Who’s got two thumbs and wants a metal card?!
Who’s got two thumbs and wants a metal card?!
I’m slightly adverse (although have never run with) a “premium” package account. Isn’t Monzo’s pseudo tag-line to not be like the legacy banks and to be fully transparent - putting in a “tiered” system I think contradicts this ethos.
Having said that, having the ability to access features for a cost - say integration with service providers and/or other non-core features is something that interests me but to give other customers a better “base” bank account I think is off-putting.
Add-ons or Bolt-ons sure but things like “better support” “better interest” “better overdrafts” is for me slightly disingenuous.
I too use the Nationwide Flex Plus account for the last 4 years, and have used the Mobile insurance a couple of times now. Been a member since the monthly fee was only £10, then it went up to 13 .
Anyways, would be nice if Monzo also partnered up with ‘lifestylegroup’ on a Premium account. Never had to have the expensive Apple Care+ BS.
The car breakdown coverage with the family travel insurance I get from my Amex, so don’t really care about that. Hopefully Monzo will have an Amex integration as suggested here:
As I don’t see myself getting rid of my Amex anytime soon + Monzo could get the Data about Amex usage for their future data clients - as Apple does with Apple Pay using our anonymised data.
Maybe I’d get rid of my Amex and my Nationwide account when Monzo decides to:
On the case above, I’d pay Monzo the sum of the Amex membership + Nationwide Flex Plus account fee (like for like). There, I said it. Then Monzo would be my sole financial solution. #MonzoGoals
I think Bolt ons is a pretty cool way of doing it, if it’s how Monzo decide to move forward with premium accounts. It removes the need for a tiered system and lets users create their own version of a premium account and actually buy products they’ll use.
Imo that’s a very Monzo thing to offer.
Flex Plus account - all benefits I need…
And option to change card colour
Second this, I posted something similar in another thread:
The beauty of the bundles is that they are customisable from the list of providers. Swapping one in and another out.
Maybe you could say “choose 3 add on’s for the cost of £15per month” and the user gets to tailor their package.
I just think if they go packaged deal (similar to say Revolut - Metal) it becomes a “we’re only going to care if you pay” which is totally against how I think Monzo want to play it.
To be able to customise and cherry pick extras not the core banking platform then they can up revenue this way and from that provide a better base platform - a true marketplace. But that’s just my 2p.
There are some features of N26 Metal I like the sounds of that seem OK with the paywall idea. (WeWork space, some discounts, etc, some of the fee reductions etc).
At least with those types of things I can estimate the value I will get vs the discount.
The ones that do really bother me though, like in N26, is how they limit your spaces/Pots to 2 per user unless premium. Generally, locking features that have no additional cost once developed behind the paywall feels bad.
But the Bolt On approach for integrations etc… Sounds good.
But then isn’t that just the Market Place concept plus a little bit extra?
I think that both the approach, and the language used to describe it, are important here.
I currently pay for a packaged account for (primarily) travel and mobile phone insurance. As others have pointed out, the Nationwide Flex Plus account is cracking value. Especially if you can keep.£2500 in it, resulting in a charge of around £7/month.
So, for me, the value is there for a packaged account - because it provides additional features.
Where I become uneasy - and where i worry it might be a bit culturally dissonant for Monzo - is around the concept of a “premium” account, or where core banking/app functions are only available in a paid tier. For example, I understand that N26’s pots equivalent is artificially limited in number unless you pay. I’m up for paying for things that have a cost associated, but hobbling functions to push customers into a higher tier isn’t on. And the language used is important: “premium” attracts folk, but also separates the haves from the have-nots. Let’s talk about add ons or packaged accounts or something. Maybe some proper content design and user research to include naming options?
I’m relaxed about metal or other cards, but I’m not sure they should be tied to subscriptions. A one off cost (with maybe a maximum of x replacements over the life of the card) works for me.
In terms of features, I’d be after gadget insurance and travel insurance. I also like little touches like free coffees and mutually beneficial partnerships with like minded businesses, (random thought: x number of free instant trades on Freetrade?)
In the “I’m not sure” bucket are things like interest on your account, interest free overdrafts - and especially fee free cash deposits. I worry that this may end up polarising the community into the haves and have nots.
And in the “definitely not” category is making new or existing banking features dependent on a fee, stratifying users. N26 refers.
Ultimately, though, it’d be nice if this wasn’t a “me too” play but offers something interesting and unique. Quite what though, I don’t know…
tl;dr: add on third party (not banking) services - but don’t mess with the core stuff.
