And yet, they are nowhere near as popular as Monzo 
Monzo could be even more popular if they had a less cluttered app. It was one of the reasons that I moved away from Monzo. It wasn’t a good app to use for me.
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Out of interest, where have you gone instead?
Use Santander, RBS, and First Direct. Santander is the main one. I just prefer simpler apps. RBS is probably on the verge of being a bit too cluttered but everything is where I’d expect it to be so I can cope with it at the moment.
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C’mon man! 
Just look at their growth and NPS!
Monzo are literally going to eat RBS’ lunch, have one of the most recognised and loved brands in the country and you want to argue they’re less popular than RBS or other incumbent banks? We can debate preferences around functionality but that is a strange hill to die on.
They’re never going to offer a simplified version of the app, it would no doubt be too complicated to engineer and only satisfy a minority of users.
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That sounds unfortunate for RBS, I wonder what they are having for lunch and why Monzo is eating theirs.
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Some banks have more customers. I think Lloyds has 8 million ACTIVE customers.
Monzo has 10 million customers, 70% travel card customers, at best 30% full bank customers. (Total guess, but I recall being about a generous 20% when I was working there)
Figures are delusional and only make themselves feel good.
Banks should be banned from saying how many accounts are open, and be pushed to say how many use them as a bank, not a card or simply just to pay their friends.
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What planet are you on? A large proportion of the population have never heard of Monzo, especially outside London, and it’s only a well recognised brand amongst 18 - 24 year old tech savvy people. Even a majority of Monzo’s own customers only use it as a spending card, so don’t delude yourself about it being a most loved brand.
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Exactly. Bare numbers mean very little. Only when Monzo reveal how many customers have their wages paid in, and their direct debits paid out, will we know how popular Monzo really is.
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Earth mate. Are you stuck in 2016 or something?
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23% according to the 2024 report.
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Or ideally, just stop.
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So, only 2,300,000 full, active customers. I don’t think RBS, NatWest, Lloyds, Barclays, or HSBC etc have anything to worry about just yet.
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How many do they have?
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What would be far more interesting is what proportion of young adults have Monzo as their main account. Everyone knows there is a lot of inertia with bank accounts so if you can get people at 16 or 18 you have a good chance of keeping them for decades to come.
Maybe I’m in a bubble being in London but Monzo is definitely big here. Is it the biggest bank, who knows, maybe not, but you see a lot of Monzo cards alongside the NatWest and Barclays cards just looking at people tapping on public transport or at bars etc.
Your needs change over time. Whereas initially my savings were elsewhere now I have a decent chunk of them inside Monzo.
Anyway, shouldn’t all these recent posts be moved elsewhere. Nothing to do with media.
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I always find the ‘big in London = bad’ thing a load of old toot. 15% of the population lives in London, and tend to be of a higher income profile to the rest of the UK.
But it’s also been said by TS that the bank continues to see strong growth outside London, especially in other major cities.
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Difficult to tell from what they publish but there is a difference in scale. Barclays has £185bn in deposits from UK personal banking customers for example, compared to Monzo’s £11bn.
Personal retail banking is only a small part of what banks like Barclays and RBS do anyway.
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RSheffs post that time travelled from 2016 does for a start
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Really? That might have been true in 2017/18 but that’s absolutely not the case now. My only source to this is anecdotal, live in the sticks north of Manchester, knock about Lancashire a fair bit and travel periodically to London.
If anything it’s the opposite now. I see more Monzo cards out and about in the non London sphere but that’s probably because it’s easier to see them in the local village shop over the many, many prets.
They are absolutely a national brand and have been for a while. I agree that in 2018 when I first heard of them working I an office in Manchester it was a very niche bank.
But then so was most of fintech.
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