What the challenger banks did differently: a study into the UX of banking.

Billion dollar experiences

Monzo, Revolut and Starling—often called the challenger banks—have built billion-dollar businesses around the belief that they offer the best overall banking experience.

But are they actually any better, or is it all clever marketing? To answer that question I opened 12 real bank accounts, and logged everything.

Each chapter provides a forensic analysis of a particular feature or user journey.

But more importantly, I’ve highlighted what can we all learn from the challenger banks, and used real examples to teach you how to craft better experiences in the future.

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It took 18x longer to open an account with HSBC that it did with Monzo.

Payment notifications were at least 2x faster with the challenger banks, and in some cases 100x faster.

⚡️ Includes 12 case studies

There were the only 3 banks to send notifications when someone attempted to use a frozen card.

⚡️ Includes 10 case studies

It cost at least £20 to send £1 (GBP) to a US bank (USD) with three banks.

⚡️ Includes 12 case studies

It took nearly 4x longer to authorise an Open Banking payment with Lloyds than it did with Starling.

⚡️ Includes 10 case studies

Revolut only ever replied to 20% of my live chat support messages, and don’t have a phone line.

Thank you for all your support

No research could be crisper in explaining the sense of “Frictionless experience” and Frictionless IT that I kept talking about for years. Must-read and must-subscribe. > “What the challenger banks did differently” by @PeteRamsey https://t.co/zWmxpYG0LT

— Alessandro Perilli ✪ AI│Automation│Cybersecurity (@giano) May 21, 2020

This should be required reading by every exec at traditional banks. Fantastic work

— Alex Barkley (@alexfintec) May 25, 2020

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