UK Digital Banks Add 6 Million Customers in Second Half of 2019

Consultancy firm Accenture revealed that UK digital banks acquired 6 million customers in the second half of 2019, bringing the total number of customers to about 20 million; while customers are increasing the average account balance is decreasing, balances dropped from £350 to £260 per customer; Tom Merry, Managing Director Accenture Strategy, tells AltFi: “Neobanks continue their march forward, with customers nearly trebling over the past year and on metrics like cost and customer experience, they continue to outperform incumbents. While there is no denying their popularity, mounting evidence suggests that profitability continues to be a challenge. The fall in average deposits points to their current struggle to consistently replace incumbent banks as the primary destination for monthly salaries.” Altfi

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