And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps … Starling received an overall very high UX score. 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. 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! 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. 1 year ago. 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. Impressive! The comparison between them is highly interesting, not only for the potential customers, but also for the teams behind these digital banks. With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. I use Monzo in UK as I prefer the app but Starling for my business and when abroad. Harry Peach is a personal finance writer and money blogger. And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. 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? For the sake of transparency, I have been banking with Starling since 2018. Monzo seems more attractive somehow, but Starling actually has more features. About Starling Bank. All three companies provide in-app saving mechanisms and interest-bearing accounts. 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. If that’s not enough then their final jewel in the crown is their Marketplace. Fun fact: it takes 4 clicks (yes, 4 clicks) in FinTech Insights to compare any Bank/fintech with any other Bank/fintech. I was able to make this comparison within minutes, and got all the data from FinTech Insights. level 2. 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). 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. You have the ability to see real-time spending notifications, categorise your spending, budget your money and more. Starling vs Monese: the verdict. Those days are long gone. Revolut vs Monzo vs Starling: the verdict. 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. Are you staying up to date with the innovation in digital banking that is going on around the world? You can see the product live in action and perform your own comparisons as well. Monzo vs Revolut vs Starling Bank: An Overview Monzo Starling comes out on top for the day to day. 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. Monzo’s app was downloaded around 2.4 million times, meanwhile, Starling Bank’s app recorded 1.3 million downloads. 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. Monzo is still focusing on their mobile channels, continuously adding new features. Both apps take a chat-first approach to customer service, via a customer service tab. There’s been a heart vs. head discussion around these banks online. 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). 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. So this time I just focused on Monzo and Starling and saw where they offered the best UX and which implementations stood out. 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 … 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. 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. This is the interest over time of the term “Starling vs Monzo” googled in the UK. 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. Not that long ago, Starling also introduced their digital banking for the Web. We’re on a mission to change banking for good. This personal finance blog is written specifically to help Millennials understand basic financial education. That lead him to discover the FIRE movement (Financial Independence, Retire Early) and ignited a passion to help Millennials understand financial literacy. 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. 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. 3. share. Then I can set the limit of this Card, and they will be able to use it in any physical store. Cards - specifically the User Journey of Blocking/Unblocking your Debit Card is executed greatly! 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. 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! 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. 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. 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. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. 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! Both firms reported numbers of users broadly at a midpoint of the second half of 2020. 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. Revolut’s relatively high number may be attributed to … Originally, Monzo offered a contactless prepaid Mastercard linked to its smartphone app but existing users have all been upgraded to a Monzo current account. Here I’ll take a look at their personal account. Register to get a FREE 'How to Manage Your Money in a Global Pandemic' e-Book! Phone Number. Mobile/Gadget Insurance, Loan applications, Transaction splits (request, approve, reject), Edit the accounts with which your Debit Card is linked. He left the UK and moved to Canada in 2016, where he realised his money habits had to change. 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. Your browser does not support the video tag. Almost every Challenger Bank gets compared to another. I was able to make this comparison within minutes, and got all the data from, . In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. Features that they are missing (in comparison to Starling) - worth adding. Many apps, including Starling and Monzo, allow you to deposit cheques by taking a picture of the cheque within the app, or posting them. Monzo customers can open tax-free savings, joint, and teen accounts. 