The Banks that are Challenging one of the Most Heavily Regulated Industries

The Banks that are Challenging one of the Most Heavily Regulated Industries

Liat Piazza

Liat Piazza

シミラーウェブ、投資関連インテリジェンス、コンテンツマネージャ

We’ve seen it before. Music CDs were replaced by online retailers such as iTunes and Spotify; Amazon is proving to be a major challenger to the traditional brick and mortar retail industry; and now even the heavily regulated UK banking industry is being threatened by the “challenger banks” with Monzo, Revolut and Starling Bank leading the revolution:

  • Users’ preference has shifted from online banking to apps
  • Monzo is installed on more Android devices (install penetration) than the other challenger banks in the UK
  • In the UK Starling Bank’s app had the highest YOY growth in install penetration, 205%, for Q2 2019

Shift to Apps

在线视频Whilst online banking was a welcome reform to the way we managed our finances in the late 1990s it appears that users’ preference has now shifted to apps. In Q2 2019 four out of the five banks we looked at experienced a YOY decline in visits to their login pages.

在线视频The traditional banks are keeping up with these technological trends as they all have mobile apps available for their users, but can they keep up with everything these “challenger banks” have to offer?

What’s going on with the apps?

In the UK the traditional banks’ apps are installed on a higher percentage of Android devices (install penetration) than the challenger banks.

在线视频However the YOY growth in install penetration in Q2 2019 for Monzo, Revolut and Starling Bank, the challenger banks, is significantly higher than for the traditional banks.

在线视频Starling Bank shows the most significant YOY growth in install penetration, over 200%, followed closely by Monzo whose install penetration grew by 189% YOY. Of the traditional banks Nationwide’s app shows the highest YOY growth in install penetration, 35%.

Conclusion

Challenger banks’ apps are seeing high rates of growth in install penetration in the UK however the actual install penetration remains low, especially compared to the traditional banks’ apps.

But how are challenger banks taking off in international markets? Download the raw data to find out: 

 

 

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Liat Piazza

Liat Piazza

在线视频 シミラーウェブ、投資関連インテリジェンス、コンテンツマネージャ

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