Ratio of bank customers won and loss in the UK Q1 2020

The rise of digital disruptors, challengers and sustainably 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.

This graph displays a ratio of gained and lost customers switching banks during the first quarter of 2020. The app based Monzo bank saw approximately 7 new customers switch over to them for every one customer they lost. In terms of net gains, Monzo acquired one of the highest number of customers of any of the bank listed. The sustainably focused Triodos Bank and app based Starling bank both saw 9.8 and 9 new customers switch to their services for every one that left. On the other hand the Tesco Bank saw 24 customers switch away from their services for every one new customer won.

Ratio of bank customers gained and lost in the United Kingdom (UK) in the 1st quarter 2020, by bank

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Source

Release date

July 2020

Region

United Kingdom

Survey time period

1st quarter 2020

Supplementary notes

The source added the following information "This data includes personal customers, small businesses and small charities that have switched using the new Current Account Switch Service and received the benefits of the Guarantee and payment redirection services."

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Statistics on "Barclays Group in the United Kingdom "

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