Dulles, VA February 22, 2024 – The following is a brief review of Monzo user stats and demographics in comparison to other UK banks:

  • Monzo currently has around 4.2mn monthly active users in the UK, making it the 7th most popular mobile banking app and most popular digital-only bank
  • However, its monthly user numbers have fallen 10% year-on-year. This fall coincides with the rise of Chase which has seen its user numbers rise 9% to 3.7mn as of January 2024
  • Monzo users also skew much younger than other UK banks, with over two-fifths of its users (44%) aged between 18 and 34. Compare this to Halifax, the UK’s most popular mobile banking app, which has 24% of its mobile users under the age of 34.
  • Monzo users are also likely to use another UK bank – as of February 2024, one in two (54%) Monzo users also used another UK mobile banking app

Comment from Dr Paul Carter, CEO, GWS: “Monzo’s prioritization of a dynamic user interface has been a hit with younger users. Its easy-to-use app and sign-up process allow people to become members with ease. Once they’re on the app, Monzo has a range of features that appeal to young people: instant alerts and notifications when payments are made, budget trackers that allow users to monitor their spending, or instant cashflow advice via the app. Traditional banks can learn from Monzo’s success with younger users by prioritizing user-interface in a similar way. However, it’s clear most Monzo users still wish to keep one foot in with a traditional high street bank, with over half of its users also banking elsewhere.”

Note: App engagement data was generated using Magnify, GWS’s mobile intelligence data platform. Magnify is comprised of key insights collected from consumers participating in our market research programs in the United States and United Kingdom. These are real-life consumers who use their mobile devices as normal throughout the day, so that the analytics data GWS gathers provides the most accurate picture of both the U.S. and U.K. mobile connectivity experience. In particular, data is anonymously collected from Android smartphones 24 hours a day, seven days a week, whenever and wherever the consumers use their devices. Data is reported in aggregate for market research purposes only. All information collected is weighted to a user’s demographic representation of each country’s adult population.

About GWS 

For most consumers today, their mobile device is their life’s remote control. As an independent mobile insights consulting firm, GWS measures every aspect of how people live, work and play via their mobile devices – as well as how mobile network performance affects them. 

Combining our market-leading network benchmarking technology and methodology with deep behavioral data, we help businesses and organizations to drive innovation and deliver better customer experiences through mobile insights, anywhere in the world. Championing the needs of mobile users by understanding and testing the things that matter to them, we’ve evolved our technology and services in step with the needs of industry and consumers for over 27 years. 

GWS Media Contact 
Adam Hudson
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