Is this becoming an obsession?

Are they actually able to cope with such growth???

This will just run and run, 6, 7, 10 million blah blah. It’ll be just as boring a thread in 12 months time as it is now. I’m sure the Monzonites love it, for some of us, it’s just a total yawn.


As I have said over on the Monzo forum, I do hope they can pull it off and make it a success.
But I do have doubts about such rapid growth.


I think the level of growth right now is unsustainable, both in terms of cost to Monzo and the amount of new users that will continue to be signing up daily. I’d love to be wrong, but I think some of the predictions on their forum are a little bit too optimistic.

What I really want to know though, is how many of those users are still active Monzo customers. That figure matters more than simply the number of people who have opened an account.


Yup, agreed. I wonder just how many of their ‘millions’ of customers are acutally using their Monzo account in such a way as will actually benefit the bank in terms of long term profit?


That could be a very good indicator of success, especially given the ease one can open a finTech account.
I would imagine there are a good Many Monzo (and other Fintech) account holders who have opened them out of curiosity and then not used them on a regular basis.
Myself included.

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Marginally higher proportion of active users deposit £1k/month to Starling but unclear what proportion of Starling users are considered active, and by what definition.


I think we need an industry standard for what constitutes an active user. The comparison drawn between Monzo and Revolut in Tom’s tweet looks impressive, but we don’t know what’s being considered an active user in that case. Monzo’s definition and Revolut’s could be entirely different, and range from anything as mundane as launching the app to making a transaction.


Probably doesn’t constitute an industry standard, but interesting to note that in a report of the status of current accounts at the big banks from a few years ago the CMA defined an active account as one that had at least one transaction in the last 12 months and a main account account as one that had average monthly income of at least £500. So lower bars than Monzo’s own definitions.

Using these definitions, the report found that 70% of active current accounts were classed as main accounts (section 5.8)

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Interesting read :+1:

But depending on how these figures are interpreted, the results could be used by many banks to actually show them doing better than they actually are.
I’ll use my own accounts as an example:
ALL of my accounts have at least one transaction per year, so would be counted as active, even though for some of them it is just one small transaction every now and again just to keep them alive.

I would say I have 1 main account (salary in/bills out), but if any account with an average monthly income of £500 is also a “main” account then on that basis, I have 4 :rofl:


Is the thread title “Is this becoming an obsession?” about Monzo customers following totals or an obsession with following Monzo threads and commenting on them on fintechtalk? :joy:

Contributing to the thread I think, I have multiple accounts legacy/fintech and they would all class me as active even with some hardly used.

To be fair, there’s far less of that recently when compared to several months ago.

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Indeed there was a lot of that previously, and rather off putting. I’m all for giving it to Monzo both barrels when they deserve if for their stupid decisions, but its looks like an anti-Monzo club at times for the sake of it.

It was more a passing comment, that it seems to be a trend of read Monzo forums > find a thread with something controversial > paste it here as troll food, where it attracts a spectrum between everyone who’s had their account frozen to those that appear to have had their nuts kicked and foot stepped on by Tom.

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If I am guilty of that, I’ll apologise now, it was never my intention.

Some of the stuff I have posted on here and on the other forum has been with the intention of gathering the widest range of opinion possible.
I know there are some that contribute to both forums, (me included) but there are also those who stick to just the one.

My original thought was the obsession with chasing numbers :grin:

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The original comment was said in jest and wasn’t personal.

To contribute a bit more, I think their biggest issue is hiring staff quick enough and getting everyone trained and on the same page.

When Monzo went over the 1 million mark customer service suffered a lot, and it only really feels like it’s getting back again to how it was in the last month or so.

I still think they need to drastically overhaul their chat system and how they deal with customers. It has improved in my experience but can go much further.

It goes to show how bad other options are when you only have to do slightly better than crap in preventing customers moving away to other banks.

I think it’s got a good life ahead of it and has a good chance of helping push forward banking over the next few decades and change what a bank means.

The next 1 million will be in a blink. Even at 40,000 a week, then 1,000,000 will be done in 25 weeks.

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I would hazard a guess that this is down to their marketing and almost “cult” status rather than them being better than other offerings.
And fair play to them, after all they’re not the first business to become successful more for their marketing than their actual products.

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According to their users, Monzo offers “great” customer services with 94% of the survey saying so, toppling First Direct off the top spot by a significant margin. Whatever they’re doing, they must be doing something right.

That is unsustainable, i would like to know how many active users do they have.

They did it with only 244 votes in the poll vs First D(731) vs Nationwide(778) etc… I know its percentages, but pinch of salt for me on this one …


I dont actually know why there is so much Monzo hate and salt here from some people. I have both Monzo and Starling and I find them much the same. I prefer Monzo’s interface given the choice but I do think Monzo needs to look a bit more professional and Starling needs to add a bit more colour rather than something that was designed in the late 90’s with colours.