Postgraduate Study - online survey for dissertation to examine the value of neobanks such as Monzo against their traditional counterparts

Hello Monzo community! I am a Masters student trying to collect some data for my dissertation. I would really appreciate it if you could spare me a few minutes to complete an online survey. I must emphasise, I am just trying to see how the features provided by companies like Monzo are valued as a lot of banks now provide online banking.

Please click on the following link and it will provide you details about my research: #data #education #StudentSurvey

Done, and good luck with the research.

Some feedback though. You have Natwest/RBS/Coutts grouped. Lloyds/Halifax/BankofScotland should be grouped in a similar way.

The survey actually send to be missing a few retail banks

I started filling the survey out but then stopped. The answers provided for many of the questions are very limited and therefore I am worried it would lead to a biased dataset

When it asks about why you wouldn’t bank with neobanks it gives options that make you feel outdated/uninformed; such as face to face interactions or mistrust of online banking. I don’t have any of these concerns but the neobanks simply don’t provide services that my current bank does/that I value. The closest answer was that my traditional bank does all that I want which is nowhere near true either. That’s the point I stopped at


Hello Brian,

thank you for the feedback, I will definitely input these in!

Thank you for participating in this research as well!

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Hello, thank you for your feedback. If there is any banks which I have missed out please let me know. I can always add more options in!


Thank you for trying to complete the online surgery. I apologise if the question lacked an adequate answer for you. Please can you let me know what reason will be appropriate for you. The reasons I have provided as options were from ideas I have collated from my literature review. If you have anything to suggest it will be really useful for me to know and will potentially provide an option for anyone else who would like to participate in this research.

Some of the retail banks you have missed include:

  1. Ulster Bank is in the same group as Natwest/RBS
  2. First Direct (part of HSBC)
  3. Metro Bank (could be a neobank depending on how you define it)
  4. Virgin Money

There are also a number of other “neobanks” who provide savings accounts such as Atom etc.

Some of them are not actually banks like Revolut, Monese, Dozens etc

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I started it but like @ndrw I stopped. I think the survey is perhaps not for members of this community?
A lot who post on here have knowledge of banks such as Monzo.
The responses to some of the questions seem more focused to someone who has adjusted their online usage over covid19.

What is the main reason you visit your bank? If you select never in the previous question there is no relevant response to give?

Good luck with the research but sorry I can’t complete as it seems your pointing so increased online usage due to covid19.

Hi @Drew58,

I appreciate the feedback. I can see your concern but I can assure you that the questions are not leading to suggest that online banking has increased due to Covid. Like I have asked in a previous question how often people visit their local banks, that would be used in comparison to how often people use online banking, this was to see if renowned banks are right to close their banks due to change in customer behaviour. I just included the Covid 19 question to see if more people conduct online banking after Covid just for comparison purposes. Different questions will be set to be compared with questions to test different reasons. I just chose the structure of it just because i thought it would flow better for the participants rather than having questions all over the place.
As I have previously stated, my main focus were on the questions at the end where I ask about the usefulness of features such as 24/7 customer service, receiving notifications When transactions are made, categorisation of expenses etc.

Nonetheless, I appreciate the efforts.

I have similar feedback - I get you can’t get all answers for all people, but (without understanding your data model) also think you could get some particular sway in particular around branch visits.

For example you ask around why I would make a branch visit. Well, the answer would be I never do, and would only do if I had to.

Also you ask how often I check my mobile/online banking. I use the former daily, the latter very infrequently.

Just some hopefully constructive feedback, I filled it in to the best of my ability and I wish you well with your Masters :slight_smile:

Same - but I filled it in with (potentially incorrect) answers

For how often I make a branch visit, the two least frequent options were every 1-2 months or never. I do visit about once a year to deposit cash so again I was unsure what to pick


Thank you for this constructive feedback! The reason why I chose to upload it on this monzo forum was because there is only so much I can fit into an online survey. Furthermore, by you explaining additional things to me as you did, I can anonymously incorporate it as qualitative data as long as you agree for me to do so. Alternatively, it allows me to make adjustments to the online survey if it is necessary!

As for the bank questions, I was primarily focusing on the major retail banks we will find in the UK high street. Otherwise, if I was to include every bank and building society, I would have a lot of options! Alternative I can just provide an other option if that is something people will appreciate but i must emphasis I’m looking at comparing traditional retail banks with these neobanks!

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I tried answering your survey but stopped halfway.

The answers are not suitable - they guide you to select one even when none apply.

I don’t visit my local branch at all and the reason I won’t switch entirely to a ‘neobank’ is because they’re not mature enough yet and don’t handle things as well as traditional banks can.

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Admittedly it’s been a while since I did my research project and it didn’t involve a poll but I feel the answers presented here could have been given some more thought.

There are gaps in the options given, such as I mentioned above. No option exists between visiting a branch every 1-2 months and never.

I understand why you wouldn’t want to include a freetext option as that would make the dataset a nightmare to analyse but you could have broader answer options that accurately cover most reasonable scenarios. Or depending on the detail you want to go into, you could include more granular options and then present them in two sets: one broader and one more focused.

For lack of a better example yesterday’s Coronavirus briefing had a great example of what I mean. Chris Whitty presented the % of positive tests in different age groups from 0-89 years old in groups of 10 years each. But the next slide included a more detailed view of the incidence rates for under 21s in 3-year groups.

Again, depending on what you want to present and the relevance, it might not be the right way of presenting it but could be an option to consider.

Having more options is never bad - it’s easier to group them together later than try to split them out when you discover you don’t have enough (quality or quantity) data to analyse

Edit: also, you mention potentially editing the poll. Again, as I didn’t use surveys as part of my research I can’t comment on whether this is standard practice. However, I can’t help but feel that it would invalidate your previously gathered data since the methodology changed halfway through


Yes - the data would be contaminated. At the very least if she changes questions they needs to quarantine it afterwards


You ask if I use a retail bank - yes I use Monzo and starling, but there are no options for these… even though they don’t have branches they are still retail banks… as I couldn’t answer this question I couldn’t go further