Mobile data platform Ogury today released its Mobile Banking Study 2017, revealing the State of the Fintech Union as the year comes to a close.
In an analysis of over 1.265m mobile users in the US, UK, Germany, France, Italy and Spain, the study showed that digital payments giant Paypal still remains dominant as the top fintech based on app ownership in the UK.
However the study also revealed that UK challengers are on the up, with 8.8 per cent of mobile users having downloaded at least one retail bank and fintech app between July and September this year.
The US and Spain saw even higher levels of challenger adoption, with 12.4 per cent and 10.4 per cent respectively.
In addition, UK-based TransferWise has shown to be a standout performer in the money transfer sector, registering in the top three apps used in every territory. This included taking the number one spot in the UK, France and Spain, grabbing 36.6 per cent of UK market share.
Ogury’s VP for data and mobile analytics Christophe Bize commented that although the US is the most advanced market, with more than one in ten US users visiting both a major bank and a challenger fintech website in 2017, the data shows that the UK is catching up.
“We expect to see UK fintechs increase their share of app downloads at the expense of retail banks over the coming year, particularly as key challenger bank players like Monzo and Revolut apply for and achieve banking licenses,” he added.
The study showed that Barclays’ app is the most popular retail banking app, owned by 25.7 per cent of mobile users in the UK. Lloyd’s Bank has the highest mobile browsing rate at 18.2 per cent, however only 17.5 per cent of its app owners use the app regularly, the lowest on the list.
Bize commented: “Banking and handling money through mobile is now a daily reality for millions worldwide. While much of the media attention appears to be on challenger banks, digital payment services such as PayPal remain dominant, and the true ‘disruptors’.
“Other fintech companies have a long way to go before they match PayPal’s level of brand awareness.”