Would you trust your salary to a start-up?

For Monzo, coral pink is the order of the day.

Someone needs to E-Mail this dude to get it right.

Also

Complaints received by the FOS since April? Fewer than 30

And

Starling has 210,000 customers?

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Wow. Later the same article:

During the same period, TransferWise had three complaints, though none resulted in an investigation.
Challenger banks Starling and Monzo had no complaints registered with ASA.

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We are debating the colour of tennis balls on slack after they said it was tennis ball green for transferwise

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Oh. thisismoney is part of Daily Mail. That explains a lot…

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Yes. The Daily Mail: For people who hate life itself.

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Unlike its competitors, Starling has built its technology from scratch and does not rely on outdated technology infrastructure.

Disappointing that the above is referenced for Starling but not Monzo :roll_eyes:

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But it does rely on GPS and we don’t know (well I don’t) what their tech is like but I’m guessing pretty crap if it’s always down.

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Yup - that’s why that comment in the article is particularly grating!

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They are most visibly recognised by bright ‘millennial’ coloured payment cards.

Goddamn. I’d much rather have an avocado toast coloured card thank you.

The way that some fintechs present themselves has left consumers baffled by what they are dealing with,

Err?

how these companies are regulated

Errr, right on Monzo’s homepage… “Monzo Bank Limited is … regulated by the Financial Conduct Authority and the PRA. Our Financial Services Register number is 730427.”

Just like every other bank then.

and who to go to when things go wrong.

Again, Err, I say.

Customers have found it is taking a long time to fix problems via its service agents as there’s no telephone number. They can only be contacted via chat online.

Double untrue.

TransferWise, Monzo and Starling have also collectively received 60 complaints over the same time period.

And how many have other banks had?

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To paraphrase, Would you trust your news to the Daily Mail?

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‘Monzo is truly a full service business to consumer bank, but one that provides a much better customer experience than the traditional high street banks, especially online and via its app

Monzo has been hiding its online banking from us :rofl:

They could with a bit of research but then they wouldn’t be part of Daily Mail

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But apart from that it’s a good, well researched, quality piece of journalism yeah?

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I’ve just gone and looked at the Ombudsman data for complaints, published between July-Dec 2017 (newest data available…)

HSBC - 7,000
Lloyds - 17,000
Royal Bank of Scotland - about 4,000
Bank of Scotland - 20,000
Barclays - 13,000
Santander - 6,000

And I stopped there. Admittedly, Monzo, Starling and Revolut have both less products, and fewer customers, but… a bit disingenuous to make a point of 60 complaints…

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I think complaints per customer would probably be a more useful metric here :slight_smile:

(I have no idea what that figure is!)

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Now you have said that you now need to go find out and report back :eyes:

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Indeed! And it certainly seems a hard one to actually find for most Banks.

According to the Article Monzo have had <30 complaints, and you’re near 1 million customers so… <30 Complaints per Million seems to be a benchmark.

For other banks…

Lloyds Group say they have about 30 million customers in the UK - with 17,000 complaints - or 566 Complaints per Million.

(though not sure if that 30 million includes Bank of Scotland).

Barclays - have 15.2 million customers, and 13,000 complaints - gives about 855 complaints per million.

Santander - about 14 million customers, and 6,000 complaints - gives about 428 complaints per million.

So it seems like Monzo could do with a 10 fold increase in complaints to properly compete!

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I think the complaints team would prefer not to do this :sweat_smile:

Another thing to note her is that I think the figures you’re referencing are complaints referred to FoS - a large number of complaints are actually resolved internally and the customer doesn’t feel the need to take it further.

Certainly very interesting - thanks for looking those up! :raised_hands:

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