UK-based digital bank Monzo dominates the ranking of traditional banks and digital challengers
In the latest 11:FS Pulse feature rankings for UK banks and challengers, digital bank Monzo has emerged as the clear leader, securing a standout score of 98 out of 100 [1][2].
This top spot reflects Monzo's strong digital banking experience, as it outperformed both traditional banks and other challenger banks in this comparison. The ranking is based on an analysis of over 3,000 user journeys across UK banking apps, taking into account factors such as user interface, digital functionalities, product breadth, and customer engagement.
Traditional banks, however, tend to lag behind challengers in digital innovation, as they often have less agile digital offerings. This is evident in the rankings, where seven of the top 10 spots are occupied by incumbent banks. However, Joe Colchester, Head of Product at 11:FS Pulse, notes that incumbents are making significant progress [3].
Lloyds stands out for its breadth, supporting investments and accessibility controls. NatWest offers a customisable dashboard, carbon tracking, and multi-currency accounts. HSBC delivers a comprehensive security suite and full budgeting tools. RBS and NatWest have feature scores of 93, followed by Revolut with 89 and Starling Bank with 84.
Challenger banks, led by Monzo, are redefining user experience through advanced digital features and customer-centric design. Mid-tier banks like Virgin Money, Metro Bank, and The Co-Operative Bank are being overtaken by challengers like Monese, Wise, and Zopa in the digital banking landscape. Monese ranks 12th, Wise ranks 16th, and Zopa ranks 18th in the same rankings.
Each feature is also categorised by how they help customers achieve real-world financial goals. The Pulse Feature Score is calculated based on the importance of features, ranging from basic conveniences to indispensable tools, with additional credit for standout "Hero Features." In addition to the Pulse Feature Score, a UX Score is offered to evaluate the overall usability of the apps, combining Usability (66.67%) and Visual Design (33.33%) [4].
Joe Colchester, Head of Product at 11:FS Pulse, stated that the digital banking landscape in the UK is evolving rapidly, with a shift from disruption to refinement. Both fintechs and established banks are now competing on the strength of their features, usability, and ability to deliver meaningful value to customers' financial lives [5].
In summary, Monzo leads the UK digital banking rankings according to 11:FS Pulse, showcasing its strength among both challenger banks and traditional institutions. Traditional banks trail behind challengers like Monzo in the feature ranking due to their less agile digital offerings. Challenger banks, led by Monzo, are redefining user experience through advanced digital features and customer-centric design.
[1] [Link to source 1] [2] [Link to source 2] [3] [Link to source 3] [4] [Link to source 4] [5] [Link to source 5]
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