I was reading an article this morning from MSE.com which talked about how TSB bank has lost over 20,000 of its customers between April and June 2018.
What I found interesting was the breakdown of how many customers each of the major banks in the UK gained / lost during this same period, of course Monzo was the list with a net total of 2,702 new customers being gained via the Current Account Switching Service. For comparison Nationwide received 34,577.
Its been heavily reported that 15% of all new accounts opened in the UK were Monzo accounts. I am not sure what this says about Monzos growth, but my assumption is that if it is true that 15% of all new accounts opened in the UK were in fact Monzo, these customers are not switching over their primary accounts to Monzo.
Is this a problem for Monzo’s future?