Key banking app stats from 2017 – August 2023:
• Banking app downloads in the UK combined total stands at 119.5m as of August 2023
• Monzo is expected to take the top spot as most downloaded UK banking app in 2024, based on monthly growth rate over the last 12 months.
• Incumbent banks account for 71% of banking app downloads as of August 2023
As of August 2023, the combined downloads for banking apps in the UK reached a total of 119.5m. Traditional banks make up 71% of all downloads for UK banking apps at 84.5m downloads. Interestingly Santander, a Spanish based traditional bank, had the most YoY growth in the UK from August 2022 – August 2023 with downloads totalling at 1.3m, a 11.8% increase from August 2021 – August 2022. Revolut had the most downloads over the same period at 2.8m although dropped 18% from August 2021 – August 2022.
Monzo, a digital bank, is the second most downloaded banking app in the UK with current downloads, as of August 2024 totalling at 12.2m. Based on monthly download growth over the last 12 months, Monzo is on track to become the most downloaded banking app in the UK. Monzo’s growth in customers can be attributed to its user-friendly mobile app, transparent fee structures, and commitment to innovation. With a focus on providing a modern banking experience, Monzo offers features like no foreign transaction fees, round-up savings, and community engagement to foster customer loyalty. Its marketing efforts, partnerships, and ease of onboarding have also contributed to its expanding customer base. Moreover, Monzo’s transparent communication about its financial health and its appeal to a tech-savvy demographic have helped solidify its position as a leading digital bank in the UK.
Barclays, a traditional bank based in London, was the most downloaded mobile banking app in the UK as of August 2023 with 12.6m downloads. Barclays is a popular choice as the app is the ability to add accounts from other banks. Taking advantage of open banking, you can link your accounts to the Barclays app to see your balance and other information at a glance. This is particularly useful for those who have various bank accounts for separate purposes.
