Monzo Bank’s Post

Funny observation from the last week. My 22 year old daughter, about to start full time work. Her “Dad, i need a proper bank” Me “remind me, who are you banking with” Her “Monzo” Me “erm what’s the problem aren’t Monzo the current and future” Her “i want a real bank. not one where everything’s automated, bot driven, no branches or someone to speak to.” Me “wow!” In a world of fast changing technology transformation, a gentle reminder that tech alone won’t always cut it and human capital & human to human experience, can’t always be replaced - and may become as important as ever for future consumers. Monzo, you *may* need to become a little like First Direct or start opening High Street branches if you’re gonna retain or win clients in the future.

How this hot coral card changed everything🤯 Launching in 2015 (when I was 10 🥳), Monzo Bank jumped into a gap which was ripe for DISRUPTION 🧨 People were getting fed up with banks…. Trust was at an all-time low at only 37% Problem? Banks hadn’t kept up with the digital age… clunky apps with limited functionality, customisation and poor customer service How did the Monzo team do it? That coral card speaks for itself… A conversation starter. Intrigue = envy. Waiting lists, hype.. the lot. Real focus on UX too. 🪸🪸 Early adopters of the community culture. In-person meet ups. Online forums. Approachable tone of voice. Word of mouth referrals were the real winner here 🏆 The team have relentlessly scaled up and have hit over 9 million users… 🚀 Anyone else see PerfectTed as the Monzo Bank of the drinks industry?? Watch this space #monzo #banking #finance #perfectted

Henry Ford was a pioneer of innovation, but his most famous quote probably doesn't hold water now. “If I had asked people what they wanted, they would have said faster horses.” In 2024, if you don't listen to your customer groups from the start, you could be building the wrong thing. Look at Monzo Bank. The challenger bank used its community forum (community.monzo) to help them get quick feedback on new features, bugs and ideas from users. They put their entire product roadmap online and the topics that get the most discussion are brought up in the company's weekly meetings. This is true customer-centricity with feedback loops that other large banks could only dream of. But who's right? A singularly gifted visionary, or the power of the crowd? #marketing #community #customercentricity

I'm drawn to stories of groundbreaking inventions, innovative ideas and daring actions that stand out from the crowd.💡 You might be familiar with Monzo, the British online bank, but did you know it was one of the trailblazers in a wave of new app-based challenger banks in the UK? 💳 Dive into the following post to learn more about their pioneering spirit and how they reimagined banking from the ground up. 🚀

Well, this looks like a dog’s dinner to me. 🐶 A business bank account called Anna. And the promise that your phone will bark like a dog whenever you get paid. 🐕🦺 I’m not sure what’s worse. The launch of yet another business banking service into a market that is already very well catered for, especially by the likes of Starling Bank and Monzo Bank. Or that in order to be differentiated, they’ve opted to make your phone bark when you get paid. Oh, and decided that was the very best thing they could advertise about. I can see it now. You’re in a critical customer meeting. Trying to clinch a new listing or contract. It’s serious. Professional. And then your phone starts barking. 😂 There’s been a lot of debate recently about distinctiveness and differentiation. I think this is a good example of where the sheer desire to be different has outweighed consumer need. What do you think? Do you have any examples of brands trying too hard to be different that you can share? #marketing #differentiation #distinctiveness #financialservices #businessbanking