Yeh I agree
If you take monzo as an example. I think they’re 1 of the best free products for banking out there.
Starling is also great - but monzo won me over mainly by having more users and easier transfers with people who had it already as there wasn’t much difference.
I’ve become so invested in monzo I push all my friends towards it and want them to get their paid tier right for me. Even if it was a tiny bit more expensive but gave me what I wanted I’d pay it as I’m invested in the business.
With Emma I’m new. I’ve tried the free product and it seems very similar to the competitors - but 1 of the competitors offers the same and more for free. And all of Emma’s paid product that I’m interested in for free. So there’s not investment from me. It would defy logic to not go with the competition.
If Emma’s free product was best in market and gave matched their free counterparts - I’d be keen on paid add-ons as I’d be loyal. But there’s no loyalty until I’m invested in some way as you mention.