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
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
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.
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.