UK consumers question sustainability of challenger banks

Accenture’s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist in 12 months’ time. Additionally, just a tenth placed “a lot” of trust in the fintechs to look after their data, compared to 41 per cent for traditional banks. 

Most worryingly for the UK’s fintechs, 20 per cent responded “not at all” when asked if they trusted neobanks to look after their financial wellbeing. 

Read more: City A.M.