Neobanks Monzo and Starling climbed to the top two spots in bank rankings – but incumbents are closing the gap:
As these neobanks continue to add customers — who are likely to be satisfied and may ramp up usage thanks to a strong app and robust money management offerings — word of mouth could increase, in turn further accelerating growth.
But while challenger banks won the day, a look at last year's performance suggests incumbents are closing the gap. Neobanks claimed the top two spots in the rankings, but only saw modest gains compared to last year's rankings: 3 percentage points for Monzo and zero for Starling. Incumbent banks, on the other hand, made much more progress: Both Barclays and Lloyds gained ten percentage points between 2018 and 2019, vaulting themselves into third and fourth place over NatWest .
This suggests that banks may be doubling down on digital features — such as their apps — in an attempt to quell the threat from challenger banks before it can be serious enough to pose a long-term risk.
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