Tom Blomfield stepping down as CEO of Monzo
sifted.eu/articles/monzo-blomfield-president/
sifted.euPosted May 20, 2020, 10:00 PM UTC
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sifted.euHaving someone in house with such a wealth of experience, planned or not, must have factored into this decision.
Maybe he’s got them as far as he can and now someone needs to come in and get them to make some money.
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Should customers be worried? There was nothing reassuring in that article.
8
This is a far more positive article: https://techcrunch.com/2020/05/20/monzo-co-founder-tom-blomfield-moves-from-uk-ceo-role-to-president/
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So much better!
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Phew
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They’re FCA regulates and protected so unlikely there is anything to worry about.
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[deleted]
-5†
Which big bank's app is as good as Monzo's?
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Lloyd's Bank App is better than Monzo's App for me.
I like the companies logo being shown on Monzo App. I used to like the Pulse graph, but that is now gone.
I really like that my Lloyds Bank app shows the balance following each transaction (this is something I don't like about the Monzo App that was previously provided as part of the Pulse Graph). I also like how I can see all transactions or select months to see transactions for.
But both apps are OK.
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My old bank was Lloyd's. Can you tell me how Lloyd's are better in terms of UI and budgeting features?
Also, easy of use - would you consider Lloyd's easier to use?
I wouldn't.
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There is no other app as good. Not close.
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Which big bank? I have accounts with First Direct, HSBC, Natwest, Halifax, Santander and Nationwide. All of their apps are dogshit except First Direct.
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I hope an American(?) CEO does not throw Monzo down the shitter
*I spelled "throw" as "through". Because it was 1am
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You're being downvoted, but you're right. American banks are fucking shocking, I'd hate for Monzo to turn all American
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He lives in America, but his experience is at Standard Chartered (UK), Citi (US) and VISA which is more of a financial service than a bank.
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More like stepping up into Ultimate Bossman role
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Loll yeah he has just made an extra level in the hierarchy and sat at the top - probably the right thing to do.
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"And just last week, it was reported that Monzo is closing in on £70-80 million in top up funding, to help extend its coronavirus crisis runaway. However, as new and some existing investors play hardball, the company has reportedly had to accept a 40% reduction in its previously £2 billion valuation as part of its last funding round last June, with a new valuation of £1.25 billion."
ha.. that wasn't posted here
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Monzo faces near 40% valuation drop in latest fundraising https://reddit.com/r/monzo/comments/gk6ixi/monzo_faces_near_40_valuation_drop_in_latest/
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thanks, I hadn't seen it
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Seems like the VCs are turning the screws. Doubt there's any reason for customers to worry right now.
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I get the same feeling. The app is not getting any recent updates. It doesn't make sense at all to say the interruption is due to COVID situation, when the bank itself is mobile based :-)
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Moving out of the CEO role on its own isn’t a bad thing.
Being replaced by someone more experienced isn’t a bad thing.
Being replaced by someone who keeps their current job sounds like this was all done in a hurry.
Moving to a president role (rather than a chief operating officer role) is a bad thing. That isn’t the right role for someone young and by the sounds of it wanting to be more involved with the customer side.
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I'm really concerned by this
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Blomfield said he wanted to spend time “doing the stuff I really really love, which is community, talking to customers, helping develop the product proposition, long term vision… and try to unwind my involvement a little bit in more formal regulated banking activities”.
I’m sure there’s more to this than they’re saying. There’s no reason he couldn’t continue doing all that and delegate the boring crap to others.
Now there’s a CEO running banks in 2 countries and this is supposed to be better? and the biggest worry now is how long before some shitty American bank muscles in?
I really don’t see this ending well and I really hope I’m proven wrong! 😞
-2†
Worst case just move to Starling , but Monzo just has some magic. I found starlings UI , dreadful. Above all no community, no faces and no human image. This all matters in a world where consumers are actually bothered, who they trust with their money. I was really looking forward to one day being able to full Monzo and close my traditional accounts, using Applecard and ditching my Amex, this all seems like a pipe dream now.
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community
It's a fucking bank. Why use bullshit californian PR schmaltz terminology to describe things to do with a bank.
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Because we live in an informed world now my man, companies that forget values and ethics, are the same ones that fail to innovate and ultimately fold. Aside a few examples of course, people have choice and they have room to act on how they feel and how the company makes them feel. This was not the same 20 years ago.
For some it might be a facade, most of the time that’s sniffed out pretty quickly either by the press or ironically the public.. usually on reddit.
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"here at facebook we care about you and what you share"
"sent with <3 from Airbnb"
"the monzo community"
saccharine insincere bullshit.
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Sounds to me like he's stepping aside to let more experienced hands steer the ship through difficult waters. Smart move if that's the case.
He got pushed overboard for being crap... smart move by someone else