Monzo has reached 3 million customers – but the neobank has been struggling to get them to use it as their primary account:
with OakNorth earlier this year, as well as challenger bank Shawbrook Bank, to offer its users access to a wider range of savings accounts.
It's also focusing on forward-thinking personal finance management features to give its product an edge. While a move toward a broader suite of conventional banking products will help it attract larger deposits, Monzo's focus on offering innovative PFM will likely help it stave of other competitors in the space. For instance, it recently announced it's planning toits gambling block to allow users to block certain merchants to avoid overspending on specific categories.
Monzo isn't the only neobank looking to broaden its product suite, and as these players scale, they're becoming a bigger threat to incumbents and each other. Revolut, for example, recentlythe stock trading industry, moving it further along in becoming a one-stop hub for consumers' financial services needs.
Meanwhile, neobanks operating in the UK are expected to nearly triple their customer bases in the next 12 months: A report from Accenture published earlier this monththat these players will increase their user bases from 13 million to 35 million in that period. Additionally, neobanks have an average net promoter score of 62, compared with conventional banks that only have an average score of 19, per the same report. As neobanks become more prominent in the country and scale their businesses, incumbent banks need to step up their game to compete with challengers' digital offerings — but other neobanks should also be careful. As competition heightens, neobanks need to ensure that they offer services that differentiate them from one another.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
New authentication requirements are taking effect in Europe — but some payments firms have raised concerns about their readinessStrong Customer Authentication increases the level of authentication needed from users to complete electronic payments and access online accounts.
Consulte Mais informação »
Here’s How to Actually Clean Your Jewelry The Right WayYes, there is a wrong way to clean jewelry.
Consulte Mais informação »
12-Year-Old Girl Invents A Pouch To Make IVs Less Scary For Kids In The HospitalThis awesome product will now help hundreds of kids.
Consulte Mais informação »
California governor acts to confront 'epidemic' of youth vapingCalifornia Governor Gavin Newsom on Monday ordered the launch of a $20 million s...
Consulte Mais informação »
The Brow Product Hilary Duff Can't Live WithoutSpoiler: It's NOT one of the products in her new Nudestix collection.
Consulte Mais informação »
New Zealand economic growth seen slowing as headwinds mount: Reuters pollNew Zealand's gross domestic product is expected to have slowed 0.4% quarte...
Consulte Mais informação »