What would make Monzo the perfect banking experience?

[Midzone]

So for you, what would make Monzo perfect?

For me:

1. Cashback on debit card purchases.
2. Better interest on savings accounts.
3. Flex not taking first payment immediately.
4. A full credit card (not flex).
5. Being able to add pictures to contacts for payment.

I am full Monzo and keep everything in one place - bills, savings etc and wages paid in. I still think its the best banking experience but just needs a few extra bells and whistles - overall though I love my account.

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

I’ll take all of that. Along with interest free loans, free overdrafts, and an iOS widget that works.

And stop offering joint accounts😉

[Carlo1460]

1 and 4, where 4 using flex as a credit card or choosing the ability to flex a product would be good for me.

[N26throwaway (Sir Tom MacMonier)]

I’d need one through four, but even then it would still be far from the perfect banking experience, so would need lots of other things too. Proper web/iPad support being at the very top of that priority list.

[davidwalton (Award Winning Hot Coral Analyst)]

@Anarchist

I’ll take all of that. Along with interest free loans, free overdrafts, and an iOS widget that works.

And stop offering joint accounts😉

I’ll take all of that. Along with interest free loans, free overdrafts, and an Android widget that exists.

All while offering joint account y:

[j06 (Jamie)]

How about something like pre–1999 TSB’s Family Saver? Savings accounts had tiered interest, but you nominated family members into a group, and every member of the group was paid the interest rate applicable for the combined balance, no matter the size of their share.

[breville_monkey]

100% cash back on debit card purchases would be great for me

Credit cards and savings accounts are by the by, I will always shop around for those when I need one, I’d never expect one bank to always have the best rates.

[Peter_G]

Looking at the latest annual report, I think that Monzo could do with encouraging folk to use their accounts as their primary ones. So, things like the list below (I know they’re mostly not original) might be commercially sensible, even if it’s giving folk something for nothing:

• Enhanced interest rate on roundups (encourages primary card use) - a bit like Chase does
• Cashback on direct debits / bills - a bit like Santander does/did
• Return of the (small) interest free buffer for overdrafts - like Monzo used to do
• Some Plus features (or a new lower tier) for free when you have x direct debits (e.g. ability to connect credit cards only or you can see Trends graphs when you pay bills through Monzo)
• Interest on pots (or even main balance), even if you’re not Plus/Premium (0.5pc would be competitive and still generate a profit)

Then on other financial features:

• I’d be keen on a physical Flex card (maybe for paid customers) that defaults to paying off monthly unless you Flex things. Maybe that’s just a Monzo credit card?
• Additional physical debit cards available for a fee (profit alert) that can be linked to pots.

And then in the app:

• Temper the religion of user research. It’s important, but only when you have a plan. Saying “we don’t have the data” or “users don’t want it” as an excuse not to complete things is lazy.
• Fix the swipe down gesture for the Accounts screen. It’s not accessible. Whack it on a tab down the bottom already.
• Fix the velocity. As far as I can see the former product person came in, made a splash, said that Monzo was delivering faster and better, then left. Maybe it’s all going on technical debt, but just focus and finish Trends, think budgeting and kill Summary etc etc. Less self promotion, more optimisation please.

[Stevemind (Stephen Brinda)]

Love the 5, and all the other bits and bobs.
I’d add to relax credit rating on folks! Help them build a better credit. No other bank would have touched me many years ago, but Monzo did.

[breville_monkey]

@Peter_G

Temper the religion of user research. It’s important, but only when you have a plan. Saying “we don’t have the data” or “users don’t want it” as an excuse not to complete things is lazy.

I really disagree with this. It’s not just about ‘x wants this so we’ll add it’, it’s also about how that thing works, where it is, how customisable it is, how can we make sure users have the info the need to use it and customer care can help them with it if it doesn’t work’ etc.

Even the simplest additions make the product more complex. Even if it makes it better for a few users, it could make it worse for others.

I think things should only ever be added to an app that 6 million people use after extensive user research really.

[Peter_G]

@breville_monkey

I think things should only ever be added to an app that 6 million people use after extensive user research really

That’s not quite my point.

I’m not arguing to hell with user research and throw everything into the app.

I am arguing that marginal improvements that are necessary, usually because a new feature has been released but never finished, should be prioritised, even when there is no direct evidence that they should be prioritised. Put another way, I would like Monzo to make the climate, not respond to the weather.

[Revels]

Cash back etc I don’t see Monzo offering while they aren’t making a profit.

Give the joint account some love would be my no1 request.

[JoeT (Ex-Monzo Sheep 🐑 and Simp Club Member 🍆)]

Getting rid of the current carousel Home Screen layout and refining the main page UI will do it for me

[Heckie (Heckie Cormack)]

Cheque scanning (I’m a football referee so often get cheques from clubs).

The ability to hide or opt-out of the upgrade prompts. I’ve chosen my Monzo level (Plus) and don’t need to be advised to upgrade every time I look at the app. I know premium exists.

[JIMMWX (Village Idiot)]

I think a few things for me.

Cashback, both on bills and on purchases, the latter offers that actually change and rotate.

Budget and summary actually merging into one and a slowdown of features. Only putting them in when they’re actually finished.

Oh and metal cards as an optional purchase, I would love that option. I miss mine.

EDIT: I forgot about pan device support. A proper iPad app and ability to login into both at the same time

[davidwalton (Award Winning Hot Coral Analyst)]

@davidwalton

A workaround would be to launch Shard Pots

Oops. Typo sorted. That tall London building haz no pots…

[j06 (Jamie)]

With N26 does all the money, or all the liability belong to everyone using the account?

In Revolut the money legally belongs to one person, no matter who put it in the Group Vault.

Edit: Sorry, written whilst on the tube and posted without seeing the replies above.

[j06 (Jamie)]

So the inevitable next question is: Can the ‘owner’ withdraw Power of Attorney and keep all the money?

[davidwalton (Award Winning Hot Coral Analyst)]

Slight de-rail, along with pot-to-pot transfers the feature request for Plus/Premium for Joint Accounts now has the most ‘joint’ (!) votes, out-voted overall only by Dark mode - which has been implemented.

Come on