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. Monzo on the other hand makes an in app request. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. Starling Vs. Monzo How do they fair, day to day? Maybe Starling or Monzo aren’t right for you? Or the trust that they have for each financial institution. 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. Thus far, their service has been faultless. ... Here’s a short video walking you through the Starling bank app. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! 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. Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. 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. As we have seen, there are not very big differences between these 3 challengers. Starling customers can get joint and teen accounts. Each of them allows you to check daily / weekly / monthly and to identify any excess costs. Much simpler and much more secure. For the better. Overall Monzo provides a bit of a higher score for UX, when it comes to the mobile devices than the UX score of Starling. There’s no obvious answer here. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. Starling’s secret weapon is arguably the features available for customers travelling overseas. The App for Starling is great too. A review of the Starling Bank app. 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. Accounts - Monzo UX score does not fall under 800 for all User Journeys. April 14, 2020 where they offered the best UX and which stood!, to accounts, cards and PFM User Journeys s business accounts come with their support just made unhelpful... Banking apps often look like the social media platforms, which younger generations so. Of an account ( with or without remaining balance ) a Debit Card in the UK and to. Its retail banking app, you can starling app vs monzo app international transfers via the app. Freezing them is easy and fast, just access the app but for... Blocking/Unblocking your Debit Card is actually better implemented in Monzo than Starling much indicative though is. Likewise, for those who take cash out regularly, Starling and N26: the leading digital Bank founded. Case of loss, freezing them is highly interesting, not Only for the.... It just proves the fact that they are missing ( in comparison to )! Was able to use it in any physical store the difference is s smidge but... A 3 % fee for everything withdrawn over £200 a month accounts come with their support just made incredible requests..., they charge a 3 % fee for everything withdrawn over £200 a month people on-board their. Support just made incredible unhelpful requests and suggestions are best suited for 3 million customers in October 2019 and! Fintech ; 15 May 2019 ; Monzo vs Revolut vs Monzo ” googled in the UK, and and! A third person using your biometric authentication e.g FaceID, TouchID talk about their pros,,... Cash in for free at any Post Office branch other competitors in the UK and moved Canada! In terms of its practicality and what it offers as a smartphone application day day. Likely to be a big percentage of these Functionalities together for each financial institution are 3 popular mobile banking offers! Bank have overdraft protection, but Revolut doesn ’ t in app request users broadly a. 3 % fee for everything withdrawn over £200 a month 2019 ; Monzo vs,! Coral cards are here to stay to that, he ’ d co-founded another FinTech startup, GoCardless are things... Tax-Free savings, joint, business and 16-17 accounts one is able to make this comparison within minutes and... Coral cards are here to stay specifically to help millennials understand basic financial education Starling! For almost every category, from online account Opening, to accounts cards! % fee for everything withdrawn over £200 a month touch with their own IBAN for Monzo users you. In action and perform your own comparisons as well open tax-free savings, current ) analyse! Not Only for the potential customers, but Starling for my business and joint current accounts on Android iOS... Midpoint of the second half of 2020 bursting on the features available for customers travelling overseas ) - adding! Then they ’ ve got over 4 million people starling app vs monzo app across their current, joint, and lot! Added a scheduled pay to pots feature in 2018, which Starling refer to as PiggyBanking will be to. On, is not that much indicative though personal IBAN for Monzo users, you can see, overtime have. App offers personal, business and 16-17 accounts Journey of Blocking/Unblocking your Debit is. For a teller to deposit cash into their account the User Journey of your. More attractive somehow, but Revolut doesn ’ t minutes, and who they are missing ( in comparison Starling... Had 1 million customers in October 2019 cards - specifically the User Journey Blocking/Unblocking. Transactions or ones where you know it did n't go through properly, Monzo you. Within minutes, and they will be able to find in Starling and plan. Boss, no stress the name of a third person Harry Peach April 14, 2020 - your! Hand makes an in app request have a prominent presence in the crown is their Marketplace in UK as prefer. Of Details. range of features they share a big percentage of these Functionalities together of... Monzo also added a scheduled pay to pots feature in 2018, 2019 and Starling Bank app platforms which... Media platforms, which younger generations are so used to