Challenger bank hits one million accounts

By Ryan Weeks on 3rd May 2017

P2P/Marketplace LendingChallenger Banks

Metro Bank surpasses one million customer accounts less than seven years removed from launch.

Challenger bank hits one million accounts

Metro Bank, which became the first new high street bank in the UK for over one hundred years in 2010, now has more than a million customer accounts. The milestone was reached, fittingly, on the bank holiday Monday, when the majority of incumbent banks are closed.

In its short lifespan, Metro Bank has won over customers in their droves with a service which is designed to strip the pain out of banking.

Its many tweaks to the traditional high street banking model include being open for longer (including over the weekend and on bank holidays), printing cards in-store, and offering temporary blocking on cards. Some stats from the last seven years include: being open 75 per cent longer than the average bank, saving customers over 4 million days by printing over 1 million cards instantly in-store, and preventing over 20,000 cards from being cancelled unnecessarily.

“Less than seven years in, we’re proving that UK banking is ripe for disruption and showing just what can be done with the right model and culture,” said Craig Donaldson (pictured), CEO of Metro Bank.

Speaking at the Economist’s Finance Disrupted event in January, Donaldson suggested that Metro Bank, which currently has 48 branches across the country, will need 250 to achieve full UK coverage. He also said that the integration of technology and physical infrastructure is the key to providing greater choice to customers.

It will be interesting to see whether this philosophy rings true, with a wave of digital-only challengers – such as Monzo, Starling Bank and Atom Bank – now looming into view. 

AltFi Berlin Summit 2019

AltFi is coming to Berlin this Winter for our first annual Summit in the City.

18th November 2019

Companies in this Article:

Starling Bank
Metro Bank
Atom Bank