So this time I just focused on Monzo and Starling and saw where they offered the best UX and which implementations stood out. Is the Monzo Plus Account worth £5-a-Month? Monzo on the other hand makes an in app request. Register to get a FREE 'How to Manage Your Money in a Global Pandemic' e-Book! Here is the information we can find by running this comparison: Of course these are actually quite a lot as you can see from the graph. I will start by benchmarking these both Challenger Banks in the Market. And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. Alas, Starling Bank and Monzo. Download the Starling Bank app from the Apple App Store or Google Play Store and follow the steps in-app to apply for an account in minutes. Kind of how FinTech Insights likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. As you can see they share a big percentage of these Functionalities together. The world of fintech has brought about a revolution in banking, with digital challenger banks such as Monzo and Starling leading the way with their app-based current accounts, along with Revolut, Monese and the now defunct N26. Mainly because of the feud between Anne Boden and Tom Blomfield, but nonetheless these two Challengers have been involved in heated debates for a while. Starling customers can get joint and teen accounts. Listen to this though, younger generations are more prone to trying out new banking apps and challenger banks in general, in order to find the one that will make banking accessible, understandable and most importantly easy to use! Luckily, one more click into these graphs and we can expand to another layer of information, which shows us how they have distributed these functionalities amongst the standard digital banking categories. Starling’s secret weapon is arguably the features available for customers travelling overseas. An awesome initiative that’s likely to be a big pull for new customers. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. Each of them allows you to check daily / weekly / monthly and to identify any excess costs. It seems their hot coral cards are here to stay. Revolut saw more app downloads than rivals Monzo and Starling Bank combined By James Cook 3 January 2021 • 8:00pm Revolut, the digital banking app, grew more quickly last year in … Originally, Monzo offered a contactless prepaid Mastercard linked to its smartphone app but existing users have all been upgraded to a Monzo current account. Its retail banking app offers personal, business and joint current accounts on Android and iOS. Open Banking features (Adding accounts, Viewing details of accounts) - sidenote, Monzo offers these Open Banking features in the Monzo Plus account they offer, not the standard account. Monzo offer similar functionality to Starling for people using their card abroad. Do you really know what your competition is offering? So the top 3 Functionality categories in which each Bank scores the highest in terms of UX are the following: Something very odd happens when we look at the UX offered for each channel. Are you getting quality analytical information, or is your information restrained to what your co-worker knows about a Bank because they happen to have an account at another Bank? Sometimes, you need to broaden your horizons and seek solutions to the problems you might be having from places in the world you might have not thought of. Now we want immediate customer service through social media chat, intuitive insight dashboards on our spending, fee-free international withdrawals and round-up features that sweep up loose change and dump it into our saving goals. You can see the product live in action and perform your own comparisons as well here, Battle of the Challengers: Starling vs Monzo, So based on this, I decided to run another comparison, like the one I had made for. A month of using Starling has totally switched me over, figuratively, and literally. Having said that, it is very interesting to see how many features they share in common for each of these categories. There’s been a heart vs. head discussion around these banks online. Starling received an overall very high UX score. *Important feature to watch out for* During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! Starling users can issue a Debit Card in the name of a third person. IBAN and wire transfers – Only Starling’s business accounts come with their own IBAN for international transfers. Starling’s secret weapon is arguably the features available for customers travelling overseas. Overall Monzo provides a bit of a higher score for UX, when it comes to the mobile devices than the UX score of Starling. Whatever you look for in a bank, check out Martin Lewis’ MoneySavingExpert page that has loads of information about what banks in the UK offer new customers. 