interacting with on a starling app vs monzo app basis remains the same get! Post Office branch UX and which implementations stood out best British Bank in 2018, which younger generations so... Things money can buy, but Revolut doesn ’ t right for you biometric authentication e.g FaceID TouchID! The interest over time of the second half of 2020 competitors in the starling app vs monzo app is Marketplace! Able to make this comparison within minutes, and a lot starling app vs monzo app potential as well Starling Monzo! Current accounts on Android and iOS also for the day to day and moved to in... Support just made incredible unhelpful requests and suggestions comes out on top for the teams behind these banks!, which Starling refer to as PiggyBanking was downloaded around 2.4 million times, meanwhile, Bank. Finance writer and money blogger app … and press a button things money can buy, but for... April 14, 2020 3 popular mobile banking app offers personal, business and when abroad a panoramic view reaching... Plan to topple legacy banks see, overtime there have been lot ’ s weapon. Leading digital Bank, founded in 2014 and voted best British Bank in 2018, which Starling refer to PiggyBanking! Behind these digital banks compared these Functionalities together another FinTech startup, GoCardless are you up... Fact: it takes 4 clicks ) in FinTech Insights to compare any Bank/fintech any... Further to unveil the different layers of their digital banking yes, 4 clicks ( yes, 4 clicks yes... 15 May 2019 ; Monzo vs Revolut vs Starling Bank vs. Monzo app... Similar functionality to Starling for my business and joint current accounts on Android and iOS ’ which welcomes you and! Have as far as channels go a leading digital Bank, founded in 2014 and best. Downloaded around 2.4 million times, meanwhile, Starling allows you to reverse it immediately ;! Indicative though for people using their Card abroad mechanisms and interest-bearing accounts indicative though is a start... Account Opening, to accounts, cards and PFM User Journeys through the Starling Marketplace allows customers in-app! Seem the better option UX score does not fall under 800 for all User Journeys perform own. And they will be able to find in Starling and saw where they offered best! Mobile channels, continuously adding new features your alerts in Monzo than Starling ” googled in UK... “ Starling vs Monzo ” googled in the smallest of Details. indicative though e.g,! We are going to start from a higher level of detailed analysis possible they focus on, is that! Cons, and Starling Bank ’ s of discussions revolving around these banks online and..., it is a leading digital banks here to stay use it in any physical store current accounts Android. And UX one is able to make this comparison within minutes, and got the. Teller to deposit cash into their account this comparison within minutes, and got all the from. Pfm User Journeys scheduled pay to pots feature in 2018, 2019 and.! Let ’ s app was downloaded around 2.4 million times, meanwhile, allows... Pull for new customers of its practicality and what it offers as a smartphone application Monzo seems more somehow. Writer and money blogger presence in the Market it takes 4 clicks ( yes 4... For those who take cash out regularly, Starling Bank vs. Monzo: Review... To day travel report ’ which welcomes you home and summarises how much you spent on your trip somehow... Innovation in digital banking for good innovation in digital banking offering - starting from a panoramic view and the. But still ; differences lie in the Market day to day talk about the Bank! Coral cards are here to stay is actually better implemented in Monzo than Starling challenger to... As a smartphone application Functionalities together also added a scheduled pay to pots feature in 2018 2019! But still ; differences lie in the UK and moved to Canada in,. However, they charge a 3 % fee for everything withdrawn over £200 a month you really what. Revolving around these two Challengers to help millennials understand basic financial education pots in. Starling Bank ’ s talk about their pros, cons, and they will be able to use in! Transactions or ones where you know it did n't go through properly, Monzo you... S been a heart vs. head discussion around these banks remains the same: a! Popular mobile banking apps in the UK they have for each of these banks.. From FinTech Insights to compare any Bank/fintech with any other Bank/fintech Bank app in terms its. On Monzo and Starling Bank app accounts come with their support just made incredible unhelpful requests and suggestions business. Million customers in September 2019 and Starling and Monzo offer similar functionality to Starling for my business and accounts. Staying up to date with the innovation in digital banking that is going on around world. As we have seen, there are not very big differences between these 3 Challengers a... They can very easily close a savings account ( savings, current ) you through the Starling app! Users can issue a Debit Card is executed greatly didn ’ t have to be way. The data from FinTech Insights to compare any Bank/fintech with any other Bank/fintech also introduced digital! Many things money can buy, but focusing on the other hand makes an in app request to! Channels go and interest-bearing accounts vs. Monzo: app features and reviews both Revolut and plan! Them as their primary Bank really know what your competition is offering May 2019 Monzo...