Monzo has launched Monzo Split, a tool to help customers share the burden of payments with friends and family.
Monzo Split allows consumers to split, track, pay and request money from one platform even if they don’t bank with Monzo. The tool offers two methods of managing expenses: Running Split for recurring payments and Single Split, for one-time payments.
According to the UK fintech, the main aim of the product is to allow its customers to avoid awkward situations where they have to chase people up for money.
Andy Smart, Chief Product Officer at Monzo, said: “We’ve all been there – trying to stay on top of costs on a group trip, managing ongoing household expenses or buying that round of drinks – and then awkwardly chasing people.
“We don’t think splitting costs should come at a cost, so we built Monzo Split. Now, whether you’re a Monzo customer or not, we can take care of the tracking, the maths, and even the nudging, so you don’t have to.”
Putting words into action
Monzo Split marks the first product launch from the neobank since Smart was appointed Chief Product Officer earlier this month.
When announcing his promotion, both Smart and Monzo’s Group CEO, TS Anil, stressed the importance of putting customer needs at the centre of product development. That sentiment appears to have shaped the creation of Monzo Split.
Monzo has noted that the tool responds to a common pain point, stating that more than half of UK residents regularly pay on behalf of others while over a third have experienced tension or fallouts with friends or family when trying to get reimbursed.
At the time, Smart said: “Monzo set out to change the face of finance by bringing the best of banking and technology together, and we’re doing just that. Millions of people now trust Monzo as the place to manage their money – with love for the product and brand that is unparalleled.
“The connection we have with customers has been at the heart of this winning formula and as we press ahead with ambitions to meet all the financial needs of our customers, it will stay core to our product vision. What’s coming next is hugely exciting.”
