The path to growth – UK Challenger Banks

The Challenge

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?

The CitizenMe Solution

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.