Can be an idea… but can also be a bad idea.

Better Monzo just make the decision in my opinion

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The issue with this is, a lot of people don’t tend to understand the business decisions that Monzo have to make.

So whilst “5% interest for premium customers” might seem like a cracking idea - It’s just not feasible (and ends up leading to resentment that you’ve voted for something that Monzo won’t/can’t do).

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