Ratio of bank customers won and loss in the UK Q3 2023
The rise of digital disruptors, challengers and sustainability-focused banks into the market has been nothing short of incredible, with backers investing hundreds of millions of U.S. dollars into these newer companies. To truly begin to challenge the larger banks, disruptors must not only see customer growth but also win consumers over from their rivals. In the third quarter of 2023, customer retention varied greatly across banks in the UK, but digital banks, such as Monzo and Starling Bank, both saw a negative ratio.
Biggest winners
In the third quarter of 2023, Triodos Bank ranked first in terms of the ratio of gained and lost customers. The bank reported a ratio of 0.7 percent. HSBC and RBS each saw 0.6 new customers switching to their services for every one that left. On the other hand, AIB Group saw almost 34 customers switch away from their services for every new customer they won.
Customer growth of neobanks
A number of European app-only banks have made significant and rapid progress in attracting customers to their products. London-based Revolut reported over 35 million customers globally in October 2023, with the monthly number of downloads having exceeded two million in 2023.