You would be hard pressed to find someone in the UK who has not heard of Monzo, Revolut or Starling.
These new mobile-only banks have been fueling a quiet revolution in banking that has been forcing the legacy banks to completely rethink their approach.
These banks have managed to grow their customer base in a very short space of time, with very little advertising, relying solely on word of mouth to attract new customers to switch over from their old bank.
Mobile only banks are a completely new approach to banking in the UK, and it seems to be catching on with the general public.
These banking apps are giving people a completely new way of managing thier money, with real-time transactions, bill splitting, zero fees, and easy integration and management.
They have no brick and mortar locations or people sitting at desks, instead they are based in London with a floor of programmers and developers with all the traits of a startup environment like you would see in Silicon Valley.
These new startup banks are really showing the old players how banking is done in the 21st century.
Monzo has recently passed the 2 million customer mark, with Starling and Revolut nipping at their heels.
Their features and the new ways that manage money is their major appeal for people in the UK.
One of the biggest assets that they bring to the table is the real-time transactions that the app processes.
Usually when a payment is processed, the transaction takes a few days to process, so you are never really sure what your exact balance is.
Most of the new banking apps are in real time, so as soon as a transaction is processed, your balance reflects this.
One of the other major attractions for customers is the fact that you get no-fees when you use your card abroad.