If Monzo and Revolut Were Mutuals: What Credit Unions Can Learn from Challenger Banks

Key points:

• To capture younger generations, credit unions should emulate challenger banks by creating a bold brand identity that fosters a sense of community and belonging, rather than just offering financial products.

• Retention relies on becoming useful every day. Credit unions can achieve this by offering personalized perks, retail discounts, and friction-free digital tools that provide value beyond monthly transactions.

They’re digital-first, mobile-native, and have managed to capture the attention of a generation that many credit unions are still struggling to reach. Challenger banks like Monzo and Revolut may not share the same member-owned model as credit unions, but they do share one thing: a mission to give people more control over their money.

So, what would it look like if Monzo and Revolut operated like mutuals? And more importantly, what can credit unions learn from their success?

1. A Strong Brand That Builds Belonging

Monzo’s hot coral card is more than a piece of plastic. It’s a statement. Challenger banks have become lifestyle brands by creating a sense of community and movement.

Credit unions have always been rooted in community. But sometimes, they hide in the shadows. A bold, benefit-driven member platform gives credit unions a chance to show up with confidence and remind members they belong to something valuable.

2. Personalisation Without Complexity

One of the biggest draws of challenger banks is how personalised the experience feels. You get insights based on your behaviour, reminders tailored to your habits, and offers that match your lifestyle.

Credit unions already have the trust. Layering on tools that help members feel seen, such as benefit suggestions based on life stage or goals, makes that trust actionable.

3. Loyalty Through Daily Value

Revolut didn’t win hearts by offering just another current account. It did it by becoming useful every day, whether that’s through currency exchange, travel perks, or cashback.

Credit unions can do the same with the right benefit platform. A gym discount, a dining offer, or travel perks might not seem revolutionary, but when they’re part of a wider platform members actually use, they build loyalty one tap at a time.

4. UX That Makes Saving Feel Effortless

Challenger banks don’t just have sleek apps. They offer features that remove friction from financial decision-making. Think instant notifications, rounded-up savings, and budgeting tools that work in real time.

Credit unions don’t need to reinvent the wheel. But offering a clean, intuitive digital experience, with benefits that are easy to access and understand, can close the gap.

Mutual Values Meet Modern Delivery

Credit unions have something challenger banks don’t: a model built entirely around people, not profit. But to stay relevant, especially with younger generations, they need to combine that mission with modern delivery.

It brings daily value into your members’ lives and shows that being part of a credit union is more than a financial decision; it’s a lifestyle choice.

Discover how our membership reward programme transforms your daily spending into exclusive savings and meaningful perks.

👉 Ready to turn inspiration into action? Book a demo and see how we help credit unions build loyalty, one benefit at a time.

About author

Christina Loukissa

Christina Loukissa is the Growth Marketing Lead at Parliament Hill, where she helps membership organisations grow, retain, and energise their communities through targeted perks and benefits strategies.