We asked 500 Millennials about Challenger banks

A Survey on 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%

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

0 – 30%

1 – 55%

2 – 8%

3 – 7%

  1. Top Reasons for not signing up

– 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

– 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

– 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

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

Yes – 70%

No – 30%