The research tracks the performance of UK neobanks compared to incumbent banks and traditional challenger banks
UK neobanks have 20M customers despite growth slow. Source: unsplash.com
According to Accenture’s Digital Banking Tracker, UK neobanks gained 19.6 million customers worldwide by the end of 2019. The Tracker revealed that neobanks have nearly tripled their customer base in 2019, compared to 7.7 million customers in 2018.
Meanwhile, the traditional challenger banks demonstrated a 2% growth, whereas incumbents showed a 1% result. This way, the leading neobanks have surpassed the number of customers of many of the UK’s leading challenger banks.
At the same time, the customer growth rate fell from 170% to 150% in the first half of the year.
The research also unveiled that the average income per customer for neobanks increased to ￡9 in 2019, compared to ￡4 per in 2018.
Last year, neobanks in the UK lost between ￡5 and ￡15 per customer because of weak revenue streams and increased spend on customer acquisition.
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