What should be on the new CEO's to do list?

This is a wish list from a user experience perspective:

-A clear roadmap of work to be done, like we used to have with the monthly emails
-International transfers/IBAN finally worked on
-Increase limit customer flow automated/sped up
-A better solution for cash/cheque payments in
-Merchant data, merchant data :grin:

1 Like

Profitability and expansion I’d imagine. I’d honestly just like to see more of what Monzo have been doing :thinking:.


Sure! I’m just saying this from a user experience perspective.

  • Avoid the Monzo community forum completely

God I wish I could. It’s like self-flagellation.


Isn’t this why Tom changed roles? The CEO doesn’t have time for all that. They leave that to the product teams

Hopefully now Tom will have time to do the overseeing


To try to strike a better balance between profitability and improving the user experience (and expansion).

Once you become president of a company, your chief days are over.

Agree with closing the forum. It serves no purpose then people bitching and complaining because a feature wasn’t implemented. The days of Monzo interacting with the community are long gone.


I wouldn’t. The forum has a value to its members beyond being all things Monzo. The moaning is part of the purpose - a place to vent and applaud and get excited and frustrated…

But disconnecting it from Monzo’s operational thinking - ceasing to regard it as a primary source of ideas. Definitely. Like you say…

I think that’s true in any effective developmental sense.


I think stepping down/moving into the President position is about getting away from operational / regulatory issues. Taking on the COO position would mean jumping right back in the fire.

From a user experience perspective improving the speed of customer support has to be top of the list, I would say.


I would have thought profitability, investors won’t keep pushing money into something if it doesn’t return a profit. You can have the best whatever but if you don’t make money then eventually the wheels will fall off.

The forum is both a blessing and a curse but shutting it down will make it like every other bank out there. To me, personally, it is what sets it apart


Dark mode :sweat_smile:


But then where would people come to complain about Monzo freezing/blocking their accounts or stealing their money?

Where would people get expert advice on how to operate their washing machines? Or find out what time their local off licence opens?

And most importantly, who would Monzo use as Tier 1 support?


Or which frying pan to buy … :flushed:

Number one on the new CEOs to-do list: Get Monzo monetised and cash generative.

People with a good income, good credit score and low credit utilisation should be able to see some form of decent sized offer for an overdraft, loan and credit card. If it is overpriced that is fine (let the user decide that), but let there be some kind of offer to most people instead of the current hugely over-cautious / coin flip approach which looks like it was broken at launch and never fixed.

As much as I dislike everything about the incumbents, you could take any one of their lending teams, transplant them into Monzo and they would be generating hundreds of millions in income from 4m users, yet Monzo’s lending team hasn’t got a penny to scratch their arse with after a couple of years of ‘iterating’ their approach.

Once the revenue is flowing then they can experiment with marketplaces, open banking etc. if that’s where they want to go.


It was iterated and fixed after launch, then once the Covid-19 mess hit it got dialed right back down again in order to reduce potential exposure to bad debt.

Again, events have overtaken this statement. Banks are expecting huge amounts of bad debt as a result of Covid-19 and the recession. Several have reported profits being wiped out.

Potentially Monzo’s cautious lending approach has been very helpful in limiting exposure to losing money to bad debt.


Interesting points - and I always love a good Shakespeare quote, don’t you ? :rofl:

1 Like

Monzo won’t swing from a £50 million ish loss to a profit by next year even without the Pandemic it would not have achieved this - the new CEO should raise at 40% Discount if that’s what is necessary and then find a partner with deep pockets to take them over - otherwise it will be in an even more desperate state next year and definitely won’t be able to raise any money in the middle of a depression.

And I don’t blame them - the forum is no longer representative of the user base. It would be inappropriate to use the forum to inform product development. That doesn’t mean they aren’t conducting user testing/focus groups with representative, randomly selected users/potential users. The forum was great in the early stages for creating a buzz, but now Monzo is a household name. It doesn’t serve any useful purpose to Monzo any more, and I’m fine with that.