Starling Bank is a UK challenger that looks more like a Silicon Valley start-up than a traditional bank. It offers accounts that can be opened on mobile in minutes, full banking licence functionality and a focus on taking ownership of your finances. Starling Bank might just be the financial institution to earn the trust of Gen Y.

There’s a seismic change underway in the banking sector, with challenger brands taking on the traditional Big Five. At the forefront is Monzo, a mobile-first digital bank that’s designed with tech-savvy customers in mind. Can its clever app and round-the-clock support convince Brits to switch?

With 83% of Britons saying that ‘bankers are greedy and get paid too much’, people are becoming disillusioned with the sector. Globally, the industry seems to be losing its human touch – 59% of Americans and 60% of Britons don’t understand common terms used by banks – and as traditional banking methods fall out of fashion, people are turning towards companies that offer more than just money management.

Digital and mobile banking is becoming increasingly popular in Britain due to its convenience and seamlessness. But while anti-fraud organisations say it’s safe, many Britons are concerned about the security of their money – presenting brands with an opportunity to market their safety credentials.