Can’t read entire article but always wondered how a quick business account to a limited 100 users would merit any cash.
Looks like linking via Google works
The Monzo spokesman said the bank still hopes to have the new service widely available by the end of the year. A few hundred customers are already using it for testing purposes.
for a small reasonble fee of course
The people on the board on BCR know banking very well, they know Monzo only decided to launch a basic business account in order to try and win some of the money when it was announced the rules for this round, that in itself is not a problem, however it proves it had no business proposition, the whole idea of the fund was to change business banking away from the big banks, a quickly thrown together account, wouldn’t show anyone Monzo would be a decent challenger. Hardly strange they didn’t win any of the funds.
Maybe what the SME banking industry was missing all this time was a salmon-coloured card.
Email received this morning. Looks like Monzo Business accounts are pretty much on hold at 1,000 customers for the time being.
This still feels like they started this on the assumption they’d get some of that schweeeeeet funding, and now they haven’t… They are doing the bare minimum.
I know there is a lot of blind loyalty for Monzo, but I’m struggling to see what £60 per year offers over Starling’s £0 per year offering…
Another case of the most loyal of Monzo fans being used as Guinea Pigs, and paying for the privilege I’m afraid.
Just to avoid this being a total downer, I have noted before that people have commented how they prefer the way Starling seem to wait longer and release a more finished product
There is something to be said for them slowing this down and starting up again with a product more fully ready for school. A more grown up decision in a way, even if forced on them, than some of late
I do not have a business so will not be personally affected, but it’s not been a particularly cheery lead in to the bank holiday weekend in parts Monzo
Maybe this is the inflection point reached
That’s the optimistic look…
Given my experience and what I’ve seen… It’s far more likely that they are pulling resource to other parts of the business…
I am trying not to be a pessimist this year. Going great so far…
I feel my view is more realistic than pessimistic
I have not cast realism aside you can be assured. I just cannot handle Brexit and many other topics at the same time!
Business is where the money is, but you need to be offering something that encourages business to use them, slowing down and working on a decent offering is a smart move.
It’s a good point. I imagine that they’re more likely to pick up lots of small-value some-traders rather than more valuable small to medium sized businesses.
Would be interesting to know how much, if any, spike in new accounts Starling gets from this (and Revolut/Coconut etc)
Interesting. Can’t help but notice business account prioritisation was noted as one of the reasons for shelving Monzo Points less than a fortnight ago - and now they’re effectively on hold too. Granted they’re likely working on a better product behind the scenes but who knows whether that’s ~ ~ if they didn’t get the grant.
The other thing they used in this reasoning was Plus, and the fact this is their number one priority definitely shows. I’m a Plustomer so looking forward to seeing how it evolves, but it’s become very apparent how many projects are being set aside in its favour.
Is it really? I wasn’t aware of that.
I’m trying to be as kind and measured as I possibly can, but if Plus is their number one priority, and they are shelving other projects because of it, then - given the utter that Plus still is - it appears they are even more incompetent than I thought they were. I mean they still haven’t managed to allow people to add stuff onto Plus (modularity and “buy what you need when you need it” was the main premise of Plus from the beginning), let alone have any actually compelling offers.
They haven’t directly said it’s their number one, but that’s very much how it comes across.
When Points was shelved, there was a post on the Monzo forum by Richard, stating “We’ve got tons of exciting features on the go, and we’d like to finish some work on Monzo Plus and Business Banking before coming back to Points.”
So essentially, they are (or were) the main focus - which only leaves Plus now they’re possibly taking a step back from business accounts.
They should just take a step back from the banking industry until they can get it right
The amount of backtracking and poor product management in general is shocking
- Monzo Plus? Sorry it was a bad launch we’ll fix it bc it sucked
- Monzo Plus Insurance - sorry we’ll change this because the terms sucked
- Monzo foreign ATM withdrawals - sorry 3% bc the community asked and we can’t afford it because we haven’t diversified our business
- Monzo Business accounts - sorry we only half arsed it to get some funds but since we only did that they saw through it and didn’t give us any money and now we need to scale it back
- Monzo Cash Deposits - sorry people are having bad experiences which were predicted the second they mentioned paypoint but we’ve sent correspondence to paypoint and we’re having their merchants updated on information fast forward a year hint: it still is hit or miss
Monzo business banking sign up flow.
Sign up flow is a bit awkward as there’s no way of stepping back or reverting to the Monzo app home. Once you’re in, you’re in and the only way out is to quit the app.
Oh, and it’s a fiver a month to have a business account. I’m currently with Co-op Business Banking which is terrible but they give me £25 a year to stay with them. And Starling and Mettle are free to have an account, I believe.