MONZO DISCOVERY RESEARCH IN POLAND: BUSINESS AND RETAIL USERS

Project Goal:

The goal of this project was to assess the demand for Monzo’s “Monzo for Business” and retail banking products in Poland. We aimed to understand how the Polish market differs from Monzo’s UK customer base and identify opportunities and challenges for market entry. This research provided critical insights to inform Monzo’s strategic business and UX design decisions.

Primary Objectives:

Business Banking in Poland:

We aimed to identify pain points and gaps in business banking for small business owners in Poland. This involved exploring current frustrations with traditional banking and assessing the appetite for a digital-only business banking solution like Monzo.

Personal and Freelance Banking in Poland:

The research focused on understanding the needs of retail users, especially freelancers and sole traders. We aimed to uncover personal and freelance banking challenges and assess how Monzo’s offerings could meet these needs in Poland.

Digital Banking Appetite and Hesitancy:

A key objective was to understand any hesitancy Polish users might have toward digital banking. We explored trust issues, security concerns, and any unfamiliarity with non-traditional banking models like Monzo.

Brand Recognition in Poland:

We assessed Monzo’s brand awareness in Poland to understand how well-known the brand is and what potential customers associate with it. We also looked at how Monzo could position itself against local and international competitors.

Research Methodology:

We conducted 20 remote, semi-structured, in-depth qualitative interviews—10 with small business owners and 10 with retail users, including freelancers. The interviews were held in both Polish and English to ensure we captured local nuances. This method allowed for detailed exploration of users' behaviors, attitudes, and needs, providing rich qualitative insights into the Polish market.

Solution:

Following the interviews, I produced several key deliverables:

User Archetypes: Detailed profiles were created for both business and retail users, showcasing common behaviors, goals, and pain points. These archetypes helped the Monzo team better understand their potential customer base in Poland.

Transcripts and Video Recordings: Complete interview transcripts and recordings were provided for transparency and future reference.

Comprehensive Report: The report offered an in-depth analysis of the findings, including:

Business Banking: Many business owners in Poland expressed dissatisfaction with traditional banks, highlighting slow processes, high fees, and lack of flexibility. There was interest in digital solutions, but specific features such as international transactions and cash flow management were priorities.

Retail Banking: Retail users showed a growing interest in digital banking, particularly for features like budgeting tools and low-cost transactions. However, trust and security concerns were common barriers to adoption.

Digital Solutions: Although there was strong interest in digital banking, unfamiliarity with Monzo and digital-only banks in general led to hesitation. Educating the market and building trust were identified as key strategies.

Brand Recognition: Monzo had very low brand recognition in Poland. This represented both a challenge and an opportunity to introduce Monzo as a customer-centric, innovative alternative to traditional banks.

Conclusion:

The research revealed opportunities for Monzo in the Polish market, particularly in addressing the needs of small business owners and freelancers. However, Monzo will need to focus on building trust and brand awareness to overcome barriers to adoption. The findings provided clear guidance for refining Monzo’s product offering and marketing strategy, ensuring they are well-positioned to meet the specific needs of Polish users.