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 effectively challenge larger banks, disruptors must not only achieve significant customer growth but also attract consumers away from their rivals. In the first quarter of 2024, customer retention varied widely among banks in the UK, as well as among digital banks. For instance, Starling Bank saw a positive retention ratio, while Monzo experienced a negative one.
Biggest winners
In the first quarter of 2024, NatWest ranked highest in terms of the ratio of gained to lost customers, reporting a ratio of 3.7. Both Ulster Bank and RBS each saw more than three new customers switching to their services for every one that left. Conversely, AIB Group experienced nearly 32 customers leaving for every new customer they acquired.
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 40 million customers globally in March 2024, with the monthly number of downloads having exceeded two million in 2023.
Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Statista. (July 15, 2024). Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank [Graph]. In Statista. Retrieved September 20, 2024, from https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/
Statista. "Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank." Chart. July 15, 2024. Statista. Accessed September 20, 2024. https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/
Statista. (2024). Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank. Statista. Statista Inc.. Accessed: September 20, 2024. https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/
Statista. "Ratio of Bank Customers Gained and Lost in The United Kingdom in 1st Quarter 2024, by Bank." Statista, Statista Inc., 15 Jul 2024, https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/
Statista, Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank Statista, https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/ (last visited September 20, 2024)
Ratio of bank customers gained and lost in the United Kingdom in 1st quarter 2024, by bank [Graph], Statista, July 15, 2024. [Online]. Available: https://www.statista.com/statistics/728270/ratio-of-bank-customers-won-and-loss-in-the-united-kingdom/