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Are large banks the best banks?
The largest banks in the United Kingdom perform well according to profitability and stability measures, such as common equity tier 1 (CET1) ratio, where all of the largest banks are well above the minimum requirements of the Basel III accord. According to customers, however, satisfaction seems to be higher among the new competitors: the online banks like Starling Bank and Monzo Bank. These relatively new actors in the banking sector see a high number of net current account customers switching to their banks, while the giants such as Barclays and HSBC have seen large net losses of customers during the last few years.
Which are the popular online banks in the United Kingdom?
There are several online banks operating in the United Kingdom, but the most popular two are Monzo Bank and Starling Bank. Monzo was founded in 2015 and is a digital-only bank with no physical branches. Their customer numbers are growing rapidly, and as of 2022, the bank had more than five million customers, a figure that has more than doubled in three years. The other major digital-only bank in the country, Starling Bank, was founded in 2014 and has also been a huge success. The bank has had high ratios of new gained customers during the last few years, despite the downward trend in 2021 and 2022. Though the bank operates globally, most of their customers are from the United Kingdom.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 20, 2023
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