What the challenger banks did differently: a study into the UX of banking.
Monzo, Revolut and Starling—often called the challenger banks—have built billion-dollar businesses around the belief that they offer the best overall banking experience.
But are they actually any better, or is it all clever marketing? To answer that question I opened 12 real bank accounts, and logged everything.
Each chapter provides a forensic analysis of a particular feature or user journey.
But more importantly, I’ve highlighted what can we all learn from the challenger banks, and used real examples to teach you how to craft better experiences in the future.
It took 18x longer to open an account with HSBC that it did with Monzo.
Payment notifications were at least 2x faster with the challenger banks, and in some cases 100x faster.
There were the only 3 banks to send notifications when someone attempted to use a frozen card.
No research could be crisper in explaining the sense of "Frictionless experience" and Frictionless IT that I kept talking about for years. Must-read and must-subscribe. > "What the challenger banks did differently" by @PeteRamsey https://t.co/zWmxpYG0LT— Alessandro Perilli ✪ AI￨Automation￨Cybersecurity (@giano) May 21, 2020
This should be required reading by every exec at traditional banks. Fantastic work— Alex Barkley (@alexfintec) May 25, 2020
The below makes for an interesting read on challenger banks, with a step by step comparison of them 👉— Megan (@MeganCaywood) May 25, 2020
Only the first chapter in the 6-part comparison series has been published so far (see here: https://t.co/yQWWgBQWiX) but appreciated the shoutout to @Barclays 😄 https://t.co/r5BqFSFIcB pic.twitter.com/1dKmcUGj7b