How traditional players can close the gap on challenger banks

Earlier this year, Starling Bank and Monzo became the top two banks in terms of customer satisfaction in the UK, knocking incumbent First Direct from the number one spot[1]. Interestingly, this news coincided with a decline in interest in app-only start-up banks, with lack of trust being one of the key deterrents. In fact, trust in banks holding and maintaining privacy and security of personal information has increased from 31% globally in H1 to 42% in H2, while trust in new digital banks and financial service providers has declined, according to RFi Group’s latest half-yearly “Global Digital Banking Report”[2].

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