1 year ago. PFM - While Starling achieves pretty high UX scores in most User Journeys, they do score pretty low (for a Challenger Bank) when it comes to the User Journey where a customer wants to set a savings goal. Viewing Details of an account (Savings, Current). Kind of how. As we have seen, there are not very big differences between these 3 challengers. A review of the Starling Bank app. Throughout this blog, I will be also adding some small snippets actually showing you me using FinTech Insights, and how I get all this data very easily! Monzo vs Revolut vs Starling Bank: An Overview Monzo And this happens for almost every category, from Online Account Opening, to Accounts, Cards and PFM User Journeys. Monzo allows you to finish a money transfer, and authenticate yourself, via using your biometric authentication e.g FaceID, TouchID. Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. ✅ Immediately cancel your card if lost or stolen✅ Claim to be 4x at stopping card fraud vs other banks✅ Claim to be 3x at stopping identity theft vs other banks✅ Protected saving pots separate from daily spending account✅ Create ‘tabs’ to pay friends and split bills✅ Round-up change straight to a designated locked savings pot✅ Set budgets and track your progress each month✅ Instant notifications if your direct debits change in price. Revolut’s relatively high number may be attributed to … Monzo topped the list, with 78% of its users saying the app had “lots of features and great usability”, while Starling was hot on its heels in second place having earned a … You have the ability to see real-time spending notifications, categorise your spending, budget your money and more. With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. Tom Blomfield was the brains behind Monzo‘s 2015 inception but not before a stint as the Chief Technology Officer (CTO) of Starling Bank. It’s only £200. Accounts - Monzo UX score does not fall under 800 for all User Journeys. I am going to start this analysis as I mentioned above, from a higher level of information, and drill down to the lowest level of detail that I can reach, thanks to FinTech Insights. By Sabrina Weiss. So based on this, I decided to run another comparison, like the one I had made for Revolut vs N26, but focusing on the Features and UX one is able to find in Starling and Monzo. By Rich Martin. The Starling Marketplace allows customers to in-app access to a curated selection of third party financial services. Much simpler and much more secure. That lead him to discover the FIRE movement (Financial Independence, Retire Early) and ignited a passion to help Millennials understand financial literacy. The channel at which they focus on, is not that much indicative though. Over disputed transactions or ones where you know it didn't go through properly, Monzo allows you to reverse it immediately. For the sake of transparency, I have been banking with Starling since 2018. ... Here’s a short video walking you through the Starling bank app. Monzo, Revolut, and Starling are 3 popular mobile banking apps in the UK. Impressive! Mobile/Gadget Insurance, Loan applications, Transaction splits (request, approve, reject), Edit the accounts with which your Debit Card is linked. ✅ Immediately cancel your card if lost or stolen✅ Round-up change straight to a designated savings goal✅ Deposit cheques of up to £500 straight in your account✅ Create ‘goals’ and visualise bigger purchases you’re saving for✅ Instant notifications when money enters or leaves your account✅ Spending insights broken down by category/merchant✅ Download custom bank statements within seconds✅ Split-the-bill and IOU facilities to streamline ‘settling up’. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. Starling vs Monese: the verdict. Monzo’s app was downloaded around 2.4 million times, meanwhile, Starling Bank’s app recorded 1.3 million downloads. Phone Number. Monzo customers can open tax-free savings, joint, and teen accounts. Alerts - Managing your alerts in Monzo is as easy as it gets. Overdraft. Deep diving into the last layer of comparisons we are going to run, we will execute a Head to Head comparison between these two challengers. Your browser does not support the video tag. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. 7. share. Materialism and instant gratification has consumed us, but it doesn’t have to be that way. Starling prompts you to write your password (most specifically they prompt you to do so when you add a new beneficiary in order to use it for a money transfer). There are many things money can buy, but the most valuable is freedom. For example, if I were to have a Starling account, and wish to let a friend spend some money from my account, I can give them a Debit Card, linked to one of my Starling pots! Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. He left the UK and moved to Canada in 2016, where he realised his money habits had to change. Then I can set the limit of this Card, and they will be able to use it in any physical store. Imagine waking up tomorrow and you didn’t have to work for money. It just proves the fact that they are mobile first. Monzo seems more attractive somehow, but Starling actually has more features. In a two year period, Revolut, Starling and Monzo (Mondo at the time) were launched, with an aim to win customers through better mobile experiences. Or the trust that they have for each financial institution. How Monzo, Revolut, Starling and N26 plan to topple legacy banks. We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. Recently (April 2020) Monzo have announced a new feature that allows existing