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Mobile Banking Study - Nov 2017
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Banking and handling money through your mobile phone is now a daily reality for millions worldwide, with the vast majority of high street banks and other financial service providers now offering a wide range of mobile web services and apps to cater for the changing habits of their customers.
Buoyed by this surge in consumer tech adoption and favourablemarket conditions, a new wave of financial technology startups have also risen to prominence, earning their place in consumers’ affections by specialising in everything from currency exchange to current accounts.
In order to identify the leading performers within each category,Ogury studied mobile web and app engagement around major banks and additionally around a list of leading challenger fintech services.
Our sample of over 1,265,000 mobile user profiles active during the three months from July to September 2017 covered six territories; USA, UK, Germany, France, Italy, and Spain.
The Top Five Retail Banks for Mobile Web Visitors by Country
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Web Visitors
31.2%
26.5%
18.2%
48.6%
26.5%
28.4%
27.0%
25.0%
15.5%
20.4%
20.7%
23.1%
23.7%
15.6%
14.8%
15.7%
16.9%
18.4%
19.2%
8.2%
14.5%
5.1%
14.7%
16.2%
7.3%
7.8%
14.0%
3.8%
8.9%
13.2%
USA
France
UK
Italy
Germany
Spain
Spain
The Top Five Retail Banks for App Ownership by Country
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App Ownership
33.2%
26%
25.7%
26.5%
27.4%
33.2%
29.4%
15.9%
18.9%
17.3%
10.8%
24.5%
28.4%
14.8%
17.6%
15.3%
9.5%
13.2%
7.2%
9.1%
16.2%
14%
7.1%
12.7%
6.4%
8.8%
10.8%
5.3%
2.4%
10.7%
USA UK
FranceGermany
Italy
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The Top Five Fintechs for App Ownership by Counry
Which Countries Have Most Adopted Fintech
To get a feel for the level of penetration of newer fintech companies, we looked to the group of users who visited the homepages of major banks in each territory. We then analysed what percentage of this group also visited the homepages of fintech startups during the study period.
The same method was repeated with app downloads, logging the percentage of those who
Web Traffic Apps
USA
Credit Karma Paypal Klarna Boursorama MySi Cartasi Verse
Square Cash Android Pay Trading 212 Compte Nickel Circle Pay Fintonic
Samsung Pay Trading 212 BUX N26 Satispay Trading 212
Venmo Vanquis Bank N26 Carrefour Banque Trading 212 Android Pay
Android Pay Samsung Pay Fidor Bank Revolut Che Banca Twyp
UK Germany France Italy Spain
18.3% 24.9% 28.3% 20.6% 17.3% 14.0%
16.8% 10.8% 10.1% 11.7% 12.6% 9.6%
11.3% 4.8% 7.0% 9.9% 10.5% 8.5%
10.1% 4.4% 2.2% 7.1% 6.9% 6.6%
had downloaded an app from a major bank in their territory, and then also one from of our list of fintech startups.
The USA came out on top in both measures, with more than one in ten US users visiting both a major bank and a challenger fintech startup. The same was true for app downloads, with 12.4% downloading at least one from each category during the period.
39.6% 31.2%
USAUSA
12.4%
14.3%
UKUK
10.4%
5.1%
GermanyGermany
8.8%
4.9%
FranceFrance
3.3%3.2%
ItalyItaly
2.6%2.7%
SpainSpain
2.2%1.0%
39.1% 22.5% 18.4% 32.3%
FranceGermany
UK
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Transfer Fintech Startup Mobile Web Traffic - Transferwise on the Rise
One area in particular where newer fintech companies have stolen a march on their more established high street bank rivals is in money transfers. By circumventing much of the red tape that banks are subject to, transfer startups are able to offer very competitive rates to their customers and have subsequently become very
popular with individuals and businesses alike.In looking at the most popular money transfer fintech startups in our study, UK-based TransferWise is a standout performer, registering in the top two in each territory bar Italy, where it placed third. This included number one spots in the UK, France, and Spain.
34.8%
34.1%
20.5%
7.6%
2.3%
36.6%
28.2%
11.4%
7.4%
7.2%
31.2%
23.4%
22.1%
19.5%
5.2%
27.0%
20.3%
19.9%
19.0%
11.3%
49.2%
27.2%
16.4%
5.1%
1.5%
30.3%
29.3%
13.2%
12.5%
11.2%
USA
SpainItaly
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For any questions or requests,please get in touch with:
[email protected]+33 6 82 51 98 07
Christophe BizeOgury VP Data & Mobile Analytics
Mobile Banking Study - Nov 2017