Monzo getting left behind?

Reading some of the recent articles, this doe’s make me wonder.

Just some of the offerings from some of the competition
(there are probably more I have missed):

  • Revolut- savings products, crypto, share trading, perks, open banking.

  • Starling- interest on accounts, unlimited ATM withdrawals euro accounts, cheque imaging.

  • Monese- euro accounts with dedicated card, savings accounts, Avios

All we have heard recently from Monzo is that they are “working on” paid accounts, which is something that many of the other FinTechs already have with varying degrees of success.

Over to you for your thoughts…

(Also posted on the Monzo forum to guage their thoughts too)

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Not Sure about Monese and Revolut - no protection NoNo
Starling is miles ahead…
-PostOffice deposits
-International transfers
-Cheque Imaging (soon)
-Fee free overdraft (goals money “cover”)
-Fitbit…

But Monzo offers nice loans and savings accounts in app
Better merchants data
Second and last chance for Plus accounts…
And no chance with this:

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With the likes of Tide, they don’t stand a chance of making this a success.
Yes, Tide have fees associated with the account, but they offer so much more.

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Is it out?

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Thats the business account stuff not plus.

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Ha, the reaction on the Monzo forum is to be expected.

On topic though, I think it’s swings and roundabouts. I seem to recall a period last year where it felt like Starling were standing still and Monzo (and others) were making bigger strides.

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I think Monzo right now has a product that will suit most people that want a bank account and thats the key, it does everything and more that the majority need, apart from cheque imaging which is nice but not essential for most.

From a fintech point of view they have hit a brick, but do they care about that, they are growing in customers that’s the real key to success

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You may live to regret that! :cold_face:

Yes, I think Monzo seem a bit stuck at the moment. They seem to be increasingly navel-gazing and focussing on HR pet projects rather than the features we’re looking for, and development of their app.

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Growing customers means nothing. Institutional investors in Monzo ultimately want to exit through an IPO or through sale of the company to an established firm.

If Monzo doesn’t have the deposits from their customers who is going to want to buy that? Deposits are what give a bank the clout to do everything. Monzo aren’t going to survive on people only using it as a spending account. Monzo will however survive if they get deposits and start cross selling products like the incumbents do.

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More customers - more expenses…
Customers without deposits even worse.
Monzo have to offer savings accounts… not third party savings accounts

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Not really sure why you picked out one bit of what I said, its the whole context.

Why ? Lots of banks don’t offer savings accounts. Third party accounts means no risk to Monzo and they are gaining a commission. It’s low cost, low risk.

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Probably. :rofl: :rofl: :rofl:

But to my surprise, there have been some good comments interspersed among the
“Monzo can do no wrong” ones :grin:

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Yep, look what you’ve started. You can confidently step back and let that little thread simmer all weekend :grin:

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Although it does seem to be quickly descending into the “Monzo can do no wrong” thread.

:rofl: :rofl: :rofl: :rofl: :rofl:

Good reading though :upside_down_face: :upside_down_face: :upside_down_face:

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Busted! :smirk:

:rofl: :rofl: :rofl: :rofl: :rofl:

You’re about the only one talking sense :stuck_out_tongue_winking_eye:

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Hey - it’s @N26Throwaway :grin:

Hmm - sure we’ve seen you somewhere before…:thinking:

Welcome.

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:sweat_smile: Thanks guys! I’ve actually lurked here longer than I have at the other place, but thought I’d make an account to reply to this :grin:

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As someone who uses Monzo as their main bank, when I look at what’s on offer elsewhere I don’t feel left behind.

There are only a couple of features available or upcoming at other Fintechs I really wish Monzo had - Post Office cash deposits and cheque imaging. But for me these are seldom-needed things so not something I’m going to switch away for.

There are also some features mentioned in the opening post I’m glad Monzo haven’t spent time on - in particular cryptocurrency.

They have slowed with releasing new features recently but there was a period last year when quite a few features were released in quick succession so perhaps that will happen again this year.

The area I wish Monzo would improve above all else is customer service (in particular proper, rather than token, provision of other customer service channels alongside in-app chat). But none of the fintechs seem to excel in this area so even in this area I don’t think Monzo are particularly behind.

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Professional investors would have bought into a vision of Monzo generating revenue in different ways compared to traditional banks. So I can’t see them clamouring for Monzo to switch to operating more like a traditional bank only 5 years into its existence. Monzo’s strategy seems to involve growing a large customer base so I would imagine these investors have at least a 10 year time period in mind for expecting returns.

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