New technological innovation and data-sharing in banking has prompted banking customers to ‘try out’ new providers according to new analysis by Moneyhub, the online money management app.
The new research reveals that 42% of financial management platform users have more than one bank account. Also, while many more people are joining challenger banking providers such as Monzo or Starling Bank, 65% of those challenger bank customers also still have accounts with their previous high street lender.
In fact, just 26% use the challenger bank for their primary account. While this may suggest that the challenger banks don’t have as much of a stronghold over their customers as might have been expected, there is an opportunity to capitalise further in the future....