Whats Monzos Financial Strategy

Ooo good question, if you mean a fee to use the account I wouldn’t. As much as I’d miss some of the features I don’t want to have to pay to access my banking.
Also this is basically what crowdfunding is for. It supports the business until they make a profit.

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I suppose it depends how much it would be. I suspect I cost Monzo very little - but nor do I generate any revenue.

(I’ve said this before, but I think there’s an issue with the culture of “free” banking in the UK. It means that not only do a minority of people in chronic debt / overdrafts subsidise others, but that it makes it much more difficult for new entrants (Monzo and its like) to compete on price - because it’s ultimately obscured behind “free”).

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Exactly the replies I expected!!

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What’s your answer? :stuck_out_tongue_winking_eye::blush:

The one thing I think is weird is that new signups seem to be fixed in a straight line. I would have expected the viral nature of Monzo’s marketing (relying almost entirely on word of mouth) to produce a more exponential graph. Does this suggest a growing percentage of newbies dont like it, or that growth is being controlled in some way? I know they’ve cleared the queue, but I wonder if any other throttling is happening?

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Monzo’s said that they’re going to be targeting growth now, so that’ll be an interesting thing to watch - I’d hope for something approaching exponential growth but you never know…

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Due to the experience I’ve had and not being in a place to invest previously, I would have no objections to paying to ensure the end goals can be met without me being an “added cost” so to speak (no overdraft etc). I appreciate my money now more than I ever expected I would, I used to spend it in an instant in the past.

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I’d like to be able to have visibility of the costs I’m creating so that I’m more aware.

Ie: a monthly cost roundup similar to the limits page. Just to raise awareness of my cost on Monzo.

Ie: if I don’t contact support I’m assuming my cost is lower

But ya, I’d be more than happy to cover it.

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Defo watch Tom q a, he’s pretty much answered your thoughts and how it’s going to change

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Is there a link?

Yeah I second watching Tom’s Q&A. He said they’re aiming for 1,500,000 customers by the end of the year. That’s almost double what it is now.

So hopefully we’ll see some exponential growth soon :smiley:

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I really like this idea actually. With regards my earlier point I was referring to the basic banking features, I beilive everyone should have access to some form of banking free of charge.
Take card top ups for example, feel free to charge a fee I have no issues with that.

As you posted above @Peter_G I don’t see myself costing Monzo anything but I don’t see them earning masses from me at lest until the marketplace is up and running properly. Similar to how the new users are positive now.

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Rather than cost total, points and badges for being a good user, reach 100 and you’re doing everything perfectly that month.

E.g read help guide +5, send monzo to monzo transfer +5, salary paid in +25 etc

So I’d have to Monzo someone 1p then then they’d send it back? And I’d have to read help even if I didn’t have a problem?

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Good point!! :slight_smile: Just thought alternative to saying a cash value. It’s all pie in sky from me being nosey anyway ! Ha

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Just watched it. Didnt explain the shape of the growth, or factors affecting it. That’s what I was asking about.

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It is incredibly annoying when someone says “watch Toms videos”, when it doesn’t answer the question you’ve actually asked.

Makes you wonder if they’ve not understood the question, or whether simply watchig the video will make you warm and fuzzy!

I enjoyed the video, it was informative, but it certainly doesn’t answer your question.

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I can only offer a graph

image

Nothing I’ve heard suggests any attempt to throttle growth but rather consolidation and not chasing new customers. The withdrawal of golden tickets having any use and the waiting list probably slowed the rate down

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Did it give an answer to your earlier question on why new customers are no longer loss-making?

I watched the Q&A a couple of days ago but can’t remember if that was answered.