Big U.K. banks like HSBC and RBS are having to evolve to keep up with the kind of offering coming out of challengers like Revolut and Monzo.
A wave of fintech challengers offering little more than an app and a bank card have flooded the U.K in recent years.
The banks say having the trust of customers is key as lenders try to keep up with the pace of financial innovation.Tolga Akmen | AFP | Getty Images In the last few years, a wave of fintech, or financial technology, start-ups have flooded the U.K. market, offering checking accounts and bank cards through an app — not a single physical branch in sight.
HSBC for instance last year launched a new money management app called Connected Money, which shows users bank accounts from HSBC as well as rivals including Barclays and Lloyds.. While that's nowhere near Revolut's more than 5 million users or Monzo's 2 million signups, HSBC's new app did hit that target in the space of a year.
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