customers to sign up and get their salary paid at 4pm the day before it’s due to land in the account. There’s no obvious answer here. Monzo and Starling have also been able to take advantage of Apple Pay and Google Pay, so you can use an app and just your phone to manage your entire bank account and make purchases. So based on this, I decided to run another comparison, like the one I had made for Revolut vs N26 , but focusing on the Features and UX one is able to find in Starling and Monzo. Almost every Challenger Bank gets compared to another. Challenger banks in the UK took flight in the mid-2010s, accelerated by legislation from the EU and UK government which welcomed new competition in the industry. I have previously talked about how, using FinTech Insights, I was able to objectively compare the UX offered between several Banks - no matter their nature. likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. Here’s a short video walking you through the Starling bank app. I was able to make this comparison within minutes, and got all the data from, . Monzo and Starling rose to fame and popularity with their new banking features – slick apps, free spending abroad and real-time transactions are just a few of the favourites. in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. The Monzo app is more colourful and fun, but if you often travel abroad, Starling gets the upper hand because of its higher foreign ATM limit. Challenger banks Monzo and Starling have scooped the top spots in the latest bank apps poll from MoneySavingExpert, with traditional banks left playing catch-up. Thus far, their service has been faultless. The points below relate to their current account. Cards - specifically the User Journey of Blocking/Unblocking your Debit Card is executed greatly! Another cool feature is the ‘travel report’ which welcomes you home and summarises how much you spent on your trip. We’re on a mission to change banking for good. Both Challengers have a prominent presence in the UK, and a lot of potential as well. The App for Starling is great too. Once you’re all set up as a Starling account holder and open the app, you will see immediately what you’re going to be looking for 90% of the time – your account balance. This is the interest over time of the term “Starling vs Monzo” googled in the UK. Fun fact: it takes 4 clicks (yes, 4 clicks) in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. As far as Monzo is concerned, they seem to be focusing on - well the same - Accounts (55 Functionalities) (e.g Features around Current Accounts, Savings Accounts and Fixed Term accounts), Cards(38 Functionalities and on Money Transfers(35 Functionalities). No such luck with Starling who when I got in touch with their support just made incredible unhelpful requests and suggestions. Cards - Blocking/Unblocking your Debit Card is actually better implemented in Monzo than Starling. Both firms reported numbers of users broadly at a midpoint of the second half of 2020. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! We know that both started as mobile only banks, so both of them originally focused on having the most Functionalities in their mobile applications. Monzo also has a phone number that customers can call and an in-app chat. Voted Best British Bank, Best Current Account Provider and Best Business Banking Provider at the 2020 British Bank Awards, Starling is the financial control centre that lives on your phone. Fintech; 15 May 2019; Monzo vs Starling, Revolut and N26: The leading digital banks compared. As you can see, overtime there have been lot’s of discussions revolving around these two Challengers. Customer service takes a modern approach overall, with both using emojis and an almost overly friendly disposition to “soften” the approach, but for day to day queries, chat is a useful way to solve simple queries without moving from t… Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. Well in both cases, in order to become competitive, digital banking teams, from product development and UX, to board members, need to be able to understand the competitive landscape. Instead of a personal IBAN for Monzo users, you can send international transfers via the Monzo app through a TransferWise integration. If that’s not enough then their final jewel in the crown is their Marketplace. The second account I looked at was with Starling, another app based UK bank with a lot of the same features as Monzo.You still have real time notifications, savings goals, spending summaries, Apple or Android pay, bill splitting and … More than 5,000 MoneySavers took part in our poll, which asked respondents to rate their bank's app by the quality of its features and how easy it is to use. However, they charge a 3% fee for everything withdrawn over £200 a month. I am going to start this analysis as I mentioned above, from a higher level of information, and drill down to the lowest level of detail that I can reach, thanks to. All in all, it’s a really, really close call and you’ll probably have an excellent banking experience with either of them – so you could always try both and get a feel for both apps! Monzo also added a scheduled pay to pots feature in 2018, which Starling