Neo bank… challenger bank… digital first bank…
Whatever you call them, one thing is clear: the likes of Revolut, Starling and Monzo have become a disruptive force in British banking and have revolutionised banking for consumers.
Part of the popularity of challenger banks is down to the willingness of Brits to manage their money online – 74 per cent of the public feel that challenger banks are safe to use compared to 70 per cent of people in France and Spain, 57 per cent of Americans, 56 per cent in Germany, and 53 per cent in Hong Kong.
Additional data compiled by Statista shows that compared to other European countries, the UK has a higher than average fintech products and services adoption rate.
And as a result, the UK fintech scene is booming, despite a slowing down in investment compared to the dizzy heights of 2021, when UK fintechs achieved $39.14bn in investment. KPMG estimates that UK fintech investment fell 56 per cent in 2022 to $17.39bn.
However, neobanks still have a way to go before mass adoption.
Only 17 per cent think they are “as reliable and trustworthy as other banks,” – digital natives Gen Z are the most receptive at 25 per cent – and while Revolut has a banking licence from its European regulator in Lithuania, its bid to be granted a full UK banking licence continues to hang in the balance.
Licensing issues aside, Revolut and the others have steadily climbed the ranks thanks to their customer service, features which allow users to monitor and manage spending and even avoid banking charges when abroad and lower fees compared to traditional banks.
And as a result, they are rapidly expanding, hiring at pace and attracting some of the best talent within the tech and finance industries.
Below we’re detailing current opportunities available at the aforementioned Revolut, Starling Bank and Monzo but you can find thousands more openings on the Peer2Peer Finance News Job Board.
The first ever British bank to be founded by a woman (co-founder Anne Bowden stepped down as chief executive in June) Starling Bank’s aim is to radically reshape banking via its digital-first products and services. It currently employs more than 2,500 people across its London, Southampton, Cardiff and Manchester offices.
Starling is currently hiring a Senior Analyst – Credit Risk Oversight in London to be responsible for the review and challenge of all relevant first line lending activities from a credit risk perspective, covering the entire credit risk cycle across all lending products. This will include the review and challenge of first line proposals.
In Cardiff, Starling is recruiting an SOC Analyst to join its growing cybersecurity function. In this role you will triage and respond to investigations based on alerts received from multiple sources including cloud infrastructure, endpoint detection and response and perimeter detection tooling.
Operational since 2015, Revolut continues to pioneer financial visibility, control and freedom. With over 30 million customers globally, its staff headcount currently sits at approximately 6,000 and counting.
As a FinCrime Subject Matter Expert (AML Advisory) you will get the opportunity to build safe, effective controls, advise on financial crime decision-making, assess and validate FinCrime risks, and assist its business control function with control testing. You will also work with product teams to perform financial crime risk assessments.
It is also looking for a Market Risk Manager to identify, quantify, and manage Revolut’s market risk arising from its activities across a variety of markets. This role will appeal to data experts with a broad understanding of global financial markets.
Monzo is on a mission to make money work for everyone and has a similarly supportive attitude towards its workforce. The company has a London headquarters but is open to distributed working across the UK and flexible working hours to ensure it hires the best talent.
It is currently hiring for various roles including a Finance Transformation Senior Analyst to support Monzo’s Finance ERP programme team and assist the finance function and the wider business to implement SAP S4 Hana.
Or for those Cardiff-based, Monzo is hiring a Team Manager, Financial Crime Business Banking to lead a team in financial crime prevention. Utilising a variety of coaching techniques to improve individual performances you will oversee due diligence during customer onboarding, conduct investigations and produce reports on unusual or suspicious activity.
Written by Aoibhinn Mc Bride at Amply