What We Know About the Partnerships / FAQ 🤝 💡 🚇 🏡 (open Wiki)


(Alex Sherwood) #1

Monzo has recently begun testing partnerships, as part of the current account preview so we’re beginning to see this service take shape :tada: Users are starting to receive notifications in their feed with details of these insights / recommendations / ads / offers (I’ll refer to them as “invites” for the remainder of this Wiki), from a limited group of partners.

There’s been lots of feedback so far so I’ve created this open Wiki (which anyone can add to), to answer frequently asked questions & collect all of the key details in one place.


To see what’s changed after an update to this post (when it’ll appear at the top of the new / updated topics list) click the pencil in the top right hand corner of the post.


How will partnerships work?

[The] goal is to help achieve Monzo’s vision of becoming the financial control centre for people’s lives.

An important part of how we’ll do that is by working with other companies to create experiences that will help people save or make the most of their money.

There’s more details under the “Partnerships is a brand new area of the business. How do you know where to start?” header in the Meet Phil – Head of Partnerships blog post.

How will the service develop?

Will Monzo always offer me the cheapest deal?

How does Monzo make money from these partnerships?

Partnerships like this one are also key to how we plan to build Monzo into a sustainable business. Typical commissions on switching energy range between £40 and £50 per switch, so as well as helping people save on their bills, we should also be able to make some meaningful money.

In our first test with Bulb we split that commission, keeping half for ourselves and passing on half to the customer. In the long term, we are considering a few different models, and want to find the fairest way of being paid. If you have any opinions or suggestions about how this should work, please share your thoughts in the dedicated discussion I’ve started on the forum. We’ll always be open about how we’re making money, to make sure we’re being totally transparent.

Quote from the testing energy partnerships blog post.

Will Monzo share my data with 3rd parties?

Which other companies will Monzo partner with?

It’s important that the kinds of companies we partner with are well-matched with our values, and that they help improve our users’ lives in some way. That might mean giving them good value for money or great customer service. But could also include other attributes that matter to our users, like renewable energy, for example.

Quote from the Meet Phil – Head of Partnerships blog post.

What’s the end goal?

Taking part in the tests

What’s being tested?

We’ll be testing a new feature that allows people to switch energy providers. In five minutes and a few clicks, people who receive the recommendation will be able to transfer their energy contracts to a new provider. That could be a supplier recommended by our partners at price comparison service Energy Helpline, or one we’re working with directly like green energy companies, Octopus Energy or Bulb.

Quote from the testing energy partnerships blog post.

What do the invites look like?

Image from the testing energy partnerships blog post.

Is this how the invites will be presented in the future?

Will Monzo continue providing invites in the app?

What can I expect if I receive an invite?

See the “How it works” section of the testing energy partnerships blog post.

Can I opt out?

If you receive a recommendation as part of this test and decide it’s not for you, you can delete it from your transaction feed with a single tap. If you want, you can also choose to opt-out of receiving similar recommendations in the future.

Quote from the testing energy partnerships blog post.

More details.

But bear in mind that this service is only in it’s very early stages & will improve, as the targeting gets better e.g.

What’s been the result so far?

We began testing this feature last month when we trialled an early experience with 95 Monzo current account holders. We had 13 signups from our initial test, which is really promising!

Quote from the testing energy partnerships blog post.

Misc

Who’s responsible for managing the partnerships?

@philhewinson is the Head of Partnerships at Monzo, here’s his introduction -

When’s the next big update?

In the next few weeks I’ll share more about what a Monzo marketplace might look like, and the role partnerships plays within in it

Quote from the testing energy partnerships blog post.

Have feedback? Please share it here :raised_hands:


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