Digital Banking Apps Vs The Establishment
Dubbed “challenger banks” for shaking up the status quo of banking as we’ve always known it, digital banks with awesome apps are the FinTech alternative to more staid financial institutions whose roots go deep, but may also seem a bit dazed by the pace of tech change to the their sector.
A look at the February PYMNTS Provider Ranking of Digital Banking Apps tells the story of who’s in the lead and who is charging up to take a better position in this competitive new arena.
The Top 5 Digital Banking Apps
Coming in at number one with its “two days early” guarantee on direct deposit funds availability and automatic savings options, Chime has proved its popularity with the app banking crowd.
Spicing up the top five is Brazil-based Nubank whose obsession with giving consumers control over their money has made it an early favorite for digital banking in Latin America. Taking the coveted number three spot is digital bank Monzo, hailing from the U.K. Monzo has done well enough across the pond with features like real-time available balance and spend notifications that there is currently a waiting list to be a U.S. customer.
This month’s number four slot is occupied by another U.K.-based player, Revolut, whose app-based banking is proudly digital-first from inception. Revolut has a large and growing user base in the U.K., and also plans to break into the U.S. market soon.
Cracking the top five for this month’s Provider Ranking of Digital Banking Apps is Starling Bank. With its 1 million customers and having been voted “Best British Bank” twice, Starling Bank is off to a flying start. It will be interesting to watch this horserace as the challenger banks try to out-digital each other, securing top billing in next month’s update.