Digital bank Monzo is rolling out a new investment offering, in a move to offer customers more choice, while simplifying the investment experience.
Monzo is launching new Exchange Traded Funds (ETFs) that it says are easy to understand, easy to use, and selected based on what customers are interested in.
The launch comes after Monzo found that many people struggle between wanting more choice but being overwhelmed by the investment options on the market. This has held back millions of Brits (56 per cent) who are yet to start their investment journeys, while 55 per cent say they lack confidence in picking the ‘right’ investment when presented with a long list, sometimes thousands long.
However, Monzo also found a clear appetite for investing their money, with 63 per cent of Brits revealing they’d be more likely to invest if they were offered a simpler way. Meanwhile, 64 per cent of Brits think having all their financial activity on one app would make their life easier.
To meet customers’ requests for more choice, Monzo’s new experience customers choose from 11 different ETFs – including themed and geographic funds. The digital bank has already started rolling out the ‘Build Your Own’ investment option to new investors, which will become available to all customers in the coming weeks.
Andy Smart, chief product officer at Monzo, said: “We know how much our customers love investing with Monzo – and they’ve told us they want simple, clear options with just the right amount of choice. This new ETF offering is the next step in making investing even easier and more personal. Whether you’re just getting started or ready to go further, we’re here to help you invest with confidence – all through the Monzo app.”
Bolstering accessibility with Experian’s Support Hub
The launch comes straight after Monzo joined the Experian Support Hub service, a free-to-use platform which allows users to share their access needs with multiple businesses in one go. This could include preferred method of communication, such as letter, telephone, or email, or other requirements, including needing a longer appointment, or being accompanied by another adult to assist them.
Other support needs included on the platform include ‘life events’ such as long-term health issues, bereavement, relationship breakdown or financial difficulties, so users can notify their service providers quickly about their circumstances, which can then put in place appropriate support.
Paul Lamont, Support Hub director at Experian, commented: “Experian technology is helping more and more businesses improve accessibility, and Monzo, as one of the leading digital banks in the UK, joining Experian Support Hub to assist vulnerable customers is a great milestone for the service.
“It can be intimidating and overwhelming for customers to seek help, especially if they’ve encountered difficulties before. Experian Support Hub makes it easy and straightforward for people to get the support they deserve, reducing the barriers they can encounter in disclosing their needs.”
The Financial Conduct Authority found that an estimated 7.4 million people have unsuccessfully attempted to contact one or more of their service providers, with the most vulnerable in society most likely to struggle.
The Support Hub launched in September 2023 with some of the UK’s largest companies, including HSBC UK, Nationwide Building Society, Tesco Bank, consumer credit provider NewDay, and Co-operative Bank.
Riffat Tufail, vulnerability access inclusion and bereavements lead at Monzo, said: “This gives us an even deeper knowledge of our customers, and means we can support them in their preferred way across every area of Monzo from opening an account to managing their money every day.”
