Is the pandemic slowing Monzo’s momentum?
August 6th, 2020, YouGov

Is the pandemic slowing Monzo’s momentum?

YouGov data reveals that, though there are question marks over its future, the brand has enjoyed year-on-year growth in some key metrics

Monzo has not had the best 2020: mass layoffs, a funding round that came with a 40% drop in valuation and a major shakeup in the boardroom have led to negative media coverage, reputational damage, and massive losses.

The bank has even been forced to admit that disruption from the COVID-19 pandemic has led to “significant doubt” over whether it can continue as a “going concern”.

If you were to look at YouGov’s data for Monzo between 2019 and 2020, however, you would see a brand with a steadily growing customer base, rising consideration, and increasingly satisfied users – among other things. There is a clear gap between the bank’s current misfortunes and its success with its target audience.


Monzo’s current customer growth, for example, is trending upwards at a rate that’s much faster than the wider finance sector. Between 2019 and 2020, current customer scores increased from 3.3 to 6.1 – a performance high enough to take it from the 22nd highest performing bank in terms of customer share to the 13th. Reputation also increased by three points year-on-year (from 4.8 to 7.8), as did impressions (from 6.2 to 9.7) – while recommendations went from 4.9 to 7.5. Purchase intent saw a smaller increase (from 2 to 2.6), but by comparing 2019 to 2020, Monzo has generally been on an upwards trajectory.

But despite this success the bank is facing a serious existential threat. Recent headlines have suggested that, despite enjoying wide appeal, Monzo has failed to find a proper business model and is effectively sitting on its customers cash. The COVID-19 crisis may have thrown these problems into sharp relief: a pandemic ultimately does not care about how well a bank is branded or how much customers like its app.

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