Three new banks set to launch in Britain in 2024

I’m not sure any of them are going to disrupt much but it’s good to have competition


Good luck to them but can’t see anything that would make them stand out.

I think that has always been the challenge in entering the UK market, you need something that separates you from the rest.

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I would certainly take note if any were offering support for business accounts that could cover my use case

And that Alba Bank logo is ace :smiley:


One stand out feature I would really like to see is a VC with the ability to set a spending limit like

That could be something Monzo could do, but they haven’t as of yet

Starling do it, they won’t take money from your main acc to cover any declined transaction

The aesthetic quality of (prospective) bank websites has wildly improved though


Feel this is more of a paid promotional advert article than anything, nothing stands out to see why they’d last.

Regardless to better website design, I think the past few years this has become very common, almost a template for any sort of new digital product - fantastic looking website which indicates a professional well backed product but many times hasn’t been the case.

Outside of Monzo, Starling and the usual legacy banks can’t see anything changing.

Maybe we’ll see Chase open credit products, but I don’t think they’ll offer much than a basic Credit Card if that becomes a thing. I think they need to boost their marketing/advertising to be honest, this forum aside (massive thread) since the first few months of launch I’ve barely seen or heard much from them anywhere else.

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I think 2 of them do have a fairly strong (although small) market that they’re aiming for - Alba Bank targeting small businesses in Scotland, and Conister will be targeting those with Isle of Man links (either ex-Isle of Man residents living in the UK, people who do business on the Isle or people trying to get an easy route into the different tax rules for the Isle).

Bevan seems to be a bit fuzzy in what they’ll be offering - Public Sector workers but what actual products? Loans? Savings? and why would public sectors workers choose them over established banks?

None of them will be challenging any of the established Fintechs (Monzo, Starling, Revolut, even Chase if you can class that as a Fintech) let alone the main traditional UK banks.

I suspect they’re targeting the Holts crowd, I.e join the forces and bank with us while you travel the world. Can’t really see why any public sector worker would go there instead of elsewhere but I’d be interested to see why that might be.

Interestingly, they don’t seem to have any VC or funding behind them, wonder where the seed capital is coming from. There must be some.

They also appear to be going for the mortgage crowd, this would be good as it’s an area that really does need some positive disruption, digitally speaking.

I wouldn’t categorise Chase overall as a fintech but their UK offering currently is basically that for now.

I know Covid got in the way, and I think it’s their second crack at this market, but I remember reading articles before launch of their plans, expectations and I don’t think they’ve either got as much share as they’d like to jump to the next stage or halting further investment for longer than planned,

The public sector bank audience is very niche and seems a bit unviable from the outside.

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It’s definitely a legacy attempting Fintech. And, so far, quite well think. It’s a long game for them though, like 5-10 year plan vs scrappy startup

It’s a strange segment to target. My theory is military families is where they’re really going for, things such as good rent and mortgage deals etc.

I can’t see why public sector works would go for them (Bevan) over other banks.

Though, clearly, they’re influenced by Aneurin Bevan and the NHS.

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There already some places that specifically target various public sector outfits. For example, CommSave credit union, CSMA insurance, Holt’s, and some others. Where they score is via links to the payroll department e.g. you can save in CommSave directly from salary. CSMA are generally much lower cost for some insurance (civil servants supposedly being safer drivers) and, again, direct access to the employees helps no end in drumming up custom.

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This is what I can’t work out. What’s really the differentiator here. Mortgages seem to be the track but again others must offer these.

Good luck to them all, but as as said above, can’t see any of them making it. Pretty websites don’t pay the bills.

I think you’re wrong there. Chase seem to be in it for the long haul. That said, I think their first card will be something like the American Freedom one but I think we’ll see Sapphire in due course as part of, in UK terms, a Premium account package.

I think they’re not going all out on the marketing to give their teams a chance to develop more depth in their offering. After all, Nutmeg has only been in their mix for under a year (and not really that integrated yet).

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Could be right. I still think until the credit products come along they won’t get them profitable customers they require though. But as you say it’ll be part of a plan

Except all the Chase adverts everywhere, all the time. I have an ad blocker, yet they still make their way to me on a weekly basis.


JP Morgan Chase aren’t a fintech by normal standard, they are a big bank with a uber CEO making a massive bet on digitising themselves. Very different to a Monzo, Starling or Revoult