A Survey on challenger banks
We asked 500 UK Millennials (ages 22 to 35) about Challenger Banks. Here is what we discovered:
- Have you heard of Challenger Banks such as Monzo, Revolut or Starling Bank?
Yes – 72%
No – 28%
- If so, how many have you subscribed to?
0 – 30%
1 – 55%
2 – 8%
3 – 7%
- Top Reasons for not signing up
– Don’t want another account
– There is no physical branch
– I don’t see the value
- 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”)
- Top Reasons for signing up
– Can spend abroad with little to no fees
– Unsatisfied with traditional banking
– Easy-to-use app and stylish card
- 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
- Do you think it could ever replace your traditional bank?
Yes – 70%
No – 30%