Customers checked finance apps over 1 trillion times last year according to new research
- Ranking by App Annie finds traditional banks are losing ground to FinTechs based on year-on-year growth of Apple and Android app downloads.
- Nubank, Tez, the Cash App, PayPay and Monzo lead the global charge.
- In the UK the only high street bank to make the list was Virgin Money.
What does this mean?
Globally the monthly active user bases of the top challenger financial services grew 20%, while traditional banking financial services grew just 15%. While the surge of FinTech isn't surprising, the rate of growth is. Global usage of financial apps (measured by sessions) has doubled since 2017 with India, China and Brazil leading the charge.