Challenger Banks survey



A Survey on U.K. Challenger Banks

UK Challenger Banks Survey
UK Challenger Banks Survey

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%

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

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

  1. 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

  1. 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”)

  1. 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

  1. 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

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

    Yes – 70%
    No – 30%