Finextra: Despite racking up millions of customers in recent years, digital challenger banks are still facing a lack of trust among Brits, most of whom do not even have faith that these new lenders will exist in a years’ time, two new reports suggest.
The likes of Monzo, Revolut and Starling have transformed the UK banking market over the last five years, outflanking high street giants and winning fans with their slick mobile interfaces.
Yet analysis by fintech Plum of 450,000 people who have linked their bank accounts to its app via Open Banking shows that many are not using these neobanks as their primary accounts.
https://www.finextra.com/newsarticle/37125/brits-still-wary-of-trusting-neobanks?utm_medium=rssfinextra&utm_source=finextrafeed