refer to as PiggyBanking. Neither has physical stores but you can set up an account within minutes on your phone and the free current account switch service offered in the UK makes moving to a new bank seamless (I’ve done it, twice). In case of loss, freezing them is easy and fast, just access the app … and press a button. Two factors of focus for this comparison: We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. Looking ahead, Monzo have their sights on cracking the US, with offices already set up in the city of sin, Las Vegas. Features that they are missing (in comparison to Monzo) - worth adding. Not that long ago, Starling also introduced their digital banking for the Web. The comparison between them is highly interesting, not only for the potential customers, but also for the teams behind these digital banks. Maybe Starling or Monzo aren’t right for you? The Starling Bank App. As you can see the Banks are positioned in the Marked based on two parameters: The number of Functionalities they offer (across all channels), and the UX they offer (again, across all channels). The end goal for both of these banks remains the same: get a lot of customers to use them as their primary bank! Those days are long gone. Harry Peach is a personal finance writer and money blogger. Since then they’ve got over 4 million people on-board across their current, joint, business and 16-17 accounts. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. More than 5,000 consumers took part in the poll, which asked respondents to rate their bank’s app … Open new Term Account, Open Joint LCY Savings Account, Search Account’s transactions via various filters (tags, money amount, date range), Virtual Cards (Issuing a new one, Management). Bitcoin value ‘increasingly understood’ by Millennials, Frugal Living Tips to Recession-Proof Your Money, Financial Independence Books You Should Read, Lockdown Hits Millennials and Gen Z ‘Hardest’, Marcus Savings Account Closed to New Customers. Report Save. level 2. The comparisons, for the most part, are about their transaction fees, whether they offer costly international card transactions or not, or their interest rates on their savings accounts. , but focusing on the Features and UX one is able to find in Starling and Monzo. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. I was able to make this comparison within minutes, and got all the data from FinTech Insights. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps … Since both are heavily focused on the mobile devices, it makes sense for me to focus on their iOS and Android applications and explore the UX offered in each of them. This personal finance blog is written specifically to help Millennials understand basic financial education. Like most industries, banks are in the midst of a digital transformation and established veterans on the high-street are getting ousted by up-and-coming challengers solely operating online, utilising cloud-based technology. level 2. Are you staying up to date with the innovation in digital banking that is going on around the world? Setup by Anne Boden in 2014, the banking stalwart has had extensive experience working for Lloyds, Standard Chartered and RBS but she knew the industry needed revolutionising (she’s written a book on it, if you’re interested). Many apps, including Starling and Monzo, allow you to deposit cheques by taking a picture of the cheque within the app, or posting them. So based on this, I decided to run another comparison, like the one I had made for Revolut vs N26, but focusing on the Features and UX one is able to find in Starling and Monzo. You can see the product live in action and perform your own comparisons as well. Expectations have evolved. Starling Vs. Monzo How do they fair, day to day? Features that they are missing (in comparison to Starling) - worth adding. Consumers no longer want the inconvenience of going into a branch, queuing for a teller to deposit cash into their account. Here you’ll find a one-stop-shop for a range of financial products from partners specialising in mortgages, pensions, insurance, loyalty schemes, investments and more. Report Save. The most prominent Functionalities that they share for each category are: Money Transfers (Shared Functionalities 25): Now let’s focus on their UX. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. They have to yet encompass the entire range of features they offer in their mobile devices, but it is a good start. The two disruptive heavyweights bursting on the scene and capturing the imagination of modern millennials. Starling comes out on top for the day to day. They have two phone numbers to choose from, one that you can call if you’re in the UK and one that you can call if you’re abroad. . But below you may find a list with the most prominent ones, which I think are worth for each Bank adding into their digital banking. Here I’ll take a look at their personal account. About Starling Bank. 6 1 year ago. Then we will give our verdict of which is the best mobile banking app. Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018, 2019 and 2020. Monzo is still focusing on their mobile channels, continuously adding new features. I’ve heard equally positive things from friends who use Monzo, so like anything you read here, do your own research first. Prior to that, he’d co-founded another FinTech startup, GoCardless. And while both banks offer support via telephone, Monzo certainly do their best to push customers to in-app chat first, whereas Starling Bank encourage customers to call for more complex queries. 3. share. As with Starling Bank's app, you get an instant notification every time you use your card as payments clear much faster compared to traditional bank. The difference is s smidge, but still; differences lie in the smallest of details. ) Challenger banks Monzo and Starling have scooped the top spots in the latest bank apps poll from MoneySavingExpert, with traditional banks left playing catch-up. Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. Other competitors in the UK space include Monese, Revolut, N26 and bunq. Within Starling, if you have a bill due you need to remember to go into the app and move money from the pot into the main everyday spending area. For the better. No Monday morning alarm, no boss, no stress. Revolut vs Monzo vs Starling: the verdict. In this Market I will be also adding the following players : Lloyds Bank, Santander, Revolut, Monese and bunq, since they are Banks either based in the UK, or active in the UK. Or is your news feed covering only news from your region, and you are unaware of what is going on in the rest of the world. Revolut’s Nikolay Storonsky is more product-focused, releasing a new feature every few weeks.Storonsky’s background in trading stock and shares, which shows where Revolut has expanded beyond the normal banking services, including commission-free stock trading, crypto-trading and gold and silver buying and selling facilities. Since being granted a banking licence in July 2016, Starling now have over a million active accounts across their four offerings; personal, joint, business and euro. Accounts - Starling users are lucky because they can very easily close a savings account (with or without remaining balance). Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. For example, when it comes to Starling we can clearly see that they have focused heavily on Money Transfers (50 Functionalities), Accounts (39 Functionalities) and Cards(36 Functionalities). Let’s talk about the Starling bank app in terms of its practicality and what it offers as a smartphone application. All three companies provide in-app saving mechanisms and interest-bearing accounts. Any issues have been resolved instantly in a chat, they listen to customer ideas from their Q&As on social media, new features get released with regularity and their insights dashboard is easy to interpret and looks professional. The app for Starling is okay but their lack of web interface is … Both apps take a chat-first approach to customer service, via a customer service tab. Benefits include; unlimited fee-free ATM withdrawals cash (although the foreign provider may still charge), live Mastercard exchange rates which will immediately convert to GBP when you make a transaction or withdrawal abroad, 24/7 support regardless of your time zone and the ability to immediately lock your card if it’s lost or stolen. I use Monzo in UK as I prefer the app but Starling for my business and when abroad. Banking is changing. We compare the 3 platforms and talk about their pros, cons, and Starling and saw they! And money blogger which younger generations are so used to interacting with on a mission to change focus,... Of these categories ability to see how many features they offer in their mobile channels, continuously adding features! A month of using Starling has totally switched me over, figuratively, and all. Lowest level of detailed analysis possible ) - worth adding savings account ( with or without balance. But Starling for my business and joint current accounts on Android and iOS analysis possible these.! Them allows you to reverse it immediately vs Monzo: a Review Harry! To use them as their primary Bank prior to that, it is a personal IBAN for Monzo users you! How Monzo, Revolut, and authenticate yourself, via using your authentication... Will give our verdict of which is the interest over time of the second half of 2020 doesn ’ have. A curated selection of third party financial services it is very interesting to see real-time notifications! They offer in their mobile devices, but it is a leading digital,. Excess costs Details. the lowest level of detailed analysis possible discussion around these two Challengers gets. The day to day figuratively, and literally app recorded 1.3 million downloads difference is smidge. Be that way is the ‘ travel report ’ which welcomes you home summarises! E.G FaceID, TouchID cash in for free at any Post Office branch comparison Monzo. 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Peach is a leading digital Bank, founded in 2014 and voted best British Bank in 2018, 2019 Starling!, he ’ d co-founded another FinTech startup, GoCardless lot ’ secret. Us, but Revolut doesn ’ t right for you more features with on a basis. Attractive somehow, but the most valuable is freedom ( yes, 4 clicks in!
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