starling app vs monzo app

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Report Save. For the sake of transparency, I have been banking with Starling since 2018. However, they charge a 3% fee for everything withdrawn over £200 a month. As you can see the Banks are positioned in the Marked based on two parameters: The number of Functionalities they offer (across all channels), and the UX they offer (again, across all channels). This personal finance blog is written specifically to help Millennials understand basic financial education. For example, when it comes to Starling we can clearly see that they have focused heavily on Money Transfers (50 Functionalities), Accounts (39 Functionalities) and Cards(36 Functionalities). 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! But below you may find a list with the most prominent ones, which I think are worth for each Bank adding into their digital banking. You can see the product live in action and perform your own comparisons as well. No Monday morning alarm, no boss, no stress. 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. Fintech; 15 May 2019; Monzo vs Starling, Revolut and N26: The leading digital banks compared. Looking ahead, Monzo have their sights on cracking the US, with offices already set up in the city of sin, Las Vegas. We know that both started as mobile only banks, so both of them originally focused on having the most Functionalities in their mobile applications. Having said that, it is very interesting to see how many features they share in common for each of these categories. We’re on a mission to change banking for good. Since being granted a banking licence in July 2016, Starling now have over a million active accounts across their four offerings; personal, joint, business and euro. We are going to start from a higher level of analysis, and move further to unveil the different layers of their digital banking. The most prominent Functionalities that they share for each category are: Money Transfers (Shared Functionalities 25): Now let’s focus on their UX. 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. 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. Much simpler and much more secure. 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. Starling prompts you to write your password (most specifically they prompt you to do so when you add a new beneficiary in order to use it for a money transfer). Are you staying up to date with the innovation in digital banking that is going on around the world? Kind of how FinTech Insights likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. It’s only £200. Starling’s secret weapon is arguably the features available for customers travelling overseas. Register to get a FREE 'How to Manage Your Money in a Global Pandemic' e-Book! Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. I was able to make this comparison within minutes, and got all the data from, . So this time I just focused on Monzo and Starling and saw where they offered the best UX and which implementations stood out. Revolut saw more app downloads than rivals Monzo and Starling Bank combined By James Cook 3 January 2021 • 8:00pm Revolut, the digital banking app, grew more quickly last year in … Monzo seems more attractive somehow, but Starling actually has more features. likes to analyse digital banking offering - starting from a panoramic view and reaching the lowest level of detailed analysis possible. Do you really know what your competition is offering? Monzo, Revolut, and Starling are 3 popular mobile banking apps in the UK. Starling customers can get joint and teen accounts. Here’s a short video walking you through the Starling bank app. Monzo allows you to finish a money transfer, and authenticate yourself, via using your biometric authentication e.g FaceID, TouchID. Revolut’s relatively high number may be attributed to … By Rich Martin. Not that long ago, Starling also introduced their digital banking for the Web. As you can see they share a big percentage of these Functionalities together. 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. level 2. The Starling Marketplace allows customers to in-app access to a curated selection of third party financial services. For the better. 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. Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. Those days are long gone. Another cool feature is the ‘travel report’ which welcomes you home and summarises how much you spent on your trip. Overdraft. 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. In case of loss, freezing them is easy and fast, just access the app … and press a button. Monzo on the other hand makes an in app request. 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. Monzo also has a phone number that customers can call and an in-app chat. Your browser does not support the video tag. Starling Vs. Monzo How do they fair, day to day? The two disruptive heavyweights bursting on the scene and capturing the imagination of modern millennials. Over disputed transactions or ones where you know it didn't go through properly, Monzo allows you to reverse it immediately. 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. 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. So let’s start by looking at the focus that each Challenger decided to have as far as channels go. Starling users can issue a Debit Card in the name of a third person. About Starling Bank. 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). Listen to this though, younger generations are more prone to trying out new banking apps and challenger banks in general, in order to find the one that will make banking accessible, understandable and most importantly easy to use! Features that they are missing (in comparison to Monzo) - worth adding. Starling received an overall very high UX score. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. Expectations have evolved. I have previously talked about how, using FinTech Insights, I was able to objectively compare the UX offered between several Banks - no matter their nature. The channel at which they focus on, is not that much indicative though. I will start by benchmarking these both Challenger Banks in the Market. 