USP's in banking

What is their USP?

Modern banking stack. Allows them to do a lot more with their app.

But more broadly I can’t name a bank with a proper usp.

Too abstract.
I have Lloyds, for sure it’s not a modern stack but they now have instant notifications on transfers (on weekdays anyway). Also Starling/others can claim the same…even Atom although their app is annoying

But more broadly I can’t name a bank with a proper usp.

Starling - mastercard rate debit card for abroad without an annoying £200/month or so withdrawal limit. They also have some cool animation when transferring money
TSB - 3% interest (until recently)
NationWide - 5% interest for 1 year
Revolut - currency exchanges (but “not a bank”)
Lloyds - free cinema tickets
HSBC + its clones - 2.75% regular saver
Santander - worst UX ever

None of those are usp’s. They are all marketing offers, loss leaders or customer acquisition attempts.


Also Monzo does not have a withdrawal limit in Europe anymore.

I’ve got one.

Metro Bank has extended opening hours on a weekday /weekend.


They’re something unique that differentiates in a good way to attract interest. USPs. You’re not going to get unique features in anything because if they’re popular then they’re copied. Same with trading, cloud computing, mobile phones

“Everyone can take out up to £200 abroad on a rolling 30 day basis without any charges”

Mate I know what a USP is. I’ve got a degree in Marketing.

Unique Selling Point. Not slightly better offer.

Outside the eea.

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It means almost nothing to a user. No user cares about modern banking stack or even know what that means unless they work in fintech or related industry

USP is a made-up word for investors and entrepreneurs anyway

what a customer cares about is “is my money safe with a bank” “can this bank get things done for me: when I want to buy or pay something, does it do the job properly”

I use Monzo but I see no reason why I don’t use virtually all the other banks at the same time

to me the most I like about Monzo is instant notifications all the time, so convenience to me that is


Definitely agree.

Hence my statement above about usp’s in banking not really meaning anything.

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3% characteristic is appealing. Same with high daily withdrawals abroad. feature of free cinema tickets too. Much more tangible than “we run on AWS”

TSB’s 3% is only on the first £1,500, so while it is a higher percentage than other accounts you’re capped to a very small amount of interest. Same for Nationwide’s 5% on the first £2,500 which is even further limited to just the first 12 months, after which there’s practically no interest.

Get Paid Early
Budgeting in app
Salary Sorter
Commited Spending Pots
Increased FSCS Protection from multiple sources
Pots in general
IFTTT integration
Credit Cards from other providers in app
Flexible ISA

Now these are all marketing or customer acquisition but we’ll call them Usp’s if you want.


Don’t know why you quote this, when I just told you this is incorrect for the EEA area. You could have googled it, but you chose to throw incorrect information into the room.:pensive:

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I went to the page but yeah it was the other section. But it seems their hand was forced by the EU rather than them deciding to do it (unlike Starling)

Can’t use Starling as a moral compass anymore. They changed their overdrafts to rip customers off.

No it wasn’t. How did you get that information?Plenty of banks have fees for inner EU withdrawals.

but they don’t go into detail. Starling is global though

They’re going to charge higher interest rates for riskier customers, but even their highest interest rate is still lower than what most of the established banks are using as their base rate.
All the main banks are using the rule change as an excuse to rip off customers, but at least Starling never charged £6 per day for a £1 overdraft.

I’d like to believe that’s the case too, but the fact is Starling were the only bank that didn’t need to change their overdraft, but they still did introducing higher tiers.

It also stands to reason that riskier customers are risky because they cannot afford the repayment, jacking up the Apr doesn’t help.

Definitely not against any of this by the way, everyone has to make money. Just saying Starling could have bucked the trend and stuck with the market leading overdraft rate. They picked the cash grab, thus lose the moral high ground.