Monzo describes itself as “the bank of the future… this is banking like never before. One that updates your balance instantly, sends intelligent notifications, and is actually easy to use. We’re building the best current account on the planet and we want you on board.”

There is plenty to like about this idea, not least the zero fees for spending abroad.

But although Monzo can’t wait to get us on board, there’s a long, long queue.

There are some clever tricks to the Monzo here:

  1. You know where you stand. Have you ever queued for something that you don’t really need, daunted by the long line in front of you, but reluctant to leave because of the snaking queue that has formed behind you? You’ve made it this far! Nobody likes to waste progress. Monzo utilizes this by showing how many people are behind you. My guess is that introducing this number has significantly reduced drop-offs.
  2. You can queue jump. Incentivising referrals is not a new idea, but it can be difficult to find non-monetary/paid offerings that users actually want. Dropbox famously used this technique to grow exponentially in its early days by offering additional storage space in return for sign-ups. Monzo offers you the chance to jump several thousand places in the queue. This is doubly clever: not only does it cost them nothing, but by pushing engaged users forward it likely reduces drop-offs even further.
  3. It tells you they’re popular. Demand has been incredible. And you can believe it too – just look at the queue. We all like to follow the crowd to some degree, so this is just Monzo saying, “If they all want it, you should too”… I bet it works.