The UK Neobank Competitive Edge Report 2020: How the top 4 UK neobanks stack up on offering consumers' most sought-after mobile banking features

Executive Summary

This inaugural scorecard, weighted based on responses to a consumer survey, ranks the 4 largest UK neobanks by customers by their mobile banking capabilities. The report presents detailed benchmarking data on the availability of 39 mobile features, selected by analysts based on the features’ propensity to help financial institutions differentiate themselves from competitors.

Three Key Questions This Report Will Answer:

• What are the mobile banking features that UK consumers value most?
• What features or categories of features can move the needle on retaining and attracting customers?
• How do UK neobanks compare to one another and UK incumbents when it comes to key categories of mobile features?

WHAT’S IN THIS REPORT? Advanced mobile banking tools are a key factor that has helped UK neobanks achieve stratospheric growth. It's therefore critical for incumbents and new entrants alike to understand how neobanks are setting apart their mobile experiences, to ensure they meet the rising expectations of current and prospective customers. Insider Intelligence’s 2020 US Mobile Banking Competitive Edge Study utilizes exclusive primary data to identify the innovative mobile banking features that could attract and engage users and highlights how these top UK neobanks have deployed these capabilities to create a compelling user experience.