Where the Banks have No Walls

The UK banking market is one of the most competitive and dynamic. The non-banking financial companies (NBFCs) are redesigning the banking landscape, assisted with emerging technology and a customer-centric, digital approach. From innovative products and services that are personal, efficient, and convenient to faster customer-first response rates and better satisfaction, the customer experience in the banking industry is dramatically changing.

As a result, neobanks are outpacing legacy banks in Europe, due to the customer adoption of super apps and banking apps, according to a Google Pay Store report. In fact, European and UK legacy banking apps were down by 1.5% in 2022 compared to 2021. 

It’s undoubtedly the reign of in-app banks today, and here are our top picks of non-banking banks, offering the most impressive customer experience.

Atom Bank

Founded: 2013

Headquarters: Durham, England

Atom Bank  allows customers to manage their finances efficiently, set up savings goals, and track their spending. The brand offers mortgages with competitive rates, advice on what’s best for the customer and a streamlined process, all in app.The app-based bank has biometric login and facial recognition technology. With over 100,000 customers and a Net Promoter Score (NPS) of +88, their average response time is under 2 hours and they hold a 95% customer satisfaction rating. 

Chime

Founded: 2013

Headquarters: California, United States

Founded on the premise that basic banking services should be helpful, easy, and free, Chime  has over 12 million users and aims to simplify everyday banking procedures. One of their special offerings is the FICO Score. With its Experian partnership, customers can get credit for the bills and keep track of their journey for added benefits. The bank’s NPS score is 80, and its average response time to customer inquiries is under one hour.

Curve

Founded: 2016

Headquarters: London, England

Being a super app, Curve  allows customers to connect and supercharge their legacy banks without leaving their bank or signing up for a new bank. With exchange rates, rewards, and insights across customer accounts, Curve offers services through a card and an app. Additionally, it takes no foreign transaction fees on any card, including credit cards, that customers use abroad. Curve is live in 31 markets across the UK and European Economic Area.

Lemonade

Founded: 2015

Headquarters: New York City, United States

An insurance company without physical agencies or written policies, Lemonade  has an NPS of 76, and a growing customer base of one million and counting. Powered by artificial intelligence, the company launched Maya, a chatbot capable of creating personalised insurance policies and quotes for customers, and serving them with quick responses. Lemonade takes only a flat fee, pays claims quickly and gives back what’s left. 

Lunar

Founded: 2015

Headquarters: Berlin, Germany

Lunar  – Bank by Lunar A/S provides customers a modern, personalised, and convenient experience with its innovative digital platform. The company’s mobile banking app offers a range of features, including instant notifications, budgeting tools, and the ability to set savings goals. As part of their B2B plan, the company takes no set up fees and the customer need not pay negative interest on the first 10 million. Their average response time is under an hour, and the in-app chat support team has a customer first response rate of 95%. 

Monzo

Founded: 2015

Headquarters: London, England

A future-focused bank with seven million customers and an NPS of +70, Monzo  offers a range of innovative features and services, such as budgeting tools, savings pots, and instant transaction notifications. Their savings feature includes automated savings challenges, roundups, and competitive interest rates. Their average response time to customer inquiries is under an hour, and the in-app chat support team resolves 95 per cent of customer queries on the first response.

N26

Founded: 2013

Headquarters: Berlin, Germany

N26  offers a range of innovative features and services through its mobile app, including budgeting tools, savings goals, and real-time spending notifications. With its user-friendly interface, secure encryption, transparent fees and commitment to ethical banking customers, N26 has over seven million customers worldwide and is available in several languages. It also offers crypto banking with instant trades, clear insights, and access to almost 200 coins.

Revolut

Founded: 2015

Headquarters: London, England

Revolut  was built to save hundreds of pounds on foreign transaction fees. The company offers its customers free international money transfers, with no hidden fees, at the interbank exchange rate. Most of its revenue is generated through a process called interchange, in which it takes 0.2 per cent of each transaction fee. The company gears up for expansion and innovation in 2023, with upcoming product launches and entry into New Zealand, Brazil, Mexico, and India markets.

Starling Bank

Founded: 2014

Headquarters: London, England

With over 3.4 million customer accounts and 6.08 million mobile app downloads, Starling Bank  has a strong reputation for transparency and ethical banking practices, which helps build customer trust and loyalty. The brand’s mobile app is highly rated for its user-friendly interface, biometric login options, and secure encryption. Their average response time is 42 seconds through the in-app chat support, and they have a 90% first response success rate. 

Tandem

Founded: 2014

Headquarters: London, England

Tandem  provides access to simple, honest, fair mortgage and savings products and holds a customer satisfaction score of 93%. It is committed to building a greener digital bank, helping customers save, borrow, and spend in an eco-friendly way. The average customer response time is under an hour, and the in-app chat support team has a 95% first-response success rate. Recently, Tandem partnered with money-saving fintech Snoop to allow savers to control their finances better.

Zopa

Founded: 2020

Headquarters: London, England

Although the company was first established in 2005 as a peer-to-peer lending company, 16 years later, it pivoted to Zopa bank, focusing on fair and honest financial products. With a customer satisfaction score of 4.9 out of 5, Zopa  provides innovative services and products that enhance the customer experience and make banking more convenient and personalised. Its in-app chat support team has a 95% customer-first response rate and an average response time of under 30 minutes. 

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