Accounts - Monzo UX score does not fall under 800 for all User Journeys. Is the Monzo Plus Account worth £5-a-Month? Those days are long gone. Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. For the better. . Starling’s secret weapon is arguably the features available for customers travelling overseas. Much simpler and much more secure. 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 … 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. Report Save. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. The Starling Marketplace allows customers to in-app access to a curated selection of third party financial services. 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 is still focusing on their mobile channels, continuously adding new features. 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? Its retail banking app offers personal, business and joint current accounts on Android and iOS. There’s no obvious answer here. Many apps, including Starling and Monzo, allow you to deposit cheques by taking a picture of the cheque within the app, or posting them. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. 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. Starling comes out on top for the day to day. 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). 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. Register to get a FREE 'How to Manage Your Money in a Global Pandemic' e-Book! ... Here’s a short video walking you through the Starling bank app. 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). As we have seen, there are not very big differences between these 3 challengers. Alas, Starling Bank and Monzo. 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! 3. share. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. 7. share. The end goal for both of these banks remains the same: get a lot of customers to use them as their primary bank! 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. Starling users can issue a Debit Card in the name of a third person. Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. This personal finance blog is written specifically to help Millennials understand basic financial education. Looking ahead, Monzo have their sights on cracking the US, with offices already set up in the city of sin, Las Vegas. 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. level 2. 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! Revolut vs Monzo vs Starling: the verdict. Overdraft. Other competitors in the UK space include Monese, Revolut, N26 and bunq. 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. *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 is a leading digital bank, founded in 2014 and voted Best British Bank in 2018, 2019 and 2020. So this time I just focused on Monzo and Starling and saw where they offered the best UX and which implementations stood out. They have to yet encompass the entire range of features they offer in their mobile devices, but it is a good start. 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. The app for Starling is okay but their lack of web interface is … 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. Let’s talk about the Starling bank app in terms of its practicality and what it offers as a smartphone application. 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. 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. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. 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 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. 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. , but focusing on the Features and UX one is able to find in Starling and Monzo. A month of using Starling has totally switched me over, figuratively, and literally. More than 5,000 consumers took part in the poll, which asked respondents to rate their bank’s app … Kind of how. I was able to make this comparison within minutes, and got all the data from FinTech Insights. 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! Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. A review of the Starling Bank app. No such luck with Starling who when I got in touch with their support just made incredible unhelpful requests and suggestions. In case of loss, freezing them is easy and fast, just access the app … and press a button. The points below relate to their current account. 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. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. 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 … 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). 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). 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. Are you staying up to date with the innovation in digital banking that is going on around the world? 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. Monzo offer similar functionality to Starling for people using their card abroad. The Starling Bank App. You can see the product live in action and perform your own comparisons as well. 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. Then we will give our verdict of which is the best mobile banking app. Monzo also has a phone number that customers can call and an in-app chat. Not that long ago, Starling also introduced their digital banking for the Web. The App for Starling is great too. level 2. It seems their hot coral cards are here to stay. Starling customers can get joint and teen accounts. Mobile/Gadget Insurance, Loan applications, Transaction splits (request, approve, reject), Edit the accounts with which your Debit Card is linked. How Monzo, Revolut, Starling and N26 plan to topple legacy banks. 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. 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. 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). 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. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. 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. Maybe Starling or Monzo aren’t right for you? No Monday morning alarm, no boss, no stress. Monzo seems more attractive somehow, but Starling actually has more features. All three companies provide in-app saving mechanisms and interest-bearing accounts. 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. It just proves the fact that they are mobile first. Both firms reported numbers of users broadly at a midpoint of the second half of 2020. Alerts - Managing your alerts in Monzo is as easy as it gets. I’ve heard equally positive things from friends who use Monzo, so like anything you read here, do your own research first. 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. 6 1 year ago. IBAN and wire transfers – Only Starling’s business accounts come with their own IBAN for international transfers. Monzo vs Revolut vs Starling Bank: An Overview Monzo Report Save. With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. Starling Vs. Monzo How do they fair, day to day? Tom Blomfield was the brains behind Monzo‘s 2015 inception but not before a stint as the Chief Technology Officer (CTO) of Starling Bank. However, they charge a 3% fee for everything withdrawn over £200 a month. 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. Features that they are missing (in comparison to Starling) - worth adding. 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. He left the UK and moved to Canada in 2016, where he realised his money habits had to change. By Sabrina Weiss. Monzo’s app was downloaded around 2.4 million times, meanwhile, Starling Bank’s app recorded 1.3 million downloads. 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 … Monzo, Revolut, and Starling are 3 popular mobile banking apps in the UK. I will start by benchmarking these both Challenger Banks in the Market. There’s been a heart vs. head discussion around these banks online. 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). 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. 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. 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. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! Monzo on the other hand makes an in app request. Over disputed transactions or ones where you know it didn't go through properly, Monzo allows you to reverse it immediately. We know that both started as mobile only banks, so both of them originally focused on having the most Functionalities in their mobile applications. The comparison between them is highly interesting, not only for the potential customers, but also for the teams behind these digital banks. Or the trust that they have for each financial institution. Starling’s secret weapon is arguably the features available for customers travelling overseas. Your browser does not support the video tag. Revolut’s relatively high number may be attributed to … 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. Do you really know what your competition is offering? likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. By Rich Martin. in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. Both Challengers have a prominent presence in the UK, and a lot of potential as well. 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. Prior to that, he’d co-founded another FinTech startup, GoCardless. 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. Imagine waking up tomorrow and you didn’t have to work for money. Accounts - Starling users are lucky because they can very easily close a savings account (with or without remaining balance). Since then they’ve got over 4 million people on-board across their current, joint, business and 16-17 accounts. Almost every Challenger Bank gets compared to another. Consumers no longer want the inconvenience of going into a branch, queuing for a teller to deposit cash into their account. 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. As you can see they share a big percentage of these Functionalities together. 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. There are many things money can buy, but the most valuable is freedom. 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. Starling received an overall very high UX score. ✅ 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. Thus far, their service has been faultless. Cards - specifically the User Journey of Blocking/Unblocking your Debit Card is executed greatly! Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. Banking is changing. Monzo allows you to finish a money transfer, and authenticate yourself, via using your biometric authentication e.g FaceID, TouchID. Phone Number. Here’s a short video walking you through the Starling bank app. The two disruptive heavyweights bursting on the scene and capturing the imagination of modern millennials. 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. This is the interest over time of the term “Starling vs Monzo” googled in the UK. If that’s not enough then their final jewel in the crown is their Marketplace. 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. The most prominent Functionalities that they share for each category are: Money Transfers (Shared Functionalities 25): Now let’s focus on their UX. Instead of a personal IBAN for Monzo users, you can send international transfers via the Monzo app through a TransferWise integration. For the sake of transparency, I have been banking with Starling since 2018. Features that they are missing (in comparison to Monzo) - worth adding. Fun fact: it takes 4 clicks (yes, 4 clicks) in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. Monzo customers can open tax-free savings, joint, and teen accounts. About Starling Bank. 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. The difference is s smidge, but still; differences lie in the smallest of details. ) Each of them allows you to check daily / weekly / monthly and to identify any excess costs. Materialism and instant gratification has consumed us, but it doesn’t have to be that way. I was able to make this comparison within minutes, and got all the data from, . 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… And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. 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. 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. Then I can set the limit of this Card, and they will be able to use it in any physical store. 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