Monzo has confirmed it is scrapping a popular feature
Millions of Monzo customers nationwide will notice a major change to their app just days before Christmas. The digital bank has announced it’s axing one of its most popular features and introducing a completely new service in its place.
The Monzo app’s Summary feature gives customers the chance to get a straightforward and rapid snapshot of their current financial situation whilst helping them manage their budgets more effectively. It functions by pulling together a customer’s income, scheduled payments, bills, current expenditure, and funds stored in pots or savings accounts, then offering an overview of how much disposable cash a customer actually has.
Usually, customers can view their Summary for various spending periods by tapping a small pie chart icon in the right-hand corner of their app. Below the total summary, the app also calculates an estimate of how much money a person might have remaining at the end of their Summary period, or whether they’re in danger of running short.
However, Monzo is now notifying customers through the app that Summary will be discontinued on December 21. In a message to customers titled ‘we’re saying goodbye to Summary’, the app states: “On December 21, we’re retiring Summary. You’ll find simpler, smarter spending insights in Trends.”
While Trends will provide services akin to Summary, it will lack certain key features that customers may find essential.
For instance, Monzo confirmed in an in-app message: “For now, unfortunately, you won’t be able to set weekly or 4-weekly spend periods, or exclude transactions that aren’t categorised.
“That said, we’re already busy making upgrades to Trends – to make it work for everyone.”
In a post on its own community forum, Monzo stated that new customers from March 2023 would not have access to Summary. The bank also suggested that a small number of Monzo customers actually utilise Summary to monitor their spending, with most opting for Trends instead.
Despite this claim, many customers have expressed their displeasure at the idea of losing summary. One person on the community forum said: I loved summary. I find trends difficult to use and understand, overcomplicated, and basically never use it to try to set or monitor budgets.”
Another added: “No oooooo Summary is very useful. I’ve always struggled with trends, while I’m sure it’s fine for some, I could never get it to work and present information in a useful and meaningful way.
“I’m really disappointed.”
A third said: “Sorry but disagree, trends is over complicated. It serves a purpose but so did the summary. I just want a nice simple view of what I’ve spent and whether I’m over spending. With trends I have to remove my other accounts, look at different views etc.
“I really miss the simplicity of the earlier versions of the app.”
While some are outraged at losing one of Monzo’s hallmark features, others have pointed out that Trends can be better if set up correctly. One customer on the forum said: “Summary’s left to spend was the number 1 thing that helped me to get my finances on track and make sure I was spending within my limits.
“It was a great feature but I get that it has been outgrown by improvements such as connected accounts. At first I struggled with trends as it took a while to get the right setup to make sure my “left to spend” and “total upcoming” figures were right.
“Once setup right, trends gives a much richer picture. Id love to see some AI embedded into trends to help provide further insights into spending habits and patterns.”
