Yes, let’s base people in London. You know how expensive London is compared to a place like Manchester or Cardiff?
Cut your cost base and increase your revenue streams. B2B is a massive market - do what Starling are doing. Sell your banking platform for profit. Use that to subsidize customer accounts so you have more deposits and a larger user base with more money in your accounts.
Use said money to loss lead and then transfer that’s into better wholesale rates and the cycle continues until you can directly compete with offerings - otherwise just go with lending and don’t bother competing. Guaranteed revenue.
Have tried it now. Aggregation of other accounts is pretty barebones at the moment.
Does have…
Balance
Raw transaction name & amount
Does not have…
Merchant icons
Merchant name enrichment
Categories and tags
Transaction notes
Spending analytics
Budgeting
Composite all transactions list
Whilst the account aggregation is barebones, some other software-related aspects of Monzo Plus more complete - e.g. categorization enhancements for Monzo transactions (custom categories and ability to divide transactions into more than one category), virtual debit cards, and automatic live export of transactions to Google Sheets.
The version bundled into Monzo Plus does not require IFTTT (at least it doesn’t require the user to have any interaction with IFTTT). You just connect the Monzo app to your Google account and it creates a spreadsheet into which it exports transactions and thereafter keeps it up to date. The speed at which updates occur is impressive. If you make a change in the Monzo app (such as adding a note to a transaction) it will be reflected in the spreadsheet within a couple of seconds.
I’m not sure its something I would personally use but if spreadsheet export is a popular feature in Emma Pro it’s probably something the Emma team should look into.
Their connected accounts feature is very minimal, as outlined further up. I suspect they haven’t even tried integrating connected accounts with auto export, rather than tried and failed.
I wont be spending £5/month on it but there’s more to it than connected accounts. Virtual cards and categorisation enhancements seem to be the two most popular features based on the Monzo community.