New data from mobile data analytics company Ogury demonstrates the divide
- Challenger banks are all the rage in the UK with Monzo, Revolut, N26 and others leading the charge.
- However, it is traditional banks that still retain the most faithful customer base (if you consider use of banking apps).
- Monzo’s exclusive customer base (the highest among the challenger banks) remains less than a third of Barclays.
What does this mean
Even though 2020 looks set to be another year of big banks scrambling to provide FinTech solutions in order to keep up with the new kids on the block they should take heart that they are innovating from a position of strength.