The path to growth – UK Challenger BanksThe path to growth – UK Challenger Banks https://www.citizenme.com/wp-content/themes/corpus/images/empty/thumbnail.jpg 150 150 Georgie Morgan https://secure.gravatar.com/avatar/df448d716dcccf5cd59a0459a07ce224?s=96&d=mm&r=g
The path to growth - UK Challenger Banks
Challenger banks are a hot topic in the UK. But with current account switching behaviour at very low levels, who is likely to put their money and trust into a relatively unknown digital-only bank?
Our approach was simple: we integrated multi-source data to paint a richly-profiled picture of consumers likely to have a strong affinity with the challenger bank’s proposition. We tailored three custom questions for citizens and interpreted data from their Facebook likes, Smartphone app usage and personality traits to provide insights about the attitudes and behaviours of potential customers.
The Insights: 3 Key Findings
The path to growth
Consumers are ready, but awareness is low. 1 in 3 UK consumers are accepting of the challenger bank proposition, but 63% of this segment are unaware of challenger banks. That’s a lot of growth potential if challenger banks can improve their brand awareness.
Reach this savvy audience via Twitter and LinkedIn
This tech savvy audience are more likely to use Uber, Fitbit and SoundCloud. What’s more, they are less likely to use Facebook and more likely to use Twitter and LinkedIn.
Positive & honest messaging will grab attention!
They are organised and relaxed, so focus messaging on features that help stay on top of finances but do not over-claim. They respond better to honesty.
Perhaps this is something you wish to investigate further yourself. You can do this all through the CitizenMe Marketplace platform. Check out how to do this here: