Rising challenger Starling Bank has taken out the ‘Best British Bank’ Award at the 2020 British Bank Awards. Tridos Bank and fintech darling Monzo came in second and third respectively, with Tesco taking out the dubious award for Britain’s least popular bank.
The award comes just one month after Starling confirmed that it has raised a further £60 million from its existing investors, Merian Global Investors and JTC. Starling, which has now opened 1.3 million accounts, also recently announced the opening of a third UK office which will employ 400 staff in Cardiff by the end of 2020.
Anne Boden, CEO and founder of Starling Bank commented: “Our continued focus on the customer is what drives us and we’re proud to once again be recognised as the best British bank across current and business accounts. We are committed to giving people flexible, easy banking that gives them more control over their money and we will keep improving the services that set us apart, such as our marketplace and competitive foreign currency rates.”
Other notable winners were Revolut with ‘Innovation of the Year’, CountingUp winning ‘Best Newcomer’, Starling Bank winning ‘Best Business Bank Provider’, Monzo taking out ‘Best Banking App’ and high profile young guns 11FS taking the ‘Consultancy of the Year’ over familiar incumbent names.
Whilst the award win and challenger names at the top of the rankings show the on-point impact the challenger banks are making through deeply relevant and refreshing value propositions for consumers, seeing Tesco at the bottom of the rankings means the 3 sectors of traditional banks, large direct banks and new challenger ‘fintechs’ are all playing different roles in the ecosystem.