In the rapidly evolving digital banking landscape, understanding consumer behaviour through search data has become invaluable. What’s more, marketing effectiveness specialist Les Binet highlights ‘share of search’ as a key predictor of market share, providing insights into brand performance, and competitive landscape.
With Revolut emerging as a disruptive force in digital banking, in this article we uncover the growth story behind its rapid ascent which has seen its brand presence surge over the past 12 months, setting a new standard in the financial sector and outgrowing both new entrants and established giants.
Revolut unveiled: Kantar's digital signals
To understand the factors contributing to Revolut's success, we leveraged digital behaviour signals from BrandDigital, powered by Google search data, and survey-based insights from BrandDynamics, using Kantar’s proprietary MDS (Meaningful, Different, and Salient) framework. This powerful combination is crucial for dissecting how brands truly navigate the "messy middle" — a space of abundant information and unlimited consumer choice, and effectively bridge the "say-do gap" — the gap between what a consumer intends to do and what they actually buy. Revolut's journey provides a compelling example of mastering this challenge.
By analysing ~57 Million searches across 20 UK banking brands over the last four years, alongside survey-based insights through the "Meaningful," "Different," and "Salient" metrics, we’ve gained a unique lens on Revolut's performance.
The startup that could (and did!)
Revolut's journey from a fintech startup to a major disruptor in the banking industry is nothing short of remarkable. The brand has leveraged its innovative approach to banking by offering a suite of financial services that cater to the modern consumer's needs. This has translated into significant growth in consumer interest, as evident from search data:
- Strong interest: Revolut experienced a 43% increase in average monthly searches in the short-term (3-month period), indicating a strong interest in the brand.
- Sustainable growth: A 15% rise in search interest over the medium term (6-month period) showcasing sustained growth.
- Lasting impact: An 11% increase in the long-term (12-month period) reflects Revolut's ability to maintain its relevance and appeal over time.
Revolut's impressive and consistent growth in share of search compared to their competition over the last years has demonstrated an ability to adapt and outperform in an evolving industry. The brand's double and triple-digit growth achieved over several months showcases its strong momentum and rapid customer acquisition, setting a new standard for digital banking performance.
Revolut vs. all other banking brands' growth in ‘Share of Search’ over time
Source: Kantar BrandDigital. Kantar's BrandDigital monthly tracker, powered by Google search data, was used to examine approximately 57 million searches related to 20 banking brands in the UK over the past four years.
Outperforming the competition
Revolut's performance is particularly impressive when viewed against other emerging and established brands. Its average monthly search volume of ~715K and an 11% growth rate in the last year has positioned it as a disruptor brand, alongside brands like Monzo and Klarna. This success contrasts with traditional banks, which have experienced significant declines in their respective growth rates.
Among digital-first banks, as well as many established banks, Revolut shows superior growth rates, suggesting a growing market presence and potential for future dominance.
- Challenging the Status Quo: Revolut demonstrates robust long-term growth (+11%) in contrast to traditional banks, which have experienced significant declines ,between -10% and -27%, over the past year.
- Leading among Neo Banks: Compared to other digital banks like Monzo (+4% growth), Chase (+5% growth) and Starling Bank (-23% decline), Revolut (+11% growth) proves to be one of the leaders in terms of long-term growth over the last 12 months.
Source: Kantar BrandDigital
Disruption through niche…
While the banking sector has seen a decline in various niche services, ‘International Banking’ and ‘Transfers & Payments’ areas have demonstrated resilience, experiencing the smallest decline in year-over-year growth. This is precisely where Revolut has distinguished itself from its competitors, showcasing its strength and expertise in these areas.
Source: Kantar BrandDigital
Revolut's success can be attributed to its ability to meet the increasing demand for efficient and accessible global banking services. By providing a platform that facilitates seamless international banking and offers cost-effective and convenient transfer and payment solutions, Revolut has positioned itself as a leader in the digital banking space. This strategic focus on addressing the evolving needs of customers in an increasingly interconnected world has allowed the brand to establish a strong presence in the financial services industry.
Theme Drivers - Transfers & Payments
Source: Kantar BrandDigital | Transfers & Payments, Google searches from Top 4 brands in the last year
Revolut’s secret sauce…
Kantar BrandDynamics, powered through the MDS framework, reveals that Revolut exhibits a high “Differentiation” score, signifying its perception as a distinctive and innovative brand. Corroborating evidence from BrandDigital reveals substantial growth in search interest for Revolut across the 1, 3, and 12-month intervals, indicating increasing consumer interest.
Conversely, traditional banks, despite high "Meaningful" and "Salient" scores, show modest "Different" scores and declining long-term search interest. This suggests they struggle to sustain engagement and differentiate digitally, leaving them vulnerable in the "messy middle" where consumer interest often fails to translate into action.
Revolut has successfully carved a niche in the market by offering innovation and a disruptive approach to traditional banking. This differentiation not only attracts new customers but also fosters a sense of loyalty and engagement among existing users, leading to increased share and sustained growth. Revolut's search volumes indicates extensive reach across different regions in the UK. This robust regional search presence underscores Revolut's widespread adoption and growing influence in the financial landscape.
Conclusion
Revolut's ability to convert strong consumer predisposition (evidenced by its surging search interest and high "Different" score) into actual engagement and market capture is exceptional. This precise conversion demonstrates how Revolut has successfully navigated the "messy middle" and effectively bridged the "say-do gap" in the competitive banking landscape. As Revolut continues to expand its offerings and reach, it is poised to further solidify its position as a leader in the digital banking revolution.
In a world where consumer preferences are rapidly shifting towards digital solutions, Revolut's success story serves as a testament to the power of innovation and differentiation. The brand's rise is not just a case study in effective marketing, but also a reflection of the changing dynamics in the financial services industry. As we look to the future, Revolut's journey offers valuable insights into the potential of fintech to reshape the banking landscape.
Opportunity for other brands
By combining BrandDigital and BrandDynamics, two of Kantar's most robust data sources, brands can gain a comprehensive understanding of their brand performance. This approach allows a deeper analysis of how a brand is perceived in the market, and how consumer interest fluctuates in real time.
It is crucial for organisations to move beyond traditional insights and embrace the power of Digital Analytics, specifically integrating search data and real-time consumer behaviour. Why? Because our data clearly shows that while brands think they know their customers, the "messy middle" reveals unseen gaps between interest and action, and that's where your competitors might be winning or losing. Analysing consumer search patterns will help provide concrete proof of where your brand truly stands out (or falls short) in the competitive landscape.
Contact gaganpreet.kour@kantar.com and sachin.sharma1@kantar.com to find out more.