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UK Neobank Emerging Features Benchmark 2021

How the Top 4 Neobanks Stack Up on Offering the Features Consumers Value Most

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About This Report
Over the past five years, neobanks have advanced on two fronts: user growth and richness of mobile functionality. But they’re still chasing profitability, launching new financial services offerings and reserving some of their most innovative features for paying customers. This second annual study stacks up the top four UK neobanks against one another, scoring their mobile app capabilities based on consumer demand for 48 emerging features.
Table of Contents

Executive Summary

Over the past five years, neobanks have advanced on two fronts: user growth and richness of mobile functionality. But they’re still chasing profitability, launching new financial services offerings and reserving some of their most innovative features for paying customers. This second annual study stacks up the top four UK neobanks against one another, evaluating their mobile app capabilities based on consumer demand for 48 emerging features.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What are the most important emerging mobile banking features that UK neobanks and traditional banks can offer in order to stand out from competitors?
  2. Which emerging features are most highly valued by UK consumers, both overall and within key customer segments?
  3. How do top UK neobanks’ apps compare when it comes to supporting features consumers demand most?

WHAT’S IN THIS REPORT? This benchmark highlights the most in-demand emerging mobile banking features an incumbent or neobank can offer to attract, retain, or monetize users. It evaluates neobanks based on their features across seven categories and weights their scores according to the results from a survey of UK adults who have used mobile banking. The findings pinpoint product development priorities for high-street banks and neobanks alike.

KEY STAT: Among the UK mobile banking users we surveyed in June and July 2021, four of their five most in-demand banking app features pertain to keeping accounts and cards safe. One of those features is in the Alerts category, and three are in Security and Control.

Our Annual Mobile Banking Benchmarks

Insider Intelligence also publishes annual mobile feature benchmarks for the US and Canada, as well as a companion study for the UK:

Here’s what’s in the full report

2files

Exportable files for easy reading, analysis and sharing.

16charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Key Findings
  3. Introduction
  4. Leading UK Neobanks in 2021
  5. Security and Control
  6. Alerts
  1. Account Management
  2. Transfers
  3. Digital Money Management
  4. Customer Service
  5. Neobank Specialties
  6. Methodology
  1. Survey Demographics
  2. Appendix
  3. Read Next
  4. Sources
  5. Media Gallery

Charts in This Report

authors

Tyler Brown, Lea Nonninger, Michael Tattersall

Contributors

Caitlin Cahalan
Researcher, Financial Services
Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research
Daniel Van Dyke
VP, Content
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