With 2022 A level results recently announced, the next set of undergraduates are being offered all sorts of incentives to open a new bank account. Free cash, interest free overdrafts, retailer cashback and free rail cards are just some of the temptations on offer.
This week UKOM explores which financial institutions are popular with current students by looking at the top 10 online banking brands by audience reach in June 2022 among 18-24s in full-time education and how they index compared to the overall online population according to Ipsos iris data.
Excluding Paypal (a payment service), Santander is the bank which leads the pack - 30% of students visited the site or app in June, followed by Monzo (18%), Natwest (15%) and HSBC and Revolut (both 14%). However, when looking at audience affinity indexes, students seem much more likely than average to visit digital only fintech brands. Among the top 10, Revolut (index = 188) and Monzo (index = 177) have higher indexes than traditional banks like Lloyds (index = 58) and Barclays (index = 48).
With more and more branches closing and young audiences banking online, it will be interesting to see how the landscape changes in the future given the obvious appeal of new mobile banking apps and the low affinity some of the high street names have among this group online. Industry approved Ipsos iris tracking data makes this possible by reporting daily and monthly audience and usage metrics for thousands of online brands.
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Notes on data:
Source: Ipsos iris Online Audience Measurement Service, June 2022.
Base = all aged 15+ years using PC/laptop, smartphone or tablet device(s).
