A Survey on U.K. Challenger Banks

We asked 500 UK Millennials (ages 22 to 35) about Challenger Banks. Here is what we discovered:

1. Have you heard of Challenger Banks, such as Monzo, Revolut, or Starling Bank?

   Yes – 72%
   No – 28%

2. If so, how many challenger banks have you subscribed to?

   0 – 30%
   1 – 55%
   2 – 8%
   3 – 7%

3. Top Reasons for not signing up to a challenger bank account:

   – Don’t want another account
   – There is no physical branch
   – I don’t see the value

4. Top Reasons that would convince you to join a challenger bank:

   – Better Bank Benefits than I currently have (interest rates, overdraft, fraud protection)
   – Sign up incentives (cash, referral rewards)
   – More Information (Ads, “how does this work and why is this better?”)
   – Word to mouth (“I trust my friends and families for banking recommendations”)

5. Top Reasons for signing up to a Challenger bank:- Can spend abroad with little to no fees

   – Unsatisfied with traditional banking
   – Easy-to-use app and stylish card

7. How often do you use your Challenger bank?

   – 64% said they use it more and more
   – 49% said they used it daily or multiple times a week

8. Do you think it could ever replace your traditional bank?

   Yes – 70%
   No – 30%