Monzo on the other hand makes an in app request. Consumers no longer want the inconvenience of going into a branch, queuing for a teller to deposit cash into their account. ... Here’s a short video walking you through the Starling bank app. Let’s talk about the Starling bank app in terms of its practicality and what it offers as a smartphone application. 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. 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… Is the Monzo Plus Account worth £5-a-Month? Sometimes, you need to broaden your horizons and seek solutions to the problems you might be having from places in the world you might have not thought of. level 2. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. Originally, Monzo offered a contactless prepaid Mastercard linked to its smartphone app but existing users have all been upgraded to a Monzo current account. How Monzo, Revolut, Starling and N26 plan to topple legacy banks. 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. 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. Accounts - Starling users are lucky because they can very easily close a savings account (with or without remaining balance). A month of using Starling has totally switched me over, figuratively, and literally. Banking is changing. 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! Your browser does not support the video tag. The difference is s smidge, but still; differences lie in the smallest of details. ) The points below relate to their current account. Thus far, their service has been faultless. There’s no obvious answer here. likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. 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. I was able to make this comparison within minutes, and got all the data from FinTech Insights. Those days are long gone. 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. Starling’s secret weapon is arguably the features available for customers travelling overseas. 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). No Monday morning alarm, no boss, no stress. 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. I will start by benchmarking these both Challenger Banks in the Market. 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. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. Phone Number. We know that both started as mobile only banks, so both of them originally focused on having the most Functionalities in their mobile applications. 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. Harry Peach is a personal finance writer and money blogger. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. More than 5,000 consumers took part in the poll, which asked respondents to rate their bank’s app … Monzo customers can open tax-free savings, joint, and teen accounts. Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. Its retail banking app offers personal, business and joint current accounts on Android and iOS. The app for Starling is okay but their lack of web interface is … We’re on a mission to change banking for good. Monzo allows you to finish a money transfer, and authenticate yourself, via using your biometric authentication e.g FaceID, TouchID. Here I’ll take a look at their personal account. There are many things money can buy, but the most valuable is freedom. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. Benefits include; unlimited fee-free ATM withdrawals cash (although the foreign provider may still charge), live Mastercard exchange rates which will immediately convert to GBP when you make a transaction or withdrawal abroad, 24/7 support regardless of your time zone and the ability to immediately lock your card if it’s lost or stolen. 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. That lead him to discover the FIRE movement (Financial Independence, Retire Early) and ignited a passion to help Millennials understand financial literacy. Starling Vs. Monzo How do they fair, day to day? Alas, Starling Bank and Monzo. 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. 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. 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 … You have the ability to see real-time spending notifications, categorise your spending, budget your money and more. 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. 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? Materialism and instant gratification has consumed us, but it doesn’t have to be that way. There’s been a heart vs. head discussion around these banks online. 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. Viewing Details of an account (Savings, Current). 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. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. 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. As with Starling Bank's app, you get an instant notification every time you use your card as payments clear much faster compared to traditional bank. Tom Blomfield was the brains behind Monzo‘s 2015 inception but not before a stint as the Chief Technology Officer (CTO) of Starling Bank. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. By Sabrina Weiss. The two disruptive heavyweights bursting on the scene and capturing the imagination of modern millennials. About Starling Bank. 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. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! IBAN and wire transfers – Only Starling’s business accounts come with their own IBAN for international transfers. 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. The App for Starling is great too. Monzo seems more attractive somehow, but Starling actually has more features. Or the trust that they have for each financial institution. If that’s not enough then their final jewel in the crown is their Marketplace. 7. share. 1 year ago. ✅ 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. 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. Monzo and Starling rose to fame and popularity with their new banking features – slick apps, free spending abroad and real-time transactions are just a few of the favourites. 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. An awesome initiative that’s likely to be a big pull for new customers. Mainly because of the feud between Anne Boden and Tom Blomfield, but nonetheless these two Challengers have been involved in heated debates for a while. 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. Any issues have been resolved instantly in a chat, they listen to customer ideas from their Q&As on social media, new features get released with regularity and their insights dashboard is easy to interpret and looks professional. level 2. Monzo is still focusing on their mobile channels, continuously adding new features. All three companies provide in-app saving mechanisms and interest-bearing accounts. The channel at which they focus on, is not that much indicative though. 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. 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. Over disputed transactions or ones where you know it didn't go through properly, Monzo allows you to reverse it immediately. Starling customers can get joint and teen accounts. Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018, 2019 and 2020. We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. Monzo vs Revolut vs Starling Bank: An Overview Monzo 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. Monzo, Revolut, and Starling are 3 popular mobile banking apps in the UK. This is the interest over time of the term “Starling vs Monzo” googled in the UK. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps … Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. Much simpler and much more secure. Report Save. 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. Monzo also has a phone number that customers can call and an in-app chat. 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