The comparison between them is highly interesting, not only for the potential customers, but also for the teams behind these digital banks. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. 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. All three companies provide in-app saving mechanisms and interest-bearing accounts. As you can see they share a big percentage of these Functionalities together. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. There are many things money can buy, but the most valuable is freedom. He left the UK and moved to Canada in 2016, where he realised his money habits had to change. Both apps take a chat-first approach to customer service, via a customer service tab. likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. That lead him to discover the FIRE movement (Financial Independence, Retire Early) and ignited a passion to help Millennials understand financial literacy. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. Here I’ll take a look at their personal account. 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. Then I can set the limit of this Card, and they will be able to use it in any physical store. 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. Or the trust that they have for each financial institution. Starling Vs. Monzo How do they fair, day to day? 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. 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! And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. The two disruptive heavyweights bursting on the scene and capturing the imagination of modern millennials. 6 1 year ago. 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. By Sabrina Weiss. 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). Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. 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. 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? 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. 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. You can see the product live in action and perform your own comparisons as well. You have the ability to see real-time spending notifications, categorise your spending, budget your money and more. We know that both started as mobile only banks, so both of them originally focused on having the most Functionalities in their mobile applications. ✅ 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. 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. A review of the Starling Bank app. Mobile/Gadget Insurance, Loan applications, Transaction splits (request, approve, reject), Edit the accounts with which your Debit Card is linked. 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. The app for Starling is okay but their lack of web interface is … 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. No such luck with Starling who when I got in touch with their support just made incredible unhelpful requests and suggestions. 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. Do you really know what your competition is offering? Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. I will start by benchmarking these both Challenger Banks in the Market. level 2. Many apps, including Starling and Monzo, allow you to deposit cheques by taking a picture of the cheque within the app, or posting them. Monzo also has a phone number that customers can call and an in-app chat. 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). Materialism and instant gratification has consumed us, but it doesn’t have to be that way. Thus far, their service has been faultless. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! For the better. in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. 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. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. Then we will give our verdict of which is the best mobile banking app. Monzo customers can open tax-free savings, joint, and teen accounts. A month of using Starling has totally switched me over, figuratively, and literally. 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. 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. Much simpler and much more secure. We’re on a mission to change banking for good. Impressive! Since then they’ve got over 4 million people on-board across their current, joint, business and 16-17 accounts. The Starling Bank App. Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. The points below relate to their current account. 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). The most prominent Functionalities that they share for each category are: Money Transfers (Shared Functionalities 25): Now let’s focus on their UX. Accounts - Starling users are lucky because they can very easily close a savings account (with or without remaining balance). It just proves the fact that they are mobile first. If that’s not enough then their final jewel in the crown is their Marketplace. Accounts - Monzo UX score does not fall under 800 for all User Journeys. Looking ahead, Monzo have their sights on cracking the US, with offices already set up in the city of sin, Las Vegas. As we have seen, there are not very big differences between these 3 challengers. 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! Features that they are missing (in comparison to Starling) - worth adding. Starling vs Monese: the verdict. 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). The App for Starling is great too. 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. 7. share. Monzo is still focusing on their mobile channels, continuously adding new features. 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. 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. 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. Starling comes out on top for the day to day. 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. In case of loss, freezing them is easy and fast, just access the app … and press a button. 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). Features that they are missing (in comparison to Monzo) - worth adding. Kind of how. Expectations have evolved. Starling users can issue a Debit Card in the name of a third person. Other competitors in the UK space include Monese, Revolut, N26 and bunq. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. Alas, Starling Bank and Monzo. It’s only £200. Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. No Monday morning alarm, no boss, no stress. Is the Monzo Plus Account worth £5-a-Month? As you can see, overtime there have been lot’s of discussions revolving around these two Challengers. Monzo’s app was downloaded around 2.4 million times, meanwhile, Starling Bank’s app recorded 1.3 million downloads. We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. 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. 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. 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. 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