CREALOGIX UK Consumer Research – UK Current Accounts: One in Four Millennials and Gen-Z's are Using Challenger Banks

CREALOGIX UK Consumer Research – UK Current Accounts: One in Four Millennials and Gen-Z's are Using Challenger Banks

PR Newswire

LONDON, December 19, 2018

LONDON, December 19, 2018 /PRNewswire/ --

A survey of UK consumers by digital banking solutions provider CREALOGIX has shown higher than expected adoption of mobile-first challenger banks.

A survey of 2,000 UK consumers commissioned by CREALOGIX has found one in four under 37s have confirmed they are using digital-only challenger banks and 14 per cent of UK bank customers across all age groups have at least one mobile-only digital banking provider. Up to a third of under 37s have two or more accounts with challenger banks.

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The survey by CREALOGIX also revealed the most popular mobile-only digital challengers: Starling, Revolut and Monzo - Monzo being the most popular for the under 37s.  Preferences differ for older respondents, who overall are much less likely to use a challenger bank - only 6% of over-55s said they had an account with one of the leading challenger brands. Over-55s who do have accounts with challengers preferred to use Revolut and Atom Bank.

Jo Howes, Commercial Director at CREALOGIX UK, said: "We are seeing figures that clearly show the challenger banks are making rapid progress and gaining market share. In our research we asked people what attracts them to open new bank accounts with these challengers. Ease of use is people's top requirement, followed by a shortlist of specific mobile banking features, including better personalisation. These key features tend to be pioneered by challengers in their apps, and are not available in many existing high street current accounts or building societies. Once people start using a mobile banking app on a daily basis, their trust and loyalty grows, and they just zone out of their older accounts."

CREALOGIX described how retaining clients is a particular challenge for traditional financial institutions which have not previously designed their business around technology and personalising customer experience.

Anton Zdziebczok, Head of Product Strategy at CREALOGIX UK, said: "The extraordinary thing about challengers is that people are actually excited about what's on offer from a bank: they are queuing up in waiting lists. The consumer-oriented design and marketing strategies are really paying off for the newcomers, and this is something that incumbents can certainly learn from in order to become more competitive."

The independent study was undertaken by Censuswide between 7-12 November 2018. It interviewed 2,000 18-65 year olds who currently have a bank account.

Banks, building societies, and wealth managements firms who wish to find out more about digital banking solutions from CREALOGIX can book a consultation via their website at: https://crealogix.com/uk/products/crealogix-digital-banking-hub/

Media contact  

Zoe Delano, Bright Bee PR:

I would be pleased to arrange an interview with the management of CREALOGIX for you. Please call me on +44(0)2-08-819-3170 or send me an e-mail to: Zoe@brightbee.pr

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