European challenger banks significantly outperformed their legacy rivals in app downloads
IN BRIEF:
- Neobanks saw an 11% rise in their Google Play downloads last year, while legacy lender downloads were down 1.5%
- Atom Bank saw the biggest year-on-year rise, securing 54,000 downloads, compared to 27,000 in 2021
- Revolut has increased its user base the most with 8.5 million downloads followed by Credit Agricole with 1.6 million and Monzo with 1.5 million
What does this mean?
Silvio Peruci, MD, App Radar, says the figures show "even though legacy banks may still have a larger general market share than neobanks, the gap is decreasing, and competition is increasing".
