Ratio of customers won by Monzo bank in the UK Q2 2018-Q4 2019

Established in 2015, Monzo bank is a United Kingdom (UK) based retail bank that provides current accounts to individuals, limited companies as well as sole-traders. With no physical branches, Monzo bank is one of a growing number of disruptor or challenger banks which run accounts online through mobile apps.

Monzo bank winning customers

Seeing customer growth is likely the most important drive for any bank looking to cause a disruption in the market. What the graph above shows is that Monzo bank is successfully winning customers from other banks in the United Kingdom. In the fourth quarter of 2019, Monzo bank saw over 8 new customers switch to their services for every customer that left them. This was the second most successful ratio of any bank in the UK that reports to The Current Account Switch Service. In total, Monzo saw a net gain of approximately 21 thousand customers in the fourth quarter of 2019.

Disruptor banks

As of the beginning of 2020, European disruptor banks have continued the trend of attracting new customers. The London headquartered mobile bank Revolut currently boasts approximately double the number of customers as any other digital based bank in Europe. A number of online banks in Europe have received venture capital funding and are now considered unicorns.