Banks’ race to meet the customers “where they are” has taken on a new twist: customers are now product developers — not just end users.
Last week, U.K. challenger bank Monzo rolled out “Monzo Labs” — a feature within the app that lets users test new features as they’re being developed. It’s part of a trend to release product iterations to an ever-larger number of users — a necessary move to keep pace with changing expectations as businesses scale quickly. Any Monzo user can test products and offer feedback.
The goal of Monzo Labs is to keep customers involved in product thinking as user numbers grow, with the goal to get every Monzo customer involved in some way, said Tristan Thomas, Monzo’s head of marketing and community.
Three-year-old Monzo, which has 650,000 customers, has been active on various fronts in seeking feedback from customers on products while they’re in development — both through in-person “Testing Tuesdays” at Monzo offices and an exchange of views and polls on its online forums. For instance, Monzo polled its users on its forums on how much it should charge for overseas ATM fees, and introduced goals-based savings envelopes called “pots” based on user input. To keep pace with the demands of a growing customer base, the company decided to open up product testing to all interested customers. Monzo labs’ inaugural product test is of a feature called “Summary” which does an analysis of a customer’s salary and spending habits to predict spending outflows and disposable income.
-
‘Change without story is a mandate, change with story is purpose’: Why marketing and comms execs are being tapped for chief-of-remote roles
Chief of remote roles are gaining in popularity, and it's marketers and communications execs that have the skills to fit the bill, experts believe.
-
‘A few more strategic decisions’: What it’ll take for TikTok’s ad offerings to get advertiser buy in
The momentum is there, but TikTok's lagging analytics and targeting offering has advertisers playing it safe with organic strategies.
-
‘She was the most sexually harassed person I ever met’: Confessions of a former Activision Blizzard employee on the company’s toxic work culture
In this edition of our Confessions series, we hear from a former customer service specialist at Activision Blizzard about the company’s toxic work culture.
-
SponsoredHow the ad industry can use its borrowed time to future-proof first-party data solutions
Trent Lloyd, co-founder and head of brand solutions, Eyeota Google’s updated timeline for its Privacy Sandbox rollout, including its two-year delay of third-party cookie deprecation on Chrome, didn’t come as a surprise to many industry observers, given the limited utility of Google’s FLoC and the slow momentum of the Privacy Sandbox in the World Wide […]
-
Horizon Media agencies ply new ground with incentive-based deals tied to compensation
Horizon Media agencies Big and Blue Hour cut an unusual incentive-based deal with DTC company Windmill, which lets client and agency make money if goals are reached.
-
How job seekers are standing out and staying top of mind during virtual job interviews
Candidates are competing for jobs on a computer screens so they are doing whatever they can to make their personalities and skills stand out.
