01 May 2020

Monzo attracts most account ‘switchers’

Written By FinTech Alliance in Banking

Monzo attracts most account ‘switchers’

In the last three months of 2019, Monzo gained more customers than any other bank.

In Brief:

  • The figures come from the Current Account Switch Service.

  • It’s the first time Monzo has topped this list.

  • It attracted 23,721 new customers between October and December and only lost 2,878 to other banks.

What does this mean?

Monzo is gaining customers form high street rivals, and this is only set to increase as people are unable to visit branches following the Covid-19 outbreak, leading to an increased uptake in mobile-first solution. Nucoro research has shown that six million people have downloaded their bank’s app since the crisis hit.

Read more here.

Up Next ...
21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

21 November 2024

Machine Learning: Revolutionizing Fraud Detection in Banking

These technologies enable financial institutions to analyze vast amounts of transaction data in real-time, identify suspicious activities, and minimize false positives...

21 November 2024

MeaWallet Partners with Integrated Finance to Enhance Digital Wallet and Secure Card Data Access for Fintechs

The collaboration is set to strengthen digital wallet payments and secure card data access capabilities for fintechs

20 November 2024

Atome Financial Secures $200M Credit Facility to Drive Growth

Atome plans to use the funds to strengthen its technological capabilities and grow its market presence, particularly among underserved, young consumers...

More in Banking

RBI's 3 new initiatives hailed by Industry

29 May 2024

FinTech Leaders praised RBI's 3 new Initiatives...

Fintech Farm raises $32mn

14 May 2024

Expanding its ‘neobank in a box’ model to India In brief:- The ...

Posted By The Community

Velmie and Unlimit unite to accelerate European FinTech growth

08 May 2024

Unlimit BaaS’s comprehensive suite of payment services will enable Velmie to support the launch and...

Written By: Velmie

British Business Bank appoints Kristen McLeod CBE as Chief Strategy Officer

26 April 2024

Kristen joins the BBB from HM Treasury. In brief:- Kristen served ...

White Papers Banking

Consumer Banking Report 2024

29 February 2024

In the fourth iteration of EPAM's report, we surveyed 9,000 retail banking consumers evenly distribu...

White Papers Banking

Navigating the challenges of working with banks

12 June 2023

Banks and FinTechs are increasingly in need of each other. For incumbent banks, especially, the adop...

White Papers Banking

EPAM Continuum: Consumer Banking Report 2022

09 November 2022

EPAAM Continuum has released its third annual consumer banking report. Surveying 26,000 people...

White Papers Banking

How to Choose the Right Core Banking Provider: 5 Key Takeaways

03 March 2022

Market pressure, changing consumer expectations and rapid developments in technology; combined, thes...

There are no Events in this category