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.
Forum requests. I get the need to persue profitability but you want to keep customers. When I joined Monzo’s USP was their app and API. Starling’s API is better and the legacy bank’s are catching up/overtaking the app. I’m not saying that the suff in the ideas section should be the priority but it would be great if they could get more importance applied to them. How about committing some number of sprints (assuming that’s how Monzo works) per year to forum requests? They can he slotted in where the roadmap allows so shouldn’t impact the big things that Monzo want to do.
It hadn’t planed to be profitable for a few years yet, obviously it needs to work its way to there
As CEO he should give me a golden Monzo card
Do we know who the new CEO is going to be?
Can’t remember his full name but if you google it your get the answer in 30 secs
I don’t know sorry. New or old CEO can give me my card, I don’t mind
Short profile from a couple of years ago - https://money2020us2018.sched.com/speaker/ts_anil.1y9ch22j
In a nutshell.
I disagree that Monzo staff don’t jump into the forum. I find that around 70/80% of my questions get a staffer explaining the process for me. That’s one of the reasons I love Monzo: transparency.
As proof, this just happened.
The sad thing is though, if they kill the forum, then there is no line of communication between customers and Monzo. It was originally touted as a more friendly bank, with Trello roadmap boards, then quarterly updates, and now, nothing. It’s hard to get excited for updates or Monzo if there’s no roadmap visible, and therefore hard to recommend over similar banks as they are all looking pretty similar these days.
Twitter and email
Those things don’t really relate to ‘friendliness’.
They relate to extent of engagement with early-adopter types.
Being transparent with features I would say is friendly due to the breakdown of the customer/business barrier. The fact that both have been abandoned and left for dead is quite sad to see as it seems that the usuall B2C barriers are now creeping in and Monzo is becoming a faceless entity rather than a personal, customer-centric bank.