Monzo Discussion & Feedback

Is it? Monzo are being stupid with their money.

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.

Has anyone tried the new Monzo Plus?
If you have, what do you think about the account aggregation feature in comparison to Emma?

I haven’t tried it yet myself - not keen on the 3 month minimum term if you want to try for longer than the 14 day cooling off period.

Paying for the card. The rest is done better elsewhere for free. They still don’t get what people want from the Account. It’s a no from me.

Can you summarise what the account aggregation is like?

Balance + Transactions.

What about

transaction enrichment (notes, categories, etc)
spending analytics
combined (all transaction) view

Do they have any of that?

I have no idea. :slight_smile:

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.

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I imagine it’ll only be a matter of time before they start developing these. Naturally we’ll be ahead of the curveball :nail_care:

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I would love this in Emma Pro… but maybe not via IFTTT

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We can do. Does it work via IFTTT?

Ha! I assumed it does, but it looks like they’ve integrated directly somehow. Not much info :man_shrugging:

@edoardomoreni @Gaoler

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.

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This is cute.

It’s not very popular, but I guess it’s because we made it slow. :wink:

Does it export / updates only transactions on their card or also the connected accounts?

Only Monzo transactions.

Not any connected accounts

exactly as I expected…

(it’s really hard to do these automatic updates with the unreliable data that comes from open banking APIs, but we can try…)

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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.

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So why should we spend £5? :slight_smile: There must be a secret feature. :stuck_out_tongue:

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.