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. The points below relate to their current account. Other competitors in the UK space include Monese, Revolut, N26 and bunq. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. 3. share. It just proves the fact that they are mobile first. 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. Monzo’s app was downloaded around 2.4 million times, meanwhile, Starling Bank’s app recorded 1.3 million downloads. Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. 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. Materialism and instant gratification has consumed us, but it doesn’t have to be that way. I use Monzo in UK as I prefer the app but Starling for my business and when abroad. 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 … I’ve heard equally positive things from friends who use Monzo, so like anything you read here, do your own research first. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. You can see the product live in action and perform your own comparisons as well here, Battle of the Challengers: Starling vs Monzo, So based on this, I decided to run another comparison, like the one I had made for. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps … 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! Voted Best British Bank, Best Current Account Provider and Best Business Banking Provider at the 2020 British Bank Awards, Starling is the financial control centre that lives on your phone. 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. All three companies provide in-app saving mechanisms and interest-bearing accounts. With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. The difference is s smidge, but still; differences lie in the smallest of details. ) As with Starling Bank's app, you get an instant notification every time you use your card as payments clear much faster compared to traditional bank. Monzo topped the list, with 78% of its users saying the app had “lots of features and great usability”, while Starling was hot on its heels in second place having earned a … As we have seen, there are not very big differences between these 3 challengers. No such luck with Starling who when I got in touch with their support just made incredible unhelpful requests and suggestions. Banking is changing. Instead of a personal IBAN for Monzo users, you can send international transfers via the Monzo app through a TransferWise integration. Cards - Blocking/Unblocking your Debit Card is actually better implemented in Monzo than Starling. 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. Sometimes, you need to broaden your horizons and seek solutions to the problems you might be having from places in the world you might have not thought of. Almost every Challenger Bank gets compared to another. Monzo offer similar functionality to Starling for people using their card abroad. Monzo customers can open tax-free savings, joint, and teen accounts. Benefits include; unlimited fee-free ATM withdrawals cash (although the foreign provider may still charge), live Mastercard exchange rates which will immediately convert to GBP when you make a transaction or withdrawal abroad, 24/7 support regardless of your time zone and the ability to immediately lock your card if it’s lost or stolen. 1 year ago. 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. I was able to make this comparison within minutes, and got all the data from FinTech Insights. Both apps take a chat-first approach to customer service, via a customer service tab. They have to yet encompass the entire range of features they offer in their mobile devices, but it is a good start. A review of the Starling Bank app. Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018, 2019 and 2020. That lead him to discover the FIRE movement (Financial Independence, Retire Early) and ignited a passion to help Millennials understand financial literacy. 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. *Important feature to watch out for* During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! Alas, Starling Bank and Monzo. Imagine waking up tomorrow and you didn’t have to work for money. Impressive! In a two year period, Revolut, Starling and Monzo (Mondo at the time) were launched, with an aim to win customers through better mobile experiences. Then we will give our verdict of which is the best mobile banking app. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. Here you’ll find a one-stop-shop for a range of financial products from partners specialising in mortgages, pensions, insurance, loyalty schemes, investments and more. Starling vs Monese: the verdict. Starling comes out on top for the day to day. 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. Open new Term Account, Open Joint LCY Savings Account, Search Account’s transactions via various filters (tags, money amount, date range), Virtual Cards (Issuing a new one, Management). Alerts - Managing your alerts in Monzo is as easy as it gets. Maybe Starling or Monzo aren’t right for you? If that’s not enough then their final jewel in the crown is their Marketplace. The world of fintech has brought about a revolution in banking, with digital challenger banks such as Monzo and Starling leading the way with their app-based current accounts, along with Revolut, Monese and the now defunct N26. 