TS Anil

So two things. One is the way we define engagement is usage. I'm not defining engagement as how much time do you spend thinking about your money, right?

So two things. One is the way we define engagement is usage. I'm not defining engagement as how much time do you spend thinking about your money, right?

So two things. One is the way we define engagement is usage. I'm not defining engagement as how much time do you spend thinking about your money, right?

Right, so that's not the thing. Engagement is how much do you use Monzo, right? We don't look at it, so we look at it in terms of weekly transacting usage, not just revenue active. You could have a lazy balance with us and be making money for Monzo. I don't think of you as an active customer. Are you using the product? So that's engagement. Why is that important?

Right, so that's not the thing. Engagement is how much do you use Monzo, right? We don't look at it, so we look at it in terms of weekly transacting usage, not just revenue active. You could have a lazy balance with us and be making money for Monzo. I don't think of you as an active customer. Are you using the product? So that's engagement. Why is that important?

Right, so that's not the thing. Engagement is how much do you use Monzo, right? We don't look at it, so we look at it in terms of weekly transacting usage, not just revenue active. You could have a lazy balance with us and be making money for Monzo. I don't think of you as an active customer. Are you using the product? So that's engagement. Why is that important?

Well, because it's correlated with the high ARPUs that you see. Those are average ARPUs. You can imagine what the highly engaged customers, even within the base, disaggregate that, what those outputs look like. So engagement drives greater economics for the product itself, but also the ability to buy more product from Monzo.

Well, because it's correlated with the high ARPUs that you see. Those are average ARPUs. You can imagine what the highly engaged customers, even within the base, disaggregate that, what those outputs look like. So engagement drives greater economics for the product itself, but also the ability to buy more product from Monzo.

Well, because it's correlated with the high ARPUs that you see. Those are average ARPUs. You can imagine what the highly engaged customers, even within the base, disaggregate that, what those outputs look like. So engagement drives greater economics for the product itself, but also the ability to buy more product from Monzo.

An example, we talked about investments a lot today, but when we launched our investments product, I literally did one press interview. And by that evening, we had 150,000 customers add themselves to the waiting list for the Monzo investments product. Distribution is the outcome of something. And I'm saying that it's the outcome of engagement and trust with us.

An example, we talked about investments a lot today, but when we launched our investments product, I literally did one press interview. And by that evening, we had 150,000 customers add themselves to the waiting list for the Monzo investments product. Distribution is the outcome of something. And I'm saying that it's the outcome of engagement and trust with us.

An example, we talked about investments a lot today, but when we launched our investments product, I literally did one press interview. And by that evening, we had 150,000 customers add themselves to the waiting list for the Monzo investments product. Distribution is the outcome of something. And I'm saying that it's the outcome of engagement and trust with us.

But that incredible customer base is not an accident, right? And that's the point. It's come about... Because we've built that love and trust. It's because warm, fuzzy words like mission are not warm, fuzzy words for us. It's about saying, how does it actually connect with the customer? What's the real problem we're trying to solve? And how do we stay maniacally obsessed with that?

But that incredible customer base is not an accident, right? And that's the point. It's come about... Because we've built that love and trust. It's because warm, fuzzy words like mission are not warm, fuzzy words for us. It's about saying, how does it actually connect with the customer? What's the real problem we're trying to solve? And how do we stay maniacally obsessed with that?

But that incredible customer base is not an accident, right? And that's the point. It's come about... Because we've built that love and trust. It's because warm, fuzzy words like mission are not warm, fuzzy words for us. It's about saying, how does it actually connect with the customer? What's the real problem we're trying to solve? And how do we stay maniacally obsessed with that?

Because it drives all those second order effects. But back to your question about engagement and why is it important? So that's one, right? But greater engagement is greater economics, ARPU, etc.,

Because it drives all those second order effects. But back to your question about engagement and why is it important? So that's one, right? But greater engagement is greater economics, ARPU, etc.,

Because it drives all those second order effects. But back to your question about engagement and why is it important? So that's one, right? But greater engagement is greater economics, ARPU, etc.,

There's a second piece of this, because what we're effectively building out, Harry, is a consumer platform where engagement is measured in the trust that customers place with Monzo, the love that they have for Monzo. By the way, here's a trivia question. Do you know how many times more likely it is that a customer uses the word love when they're writing a review about Monzo?

There's a second piece of this, because what we're effectively building out, Harry, is a consumer platform where engagement is measured in the trust that customers place with Monzo, the love that they have for Monzo. By the way, here's a trivia question. Do you know how many times more likely it is that a customer uses the word love when they're writing a review about Monzo?