Monzo launch 'No Barriers to Banking' Campaign


#21

DD’s, I’ve just got five, broadband, energy, TV licence, Council Tax and Term Assurance. Some banks, especially for switching accounts, require you to have at least a minimum of 2 dd’s per account and yes whilst I could probably manage a couple of accounts as ‘spares’, it’s just too much faff for me personally.

I really like ‘fintech’, but I’m not just going to open multiple accounts for the purposes of just seeing what they’re like, especially when if you actually sit down and compare some of them, they are pretty much offering the same package wrapped slightly differently.


#22

Oh, I’m not saying that what I do works for everyone. And my wife certainly thinks I’m a bit crazy (joke’s on her though, since she married me anyway :smile:).

Just 5 dd though? I kinda wish my life was that simple - I have 5 dd for my credit cards alone :laughing:


#23

Many (almost all?) people probably don’t switch away from their first adult bank account for the rest of their life.

This is why banks give generous perks to students who don’t have accounts elsewhere. If their student customers have accounts with multiple banks it’s less likely they will remain a customer for life.


#24

There are some massive logic gaps in this. If you’re homeless, you are probably not telling all your friends, let alone asking them to accept your post.

Sending a card to another address is a recipe for disaster. Homelessness and drug addiction go together like tea and milk…

What friend of yours would accept all your banking post?! Pretty good “friend”…


#25

To be fair: I would. The real question is: would I want my friends to get my banking post? Probably not. (But then: (a) I’m not having no other options, and (b) Monzo don’t exactly send lots of post, so it’s a bit of a non-issue with Monzo.)


(l8n.me) #26

You’re on a forum called Fintech Talk, where people discuss banking instead of sitting on the beach, or in a park, or frolicking through a field of wheat, or whatever it is that ‘normal’ people do, i’d say that goes without saying for most of us…

Also, this gives me an excuse for this:


ANY excuse for this and i’m taking it, even almost 2 years on…

(sam) #27

Those were the days, before Fintech Talk came along… All that frolicking :smile::blush::blush::blush:


#28

:scream: Now I’ll have nightmares tonight!


#29

:joy:

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” :joy: 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…


#31

Monzo make it seem they are above the law and are able to do anything they want. Opening accounts for those with no fixed abode, or no photo idea is something a bank like Barclays has been doing for years. It’s not a new thing. Monzo has to still stick to certain regulations including know your customer ones. Monzo with its purely app based and photo ID requirement, has more barriers than some of the big high street banks. They try and sugar coat that, but its simple fact, you can walk into Barclays homeless, with a letter from the DWP and a homeless shelter etc, and walk out with a Basic Bank account. You can’t do that with Monzo.


#32

They preach this whole ‘No Barriers to Banking’ garbage yet :

1- They don’t allow people to have more than one account when it’s been a much-requested feature that people like to have more than one account to better manage their finances. Where are even the committed spending pots after all this time??

2- Isn’t sending bank cards to a ‘friend’s address’ just asking for trouble? It seems like a fraudster’s paradise to me.

3- You need a smartphone, and how many homeless people are walking around with a passport and driving license to use as ID?

4- The predatory overdraft charges and paying a fee to deposit your own cash really goes against their socialist ideology.

5- As @daedal quite rightly pointed out, it’s actually much easier for a homeless person to get an account at the high street than it is with Monzo.


#33

Not having photo ID is a legal barrier which we don’t have the power to change alone unfortunately. Hopefully this campaign can help us open some doors and start conversation which can move the needle on this - it’s certainly something on the radar

There lies the problem, with people that work for Monzo actually believe what they are saying. I’ve obviously corrected them on the forum.


#34

yeah, I was reading that, and I’m like :man_facepalming: :man_facepalming::man_facepalming::man_facepalming:


#35

I’m not sure how Monzo plan to get that regulatory hurdle leaped over, to be honest. It’s certainly not happening in my lifetime without fraud going up!


#36

No! The point is: There is no regulatory hurdle. There is no legal or regulatory requirement for a photo ID. It simply doesn’t exist.

What exists is (in hugely simplified terms) a regulation that states “Banks need to satisfy themselves that their customers are who they say they are.” It’s up the bank to decide how they want to do that (within limits, of course, but a photo ID is not required by law or regulation).

And it is for exactly that reason that banks have allowed customers to open accounts without showing photo ID for decades. Most high street banks still allow this.


#37

I think you misunderstood, there is no requirement for photo ID to open a bank account in the UK.

I was pointing out how Monzo staff are wrong.


#38

I think you and @nanos misunderstood my point! How do you satisfy this requirement of having to know you’re dealing with someone legitimate, without physically seeing them in person to verify OR having to use photo ID? Remember it needs to be friendly to people that don’t speak English well and that may have just moved to England too


(l8n.me) #39

You know it took Naji all that time to write a very short reply because the entire company stopped what they were doing and madly tried to find evidence that they were right and you were wrong. Get ready for an epic reply from the usual suspect about homelessness and hostels, and emergency accommodation, followed by a passive aggressive last two paragraphs about how even they were wrong, they were actually right, because what they say is so should be so, which is then instantly liked by one person who then scuttles off to slack to tell everyone how that showed the people at the Monzo forum reaction forum…

That said, i like Naji a lot, seems like a good guy, especially compared to most.


#40

Oh, I’m not saying it’s easy. But for Monzo to say “Well, we are forced to do so by laws/regulations” is misleading. It’s still their choice to actually say “It’s too darn complicated/time consuming to make it worth our while.” (Which is, incidentally, an assessment that I fully understand!)


#41

Very easily, as any of the banks and financial companies that abide by the law and don’t require branch visits.

There is no requirement to see someone in person to open an account, don’t place barriers there that are not there.