Digital-only financial providers are increasingly capturing market share from traditional high street banks in the UK.
Highlights:
- Market Growth: Neobanks like Monzo, Starling, and Revolut have expanded their reach from 16% of UK adults in 2018 to 50% in 2024.
- Consumer Preference: Nine percent of Brits now hold their main debit card with a neobank, up from one percent in 2020.
- Spending Habits: Neobank users spend 20% more on their debit cards compared to customers of traditional banks.
Summary: Digital-only financial providers, including neobanks such as Monzo, Starling, and Revolut, are increasingly capturing market share from traditional high street banks in the UK. According to a survey by RFI Global, the reach of these digital challengers has grown from 16% of UK adults in 2018 to 50% in 2024.
Additionally, nine percent of Brits now hold their main debit card with a neobank, up from one percent in 2020. Neobank users also tend to spend 20% more on their debit cards compared to customers of traditional banks.
