Monzo vs Revolut: Monzo overtakes online with 83% growth thanks to TV ad
2019 is very much the year of disruption in the Fintech industry, and Monzo is set to overtake Revolut as the go-to disruptor bank, if UK internet searches are anything to go by.
Experiencing 1,136% growth in Google UK internet searches since 2016, Monzo has seemingly come from nowhere, to take on major high street banks with its customer-centric offering.
In May, we took a look at the growth of challenger banks in search in our report ‘Are disruptor banks a threat to traditional banks?’ and, across 12 of the most prominent challengers, the average search growth was a significant 885% (2016 – 2018).
In this same report, Revolut was by far the most mature of the niche, with an average of 2.7m searches in 2018, compared with Monzo’s 1.7m.
But could this now all be changing?
Monzo vs Revolut: Monzo overtakes in internet search demand
Based on the growth of the individual brand name search, we can see the point at which Monzo overtook Revolut in May 2019; rising to a crescendo of 368k internet searches in June.
In May 2019, Monzo aired its first ever TV advert, showcasing its USPs in a suitably whimsical fashion; one which, incidentally, proved very popular online…
Monzo vs Revolut: Monzo TV advert boosts searches by 83%
“June was “by far” Monzo’s biggest month for sign-ups, attracting more than 250,000 new customers, up from 150,000 a couple of months before. And prompted brand awareness increased 13 points from 35% to 48%.”
Sarah Vizard, Marketing Week
From 201k searches in April to 368k in June, it’s clear Monzo’s turn to terrestrial paid off in terms of brand awareness.
This 83% search growth was undoubtedly spurred on by its shrewd move to embrace a more traditional channel, with the aim of reaching new audiences; success which has recently been documented in Marketing Week.
Monzo vs Revolut: A draw in peak search interest
In June 2019, interest in Monzo exceeded Revolut by a total of 122k internet searches, but Monzo has just matched Revolut’s highest peak in search demand, which occurred in January, and also stood at 368k searches.
Will Monzo continue to grow in interest online, as a result of its new traditional marketing tactics, or will we see a resurgence of Revolut, which is reportedly harnessing the power of social media influencers to push its offering online?
For more insights on the rise of digital disruptors, download the full report here.
Or, if you’re interested in any of the data featured, get in touch.