I genuinely feel sorry for her - On reflection, she must facepalm every time she thinks of all the things she could have said… “Running through the fields of wheat” too funny.
Anyway, back on topic.
I’m trying oh so hard not to be cynical about the way Monzo approach their marketing.
They’ve done a tremendous job so far (in regards to marketing the bank). They’ve cultivated a huge following, a large online forum and a lot of “word of mouth” type advertising.
I don’t for one minute think they “have hardly spent anything on marketing” which is what they often claim - I just think the money they’ve spent has gone on different types of campaigns (not your usual TV ads, billboards or anything else).
But, I can’t help but feel they aren’t practicing what they preach…
“No Barriers”? What does that really mean.
We can go around in circles on the actual barriers they have for a lot of their product - Some of which are par for the course with a fintech (noticeably, the requirement to have a relatively new mobile phone), but some are… unique.
• Expensive overdraft
• Fee for paying in cash
• Photo ID requirement
And others that people have mentioned.
I think I’d have no problem if their advertising was backed up by their product - But the fact it doesn’t, feels very much like it’s lip service that looks good as news headlines.
Obviously I’m sure we all want as many people as possible to have access to basic services, and hopefully something great can come off the back of it (if not Monzo, then someone else).
But until Monzo move away from their current drive at profitability (by adding fees to various things), I fail to see how this is anything other than smoke and mirrors…