What features in a Monzo app would you be willing to pay for?

Monzo Chat Monzo Plus
262

I’ve said before that I’m not down for Monzo paywalling features with its main app. I stand by that.

I’ve also said that I think it’s a missed opportunity for Monzo to not develop an ecosystem/marketplace of third party tools to extend Monzo functionality.

It’s in the vein of the latter that I suggest this: I’d like Monzo to offer a rules-based financial automation app. Something a bit like Flow. I’d like to do things like:

  • Automate transfers to external accounts on receipt of my salary (or other defined value/payee combinations
  • Set alerts based on rules (e.g. create a Monzo notification when pot X reaches value y, or if my current account is above/below certain figures.

There will be many more. Think about it as an inbuilt IFTTT, albeit in a separate app. Properly authorised so it can do proper payment stuff that IFTTT can’t.

If Monzo isn’t willing to build something like this (and charge for it) then I’d be happier using something like Flow as part of a Monzo subscription package, knowing that it’s been examined and approved by Monzo.

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263

Hi Peter,

Interesting view. We agree, the world would be a better place if more banks add support for pots (budgeting/saving goals) and let you intelligently manage your money between them.

We also seek out collaboration and partnerships with banks wherever we go. It would be great if we can be examined and approved by Monzo as you mentioned. It goes without saying that we’re also being examined thoroughly by the European authorities regarding PSD2. We can’t even serve 1 customer when we don’t have special PSD2 license in the first place.

Also one of the benefits of using a bank-agnostic platform like Flow is that it’s… bank agnostic: a lot of our customers use multiple banks, you want your smart rules and automations to go back and forth between them. If you use the automation rules offered by one bank, you’re limited in your automation from other banks.

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264

Sounds like an interesting concept - I’d be curious how you would secure a revenue stream for such a process though?

I do like the idea of a more powerful IFTTT for Finances though.

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265

Wealth management.

I want to track my portfolio that is spread throughout 2 or more platforms. Monzo could integrate with investment platforms so that up to date information can be sent to the app, so I don’t have to log into multiple websites just to see how my investments are doing.

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266

So this weeks Plus Update confirmed more about including features behind a paywall:

Wanted to ask the question - what does ‘Power Use’ mean to you?

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267

For core functionality, I’d say if sorting pots, joint<>personal account parity (overdrafts, IFTTT and loans) are made available, then the original Plus/Marketplace idea could fly - home (contents or buildings&contents) insurance, phone/gadget insurance, travel insurance and vehicle breakdown cover, metal/premium cards, cashback/points - it all works with other bank accounts. Pick & mix for a set monthly fee depending on what you pick.

Make it simple though. I don’t mind complex as long as I fully understand it and the benefits make financial sense to me, but the majority of potential customers may not apply this logic.

I’m beginning to suspect the grey-area here is the in-app Summary. A sense of ‘continue as-is and have summary as it stands (OK for many, not so for quite a few) or pay for more advanced features’ is growing. Custom categories? Forecasting? I subscribe to YNAB at the mo - which is far from ideal for me but the better of many available services - so a Monzo in-app (premium) Summary would have to exceed the YNAB feature set for me to jump. And this is hard to do on a phone - I never use the YNAB mobile app, only browser access with the Toolkit extension.

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268

Ditto. Would love for monzo to do budgeting better, but as it stands I don’t think it will get where I want it

269

Power use features to me would be things like virtual cards for example.

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270

This is what worries me.

The app at the moment is great - I like what they did with the redesign and have high hopes for what the new summary/budgeting in the future will be - especially with all the hints Bruno gave about wanting to integrate budgeting into the app more (hence having “left to spend” in such a prominent position).

I’ll be very disappointed if the hinted at features are locked behind a paywall.

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271

Genuinely no idea until I hear about them and then get major fomo and want to buy them all. In all
Seriousness I don’t like the idea of app features being paid for. Insurance, discounts, interest etc yes

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272

Nothing, I give Monzo my deposits. Their interest rates are already poor which in turn lowers my deposits held with Monzo.

Increase average deposits if Monzo wants higher revenue

273

Automatic cashback with Topcashback and the like when using my monzo card. Happily pay £3 a month for something like that.

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274

I think this is where the legacy banks have it right with their upgrade options and whereby you get an added service, product etc…

Things I would pay for:
Cashback option
Breakdown cover
Travel insurance
Mobile cover etc
Lounge passes or discount on them
New card / metal or different to show you don’t get the standard Hot Coral

I think being with Monzo from since you was Mondo I’ve watched you grow and grow and I think it wouldn’t be right to charge customers for features that you offer currently so I’m against the paywall too like most.

I get you need to make money of course but make it from being a bank through lending, interests, etc not from locking features out to us customers who use a lot.

You already charge for certain things that other banks (fintech ones) don’t charge for:
Extra allowance abroad
Paying in at the post office

Again I’m fine with that don’t mind paying as you go…

Will wait and see what the new Monzo premium plans are :sweat_smile:

275

Can you explain how this would work?

276

Topcashback knows what you’ve ordered from affiliate linking - it’s not crazy to say that Monzo and TopCashBack could partner up so that a user of TCB wouldnt have to go to the site via an affiliate link and just do it automatically when using a monzo card.

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277

I do like this idea… make it as simple and as transparent to the end user as possible.

278

I don’t think the point of topcashback (or most cashback services other than cashback credit cards) is to provide passive cashback.

I think they require you to take some action (go via affiliate links or manually activate offers on your card) because that serves as a form of marketing for the retailer, drawing customers (that they would not otherwise have) to them. That is why the retailer has a relationship with the cashback provider.

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279

I nit sure I be will to pay for the app I mean I be will to pay for things like insure ect not not the app .

280

I don’t like the idea of getting insurance and that kind of stuff the most. I guess most people already pays 30-100£ for some insurance and it is unlikely that Monzo will offer something better then companies specializing in insurances.
I am afraid that they will bundle some cheap insurances with some other useful stuff, and I will have to chose between paying for some inferior insurance I will never use, and not taking a bundle what might have some other nice things

281

I think you’ve misunderstood.

Monzo won’t be providing the insurance themselves, they’ll be using the specialists you’re referring to. So I wouldn’t rule out the fact that they won’t be competitive :slight_smile: