Latana

Nov 22, 2019

6 min read

We Use Brand Awareness to Reveal the UK’s Favorite Mobile Bank

Brand Awareness Key Insights into UK Mobile Banking

You have probably already noticed that there are some big changes being made in the world of banking, leading to a new race for brand awareness. Mobile and challenger banks have been shaking up the traditional banking industry for the past couple of years, and they are proving to be extremely popular. Unlike the usual banks that we have all grown up with, these new online ones don’t have any physical branches. Their customers carry out all of their banking on their mobile device.

Mobile Banking in the UK

Unaided Brand Awareness

The current top mobile banks are currently considered to be N26, Starling Bank, Curve, Revolut, and Monzo. So, we decided to find out if any of these mobile banks are top of mind in the UK.

Mobile banks brand awareness general population
Mobile banks brand awareness urban millenn
Mobile banks brand awareness 56–65-year-olds

Aided Brand Awareness

Next, we decided to see if an aided brand awareness question would jog our participants’ memories. So, we compiled the brands into a list with the brand name and logo and asked them which ones they had heard of. None of the brands scored 0% this time, thank goodness!

Mobile banks aided brand awareness general population
Mobile banks aided brand awareness urban milleni
Mobile banks aided brand awareness 56–65-year-olds

Brand Consideration

Next, it’s time to look at brand consideration. We gave all of our survey participants the same list of brands and asked which ones they would consider using. This is where the results start to get interesting.

Mobile banks brand consideration general population
Mobile banks brand consideration urban millennials
Mobile banks brand consideration 56–65-year-olds

Mobile Banking: The Results Are In

All in all, it looks like Monzo reigns supreme with 5 points, although Revolut, N26, and Starling Bank didn’t come away too badly with 1 point each. Monzo managed to come out top in almost all of our questions; the only time it didn’t was with the 56–65-year-olds.