Monzo have had a significant amount of bad press lately, and it got me wondering if Monzo are strong enough to weather the storm.
My feeling is that Monzo will survive if their product is strong enough. Is it?
The app is fairly good, if we overlook the problems with the feed muddling up "TODAY’ and ‘YESTERDAY,’ the Settings within Settings pages, the buttons that send money or cancel Direct Debits without confirmation. It’s definitely not perfect.
What about their banking service? It’s pretty poor, actually. Bad for international transfers, bad for paying in cash, bad for paying in cheques, there’s no PayM support, there’s no mortgage offering, there’s no credit card offering, they don’t report to the main credit reference agencies.
And what about the rest of it? Customer service gets mixed reviews, their anti-fraud systems sound ropey, premium accounts were a disaster, merchant data corrections make for a truly atrocious user experience. It’s not great.
Right now, then, I don’t think Monzo’s future looks all that secure. Competition is catching up fast, and the goodwill, excitement, and general buzz around the brand will quickly disappear if Monzo’s core product is allowed to continue languishing.
What would I like to happen? I’d love to see Monzo start focusing on the basics, the unexciting stuff, tidying up all the MVP things they started but never really finished. Please, pretty please.
So, a poll: Are you happy with Monzo’s current direction?
- Yes, keep doing what you’re doing, Monzo!
- No, the strategy needs a rethink