Monese needs paid accounts. Will insurance solutions and an accessible subscription level do it?
The news: UK-only digital bank Monese expanded its paid offer to include a new Essential subscription level for £ 1.95 ($ 2.50) per month.
More on this: Beyond the addition of its basic subscription plan, the neobank is thoroughly updating its broader paid levels:
- Monese teamed up with Qover deploy its new Bill Protection feature, which covers regular bill payments up to £ 600 ($ 769.42) If a client is unable to work, higher limits are available at their two more expensive tiers.
- Essential subscribers will receive reduced fees for international transfers and currency conversions, as well as free ATM withdrawals up to £ 200 ($ 256.47) per month.
- Monese Classic and Premium plans will now include purchase protection for recent stolen or damaged purchases.
- As part of the Qover partnership, all paid subscriptions bear up to 30 days daily payments between £ 15 ($ 19.24) and £ 50 ($ 64.12).
The overview: Monese is one of a cohort of British neobanks keen to attract customers with their attractive paid offers.
- Revolution recently update its paid accounts with new purchase protection and new insurance benefits.
- Earlier this year, Monzo introduced its paying subscribers to new virtual card capabilities and extended functionality for customers who connect their external bank accounts to its application.
The big takeaway: Wider adoption of Monese’s paid subscriptions could give it a more engaged customer base to which it could introduce more lucrative business lines.
A handful of British neobanks—Starling and Bank of atoms– flirted with profitability after offering loan products to consumers or small businesses. Monese could exploit its more than 2 million customers amassed since its inception in 2015 to sell its own potential credit products. his pots Solution is already helping users save for certain purchases, so providing personal loans for larger purchases would follow a similar strategy.