Personal feedback

Hello all,

I thought for what it was worth, I would share my feedback on Dozens as it currently is. Positives and Negatives:

Starting Positive:

  • The Card aesthetics and features of the App design.
  • Easiest integration onto Curve possible - very fast and easy.
  • Notifications.
  • IFFT and the regular savings. Round up.
  • Easy access to card pin and details via the App.

General Points for Dozens (Keen to know others opinions)

  • I will never use Dozens as the primary spend (Because I use a credit card for all my spending and pay it off in full). I use Tandem personally because it provides 0.5% cashback on all spend. By using a credit card as well you get interest each month on that £1000+ that you’ve got on the credit card rather than leaving current account or not saved (both small values but worth a £5 a month or whatever the saving is). +Purchase protection.

SO WHAT? - Dozens is not going to make money from people like me who won’t use Dozens to ‘Spend’.

Now that the 5% interest bond has been plauged with delays; the fact that generally the small value of the bond per person is small and likely could be seen as misleading that the 5% was advertised yet you can only get it on small sums… I feel like this is a good idea and I would probably scrap it in favour of some other form of reward: More savers awards, cashback on purchases at certain retailers (funded by dozens). I like the curve cashback you where select 3 retailers. I think that a similar thing could be brought in to attract customers instead and it would be more transparent and come under less scrutiny; interest on balances (Banking licence pending).

Growth of Dozens.

Note. I think that a focus on real growth should be when the Investment part of the app goes live and when the Grow is linked to a savings provider such as Raisin or A Another bank which doesn’t have a digital platform. I.e Virgin Money which is a big name, No App but good savings provisions. (A lot of technical work would be required BUT being able to actually grow larger amounts of money and monitor in the grow would be very appealing).

Generally, the proven way of growing a FinTech is through paid recommendations i.e. a fiver for you and a friend. This would be a good way to grow, but again I think (as what’s likely being done), this would wait until app functionality is complete. (Big financing required up front but I would say a better value that fixed 5% bonds)

Negatives:

5% Bond and everything about it really. I don’t think this gives the right image either of Dozens. Integrate other savings instead like Monzo.

I don’t think it’s particularly clear on how to achieve savers awards? I think a lot of users would get no value from the budgeting tool (which is good) but would still want to do what they can to get Nominations.

Some of the UX I don’t think is intuitive. I am not a fan of the Shareholder card and Dozens Card having different slots of money. But I can see the utility so that’s nonplus.

Not being able to transfer money as easily as integrated PayM or other Mobile number paying.

I’ll keep an eye out and return any questions if required.

Just thought I would get some things off my chest and into the mix.

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thanks @Trub - there’s a lot of interesting feedback here and it means the reply might also be a bit long

I read this as generally very positive for you, is that fair?

I do understand your comment about not yet using this as your main account in order to use your credit card and paying that off. I know a lot of people do this. The other side of that particular coin is that the £5 cashback should be put in the context of the potential value of using an app like Dozens to better track your spending so that you can benefit by more than £5. Unless you track & budget your credit card spending another way, you could be missing opportunities to spend better.

Our goal is to link Spend and Track in an easy way so that anyone can better manage their finances without having to have multiple cards, spreadsheets, apps, payments in/out etc.

I do appreciate that the insurance aspect of credit cards is a separate issue, and it may well be an important element when choosing to use a credit card in specific instances.

This is not quite true. In fact Dozens’ goal is to help you put money aside and make appropriate investment decisions for your future. It is actually a key difference for Dozens compared to other financial institutions. If they depend on you SPENDING or BORROWING, they are incentivised to encourage you to do things that are not in your interest in the longer term. This includes “cashback” rewards.

We are building our business in a way that this is not our incentive. We will make our money if you manage to put some money aside and invest in such a way that your portfolio is earning you a return - so we see this as aligning our interests with yours.

As you say, this will become more apparent when the Invest section is fully launched.

When it comes to Grow, we are considering a number of options. The key offer is our own fixed-interest bond since we feel it is a straightforward benefit to our customers and a great way of rewarding those who actively and regularly engage with their finances - no matter how much money they have available.

However, I think it is OK for me to say (hint) that there are other products in the pipeline that will sit alongside this. We have always said that we do not believe in the “marketplace” model (just promoting another service and taking a fee), but that does not mean that we can’t develop other solutions for our customers in partnership with others. Watch this space!

correct! Referrals are coming, but it would be best to wait until the app is fully launched so your friends and family can get the full experience.

This is about to be restarted with clearer tracking of how you’ve earned your nominations, so everyone can make the most of the awards. The first version only gave you the totals, so while it was nice to see the big number go up, it was not clear how these were being earned. We’ve developed a more detailed interface, and also increased the rewards - so hopefully this will be much clearer very soon.

There is no need to have two cards. The intention is to allow customers to choose which card to use as their primary card. The other can then be shelved, or even destroyed. However, a small number of our customers enjoy having the option of a second balance, and so it is something we are still exploring and getting feedback on.

In due course, this service will also work for joint accounts, or other types of accounts, where having separate cards for different activities or people, will be more useful.

This is one of many areas that are being developed, but sadly not everything can be done at once - however, there will actually be some exciting news on this very soon

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Thanks Robert! Very useful response and it has cleared up a number of things.

I am excited to see the development of Grow, the opening up of Invest.

The clarification of the savers awards is also good news! And also the future of easier payments. It’s a very positive picture for the future.

I look forward to the updates as and when they come. Is there any Programme Timelines available, out of interest?

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