> Monzo’s culture of customer obsession allowed it to use the crisis to thoughtfully build a beloved consumer and SMB product that has changed personal finance in the UK<p>Monzo built its engaged customer base before Covid. Since Tom Blomfield left it is more focused on monetising customers. That's what Monzo needed to do but the article is spinning the truth<p>> The banking experience has not evolved to match modern consumer
expectations.<p>Monzo was a breath of fresh air when it launched. Competitors have caught up a lot — even Amex have a great app with instant alerts now<p>> Banks do not incentivize better money habits. Their profit models
rely on upselling and non-transparent fees that typically penalize
the most vulnerable customers.<p>Monzo is obsessed with upselling. The Plus and Premium products include such innovations as mobile phone insurance and "25% off a home workout membership"<p>When Monzo was taking off, the coral coloured card was a fashion statement. Warhol once said everyone buys the same Coke - from the President to a bum. Now Monzo wants to encourage people to pay a subscription to get an expensive card that nobody would recognise. I don't think they understand themselves anymore and they are definitely not trying to "incentivize better money habits". This article would have made more sense years ago.