Other thing worth mentioning is… don’t make it London-centric. Whilst the largest percentage of users might be based in London… some of us do live outside it
I would say turn the whole premium paradigm on it’s head, and give discounts etc off how much you use your card irrespective of paying money. The point of this should be to encourage people to use their card as much as possible (or get their salary paid in) at the moment there are features that are definitely lacking which are integral in a core bank account (cheque imagining ((I know it’s coming!))). High value users will not move from certain cards because why would they. Monzo can’t compete because of cost/industrial partnership (amex BA/John Lewis card etc.) Therefore focus on encouraging the middle range of that tier. I.e focusing on third party things people will actually use. One thing I just thought of was Access to which? Money or similar advisory groups as a good percentage of the users of Monzo probably rent. Renting its current form sucks( dodgy landlords et al.,) Which money had an advisory service which you paid for that could help with disputes
At the end if the day fintech shouldn’t not be using the gaming industry’s idea around premium and paying for features I already want/expect as it erodes customer loyalty incredibly quickly
EDIT:add auto compensation for rail delays to that
I would be willing to pay a monthly or yearly subscription to have a second wife, someone who makes sure I’m spending my money appropriately and sensibly. For example if Monzo detects I’ve spent money at Starbucks, someone from Monzo will contact me to find out why I chose to waste money at Starbucks. Idea needs refinement, but I’ll trust you’ll get the gist.
Edit: yes I know there is an IFTTT demotivator tool but I think it is fairly limited.
They’re not gonna mess with the core stuff with this, so don’t worry about that.
Are you taking applications?
Agree with this. Although a lot of software apps make money like this is doesn’t feel very ‘monzo’.
Also - even if Monzo did reserve some software features for premium users only (e.g. expanding the number of Pots you can have to be unlimited), surely Starling would just copy the same feature and offer it for free, tempting people over? Pretty much any feature Monzo built, Starling could also build, offer for free and use as a tool to recruit users
Yeah. Striking deals with services / companies that are especially popular with Monzo users makes a lot of sense.
It makes me think that Monzo could do some data analysis to figure out what types of companies Monzo users transact with more than the general population, then use this to start putting together a package of discounts / offers that would especially appeal to the Monzo user base
I think it’s so important to start with your current customer base and work out wards.
I think data analysis is half of it the other half is asking people what they use. Whether they rent etc. Data will only tell so much
That makes relative sense - you are paying for something that has a monetary value - as you would a Credit Cards out there.
I feel this way with the offering of something that isn’t costful (or is marginally) that a premium user would get over the non-premium. It creates a divide and segregates those who can afford to pay and who can’t - Monzo (from the way I feel about them and how they go about their business) is totally against this.
But that is the point, Monzo will naturally need to set up agreements/ infrastructure to allow the most optimal integration you’re paying the “premium” to have it all in one place and have it just “work”. Otherwise why would anyone use a packaged account if they could just get the same service by doing some digging themselves - the added value comes from the integration
There seems to be two types of “premium” offering that are being discussed.
Those where there is a paid for product (which anyone who can afford the monthly fee can sign up for), and the products that are “exclusive” to the higher earners.
Things like Barclays Premier, HSBC Premier and so on, have never fully made sense to me.
“Oh, you earn over £75,000 per year? Here, have some freebies that you could probably afford anyway…”.
If Monzo went down this route (which I’m 99.9% sure they won’t), I could see the argument against it.
But… I’m struggling to follow the argument against simply having added on extras (outside of the “core/current” Monzo offering) that cost the customer money.
Monzo need to make money. Fact. Everyone wants Monzo to work for the entire world, but they aren’t going to get there with hugs and nice words.
If they released a paid for package which incorporates X, Y and Z for a monthly fee - I have to make a decision if it’s worth it or not.
Paid for customers aren’t instantly better, or more “premium” because they pay - It simply means they want to take advantage of whatever Monzo has managed to package together.
100% this - Although whilst I (and others here) are people who are happy to shop around individually for the best deals - If Monzo had 3 “services” packaged together which cost you a tiny bit more than having to shop around - The time saving would be worth it alone (let alone the integration).
I have zero problem with there being an extra tier of Monzo that is behind a paywall - Providing that tier isn’t doing an N26 (artificially limiting things like Pots/Spaces) and is in fact offering services above and beyond what every free Monzo customer gets, it’s a win win for everyone.