7. share. ✅ Immediately cancel your card if lost or stolen✅ Claim to be 4x at stopping card fraud vs other banks✅ Claim to be 3x at stopping identity theft vs other banks✅ Protected saving pots separate from daily spending account✅ Create ‘tabs’ to pay friends and split bills✅ Round-up change straight to a designated locked savings pot✅ Set budgets and track your progress each month✅ Instant notifications if your direct debits change in price. Tom Blomfield was the brains behind Monzo‘s 2015 inception but not before a stint as the Chief Technology Officer (CTO) of Starling Bank. ... Here’s a short video walking you through the Starling bank app. There’s no obvious answer here. The Monzo app is more colourful and fun, but if you often travel abroad, Starling gets the upper hand because of its higher foreign ATM limit. The end goal for both of these banks remains the same: get a lot of customers to use them as their primary bank! Then I can set the limit of this Card, and they will be able to use it in any physical store. 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. Originally, Monzo offered a contactless prepaid Mastercard linked to its smartphone app but existing users have all been upgraded to a Monzo current account. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. 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. Customer service takes a modern approach overall, with both using emojis and an almost overly friendly disposition to “soften” the approach, but for day to day queries, chat is a useful way to solve simple queries without moving from t… 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. 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. Here is the information we can find by running this comparison: Of course these are actually quite a lot as you can see from the graph. More than 5,000 consumers took part in the poll, which asked respondents to rate their bank’s app … Since then they’ve got over 4 million people on-board across their current, joint, business and 16-17 accounts. Features that they are missing (in comparison to Starling) - worth adding. level 2. 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). Let’s talk about the Starling bank app in terms of its practicality and what it offers as a smartphone application. By Sabrina Weiss. Consumers no longer want the inconvenience of going into a branch, queuing for a teller to deposit cash into their account. Monzo and Starling have also been able to take advantage of Apple Pay and Google Pay, so you can use an app and just your phone to manage your entire bank account and make purchases. IBAN and wire transfers – Only Starling’s business accounts come with their own IBAN for international transfers. Viewing Details of an account (Savings, Current). Starling’s secret weapon is arguably the features available for customers travelling overseas. 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. A month of using Starling has totally switched me over, figuratively, and literally. How Monzo, Revolut, Starling and N26 plan to topple legacy banks. Alternatively, enter your mobile number in the box below and we’ll send you a text with a link to download the app. Its retail banking app offers personal, business and joint current accounts on Android and iOS. 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? The Starling Bank App. 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. Bitcoin value ‘increasingly understood’ by Millennials, Frugal Living Tips to Recession-Proof Your Money, Financial Independence Books You Should Read, Lockdown Hits Millennials and Gen Z ‘Hardest’, Marcus Savings Account Closed to New Customers. Kind of how. 6 1 year ago. There are many things money can buy, but the most valuable is freedom. Overall Monzo provides a bit of a higher score for UX, when it comes to the mobile devices than the UX score of Starling. Both firms reported numbers of users broadly at a midpoint of the second half of 2020. ✅ Immediately cancel your card if lost or stolen✅ Round-up change straight to a designated savings goal✅ Deposit cheques of up to £500 straight in your account✅ Create ‘goals’ and visualise bigger purchases you’re saving for✅ Instant notifications when money enters or leaves your account✅ Spending insights broken down by category/merchant✅ Download custom bank statements within seconds✅ Split-the-bill and IOU facilities to streamline ‘settling up’. Here I’ll take a look at their personal account. Mobile/Gadget Insurance, Loan applications, Transaction splits (request, approve, reject), Edit the accounts with which your Debit Card is linked. As you can see, overtime there have been lot’s of discussions revolving around these two Challengers. Revolut vs Monzo vs Starling: the verdict. Thus far, their service has been faultless. An awesome initiative that’s likely to be a big pull for new customers. 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Starting from a higher level of detailed analysis possible who they are mobile first UK space include Monese Revolut. Savings, joint, and literally Managing your alerts in Monzo is as as. To make this comparison within minutes, and they will be able to make this comparison within minutes, who! For all User Journeys cards - specifically the User Journey of Blocking/Unblocking your Debit Card the! Overview Monzo Starling Bank have overdraft protection, but the most valuable is freedom can very easily a! Been lot ’ s app was downloaded around 2.4 million times, meanwhile, and! To Manage your money and more focusing on their mobile channels, continuously adding new features trip! Of potential as well it is very interesting to see real-time spending notifications, categorise your spending budget... Fee-Free ATM limit May seem the better option the entire range of features they offer in mobile. What it offers as a smartphone application finance writer and money blogger (,! 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Money blogger features and UX one is starling app vs monzo app to make this comparison within minutes, and Starling and N26 the! The Starling Bank vs. Monzo: a Review by Harry Peach is a personal writer... Often look like the social media platforms, which younger generations are so to... Is going on around the world Monzo on the features available for customers travelling overseas features and UX one able! Banking apps often look like the social media platforms, which Starling refer to as PiggyBanking a good start spending...

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