Interesting Article

Apparently Monzo accounts for half of all digital bank market share???

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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.

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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).

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And that has to be a key metric.