Nearly half of millennials claim they're likely to change banks in the next year. Challenger FS brands abound, with hi-tech and innovative ideas. How can the established banks keep up? How can they build brand magnetism and stand-out in the face of new and fast paced innovation from the challenger brands? Jake Blampied, our Senior Information Designer and a millennial himself, talks about where he thinks the focus should be.

I’m more than happy to vote with my feet if I feel like a brand is taking my loyalty for granted. 

This counts for my choice of bank too. Whereas this sector has previously been synonymous with low switching rates, my generation are thinking differently. Established banks need to concern themselves with what they can do to keep me long term. They need to build loyalty – otherwise customers will look around. 

This begs two questions: 

1. If millennials are more open to switching , can we ever be truly loyal to the bank we choose? 

2. What is going to make a bank really stand out and impact long term loyalty? 

I’ve been banking with Monzo for over three years. What originally set Monzo apart was its offering of a digital, user-friendly application. For example, splitting a bill with a few friends in a restaurant is no longer a hassle. I can now do it with three simple taps. 

But even a great app only gets Monzo so far for so long; especially when more established banks have the resources and infrastructure to innovate and catch up pretty quickly. 

So why then do I feel affinity towards Monzo; something I never felt with Halifax or First Direct?