Apparently Monzo accounts for half of all digital bank market share???
Very interesting. Thanks for posting.
Couple of takes from me on that would be…
It proves that Monzo must be doing something right (hell, even if it’s just marketing) if it’s fast becoming the ‘go-to’ bank for people moving to a ‘new bank’.
It doesn’t give an indication of how big the pie is. Sure, Monzo have the largest share of it, and we know that all the major app-banks are putting on numbers, but it would be nice know at what rate the market is expanding.
Would also be nice to get an indication of churn - and whether that churn is with other app-based-banks or back to the traditional ones.
I don’t think I’ve ever actually seen someone use a Starling card and see Monzo quite often. It’s good that Starling launched it’s campaign now because otherwise I could see Monzo’s lead becoming unassailable to anyone except Revolut and Starling.
I think these numbers are hard to judge, though it is interesting it is based on app usage (which wouldn’t work for non-fintech banks). Revolut isn’t even offering a bank account yet either, which shows the difference between ~3M accounts and ~20% MAUs (whereas Monzo has around the same number of accounts I think and over half the MAUs). I think what it does show is that Monzo and Starling both seem to have roughly the same conversion from signup to usage though (maybe Starling a bit higher).
And that has to be a key metric.