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UK consumers are still hesitant to use neobanks as their primary banks - Business Insider

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To achieve primary bank status, challengers need to overcome consumers' perception that they're riskier than incumbents:

But the fact remains that most customers are using these banks as a secondary account and having their salaries paid into traditional banks, per ComputerWeekly. And this is unfortunate for neobanks, because acting as their customers' primary bank — and, in turn enjoying higher transaction and deposit volume — is a key way for neobanks to boost profit margins, an almost ubiquitous problem for challenger banks.

To get customers to use a neobank as their primary bank en masse, challengers will need to overcome the fact that consumers consider them to be risker than incumbents. A narrow majority of UK consumers said they felt that a digital bank was a riskier place to store their money than traditional banks, and 41% said they would limit the amount of money they deposited into a digital bank.

In order to reassure customers that they are a safe place to deposit funds, neobanks should dedicate as many resources as possible to cybersecurity to reduce the threat of messy data breaches and the bad publicity that accompany them. Another important strategy is to place major emphasis on continuity of service — i.e. minimizing and preventing outages.

 

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