What's going to happen in the future?

This is the problem. Both points made are amazing and genuinely it’s so nice to be a part of a company where you get a response form someone who works there! I totally agree with Simonb that Monzo is such a transparent company that it allows the customer to feel safe. If someone stole money from my NatWest account I wouldn’t feel confident that they would do everything in their power to rectify the problem. But I would feel confident in Monzo to make me feel at ease if I was a victim of financial crime.

Personally, i think it’s quite cool to be referred to as ‘part of a Monzo cult’! But i totally get that. I’m passionate about banking with this company because I trust them. But like John1 said, for the larger and more passive consumer, they are just going to see something shiny and go for it (in terms of offers from other banks) which totally sucks!.

I can safely say I’ll be staying with Monzo for as long as I’m alive. I feel like we need to move away from this world of “If they’re giving something away then it’s gotta be good!” and actually get people to put their trust in an organisation that takes their CSR very seriously.

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CSR? Customer Service Representative, Comprehensive Spending Review, Class Size Reduction? Kindly clarify what you mean!

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Cross Site Request?

Jokes aside, in this context I think CSR means Customer Satisfaction Reports, maybe? Not something I think Monzo currently utilise though as I’ve never received an email or app notification asking if I’m happy with the service.

While I know they have their uses, things like that are just so tediously annoying, probably because they’re so commonplace. I for one am glad Monzo don’t utilise them.

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In banking CSR is used by shareholders as an abbreviation for Credit Suisse Group :wink:

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I think they are referring to corporate social responsibility? :smiley:

Corporate social responsibility, often abbreviated “CSR,” is a corporation’s initiatives to assess and take responsibility for the company’s effects on environmental and social wellbeing.

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Spot on haha. Sorry guys. CSR = Corporate Social Responsibility. Large companies have a duty to be socially responsible due to their size. Some companies just scrape by and do the bare minimum, where as others really go out of their way to make a difference. I see Monzo as being a very Responsible company!

Sorry for the confusion!

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That’s my business degree getting some use there! :wink:

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probably…however I do not think abbreviations should ever be used with an assumption people will know.

Anything should be stated in full with any abbreviation following so when it repeated later in the same post the abbreviation can be used rather than have to quote it in full more than once.

Otherwise someone could easily assume Corporate Sustainability Reporting or Corporate Strategic Review are the right term and misread the whole post and subsequent posts in the thread.

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Thanks Toby for the clarification

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I absolutely love Monzo, but I do have one worry. And I feel it’s important for Monzo to get it right.

We already have Cleo, we already have Chip, we already have Moneybox, we already have split wise. We have YNAB for budgeting.

Monzo wants all this in one package, yet it’s taking over a year just to get things like CASS, Apple Pay etc.

At the current speed of development, I feel like everything else will storm ahead and Monzo never get the chance to catch up

:crossed_fingers: that it doesn’t happen. I do wish for the success of Monzo. But atm you can have the safety and comfort of legacy banking, with an external program like Cleo or Plum to handle everything else. All legacy banks need to do is implement instant spending notifications and instant transaction lists, and they have already caught up…

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I think once pre paid has closed & cass and Apple Pay are implemented it May free up their time to push other things faster.

You honestly think that the reason development is slow, is purely down to the fact that they are trying to implement CASS, :green_apple: pay, as be closing the pre paid beta?

I hope you are right mate. :heart:

Either way, I’m not going anywhere. Ethics and all that

I suppose different teams work on different aspects but I would have thought regardless of this a lot of time will have gone into getting these working. Especially since they are supporting two products

Either way, there are already tools out there that do what Monzo aims to do.

I know that my Dad, Sister, Mum, any of my old friends from the bank. Would choose Cleo or Plum over Monzo :100: %

(Sadly)

Edit: Also like to point out that they don’t work for me. I can look at Cleo, and it tells me I have £1000 to spend. Yet I know I’ve made a card payment of £358 two days ago. I shouldn’t know more than an intelligent AI bot that’s supposed to help me manage my finances. But that’s why I honestly think, if legacy banking started including pending transactions in their statements. It could change things a lot.

Those are not words I associate with legacy banking! I don’t know if you remember what happened 10 years ago, but half of our banks needed assistance or a bailout to stop them going under. And “awkwardness” is the word that comes to my mind rather than “comfort”.

I also think that the majority of the population will never use tools like Cleo. The only way services like that can make money is by charging for it or monetising your usage data. Clearly most people are happy to have their data monetised when it comes to social networks, but I think there will be a lot more reticence when it comes to people’s finances. We’ll see, I suppose, but I think what Monzo are doing has a much higher chance of success.

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Whilst I see a lot of fair points, do you not agree that currently, people who wouldn’t use Cleo or Plum, would also not use Monzo?

But yes, very good point about legacy banking lol

Edit: Also, that’s exactly how Monzo are going to make money. And apart from ease, people will still get a product cheaper by going direct, than by purchasing it through Monzo, Plum or Cleo

I sadly know, that when Marketplace comes, if Monzo tells me, we can save you this amount with this bill, switch to Joe Blogs, I would go straight to Joe Blogs and get a quote direct before I signed up to anything

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Not sure if you have seen the early Marketplace trial that’s currently available to those who are interested, but Monzo actually state the commission they get, excluding savings, for which they don’t get paid at the moment.

But they still get commission…?

For the energy providers, yes. For savings accounts, no. As I’ve said, they clearly state the commission they get from energy suppliers, and I wouldn’t expect them to do it for free. After all, we need to remember that Monzo is a for-profit company.

I never once said this was a problem with Monzo

It’s a problem with mine and a lot of other people’s ability to be frugal, and know that you can get things cheaper by going directly to the supplier…