Neo(bank) Soup for the Millennial Soul 🍵 – featuring consumer lens 🔍 (SWITCH or STICK?)

Two research articles that caught my eye this week –

1. THE STICK ELEMENT: A research from Raisin mentions that – UK adults typically stay with their bank for about fourteen years and four months two years longer than they stay with their partner, with the average long-term relationship in the UK last 12 years.

2. THE SWITCH ELEMENT: A research from Accenture highlights that UK Neobanks reached 20 Million Customers in 2019, but customer growth rate continues to dip and the average deposit balances have fallen 25% in the last six months of 2020.

So, apart from dominating headlines and venture capitalists’ wallets, it got me scratching my head and forced me to identify how these faceless digital banks are different from each other.

I did a deep-dive analysis of the features offered by them wrt a user journey and saw if they were more than JUST fancy apps or jazzy cards OR a true messiah to the frictionless banking experience.

Presenting this week’s FINCUTS talking about “Neo(bank) Soup for the Millennial Soul” – the best of UK Neo Banking world at a single place for the Millennial Soul.