Ogilvy UK Reveals the Extinction Event Threatening High Street Banks

Ogilvy Experience’s latest Red Paper examines the appeal of neobanks, and analyses what products and services they offer that is fast creating a new order in banking. 

Under 25s are signing up to neobanks rather than opening accounts at traditional financial institutions. Traditional banks have been unable to find ways to empower their younger customers, though they have digitized their basic branch services. Meanwhile, neobanks offer Gen Z features that meet their short- and long-term goals. These features are truly empowering. This Red Paper details some of the features that neobanks have implemented that are so attractive to younger customers.

Ogilvy’s Clare Lawson, CEO EMEA, Experience is an authority on the financial sector and what it takes to become a new establishment brand. She says: “The experience economy impacts every business. High Street banks need to adapt fast if they want to stay relevant. Download our latest Red Paper. We identify six key drivers that engage the typical under twenty-five consumer when choosing their bank. Spoiler alert – none are being used by traditional High Street banks.”

Download here.