Where the Banks have No Walls
From mobile banking apps to all-purpose cards, non-banking BFSI brands are leveraging technology to provide customers with innovative and faster service. Discover the companies that are leading the way in CX innovation.
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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.
For more insights on CX in the BFSI sector, join us at CX NXT – BFSI Summit, which will take place in Conrad, Dubai on 27 February 2024. For registration and more information, click here.
