Our fatal flaws and weaknesses lead to chaos and failure.I am not naturally organised, and am very clumsy. This is not however an excuse: I must own my weaknesses, and learn how to live with and mitigate my flaws.
Like Jeremy Corbyn, my flaws often embody themselves in financial incompetence. I lose cards, forget passwords, and ignore my troubles creating a snowball effect. However, with something as serious as finances, saying “oh well” isn’t an option. Banks don’t accept “Opps” when I exceed my overdraft by 5 pence. Shops do not accept “Opps I have no access to cash” as a form of monetary transaction. “Opps” doth butter no
Looking for a solution, I quickly became attracted to “Monzo”, a fintech (financial technology) app, a “new kind of bank” that promises to revolutionise the way we spend money.
Monzo are a banking start up, they lack the funds, features (overdrafts, current accounts, debit and credit cards) and trust to become mainstream quite yet; however they have the potential to obtain these things in the future.
My attraction to Monzo was that it would be an aid to my weaknesses.
Monzo forces the user to engage with smart spending, you set spending targets for the month on a pre-paid card linked to a 3rd party current account, and each time you spend money – online, by contactless, or pin – the transactions appear instantaneously on your phone.
Monzo tells you if you’ve been spending above your monthly target, encourages you to take records of your receipts, and becomes the little financially prudent voice of conscious that you’ve never had.
This level of interactivity and smart data gives users, what Monzo calls ‘monzonauts’, the opportunity to take control of their spending.
Monzo’s security protocols are perfectly suited to people like me, at present they lack the need for endless passwords that i’m bound to forget and have to reset over and over, and they take full advantage of Apple and Android’s fingerprint technology. Not only this, but the dealmaker for me was that if you lose your prepaid card, you can freeze and unfreeze the card in seconds – perfect for those “bugger bugger where did i put it” moments.
Oh and you can also send and receive money to your friends easily but i’ve not needed to do that yet.
Monzo still has its flaws:
- the card is not yet universal – it has been rejected quite often when i’ve been using it.
- the card is not yet a replacement for a current account
- at present the card is not usable on apple pay.
- it’s PR team are so ‘london next-big-thing-tech-company’ confident that it provides a bit of vomit at the back of my throat
However it seems like an ideal card for day-to-day spending, and its customer service agent are on the ball and very accessible for the Generation Apple. I like it anyway, that’s why I wrote an blog post about it.
If you’d like to use Monzo, you can do so via ‘Golden Tickets’, it’s currently only in beta mode. Here’s a golden ticket to skip the queue for Monzo