Chart of the day
UK digital banking landscape
Brits are still favouring traditional banks for the time being, although the popularity of digital banks continues to soar. According to C-Innovation, around 37% of customers in the UK are holding digital-only banks, in comparison to just 9% in 2019.
Monzo currently has the largest market share of digital-only users in the UK, with a total of 7.4 million users.
The growing influence of neo-banks and digital-centric platforms further demonstrates the importance of placing customer experience, accessibility, and tailored solutions at the forefront of their offerings in order to gain customers.