New study shows
Ogury, the mobile data platform, today released its Mobile Banking Study 2017 – an analysis of over 1,265,000 mobile users active during July – September 2017 in the US, UK, Germany, France, Italy and Spain.
The study reveals that UK fintechs are increasing their market share amongst mobile banking users, with 8.8 per cent having downloaded at least one retail bank and fintech app during the period. Despite this, however, the UK’s adoption lags the US and Spain.
Of all fintech companies analysed, PayPal is dominant, suggesting that digital-payment services are currently doing more to disrupt the banking market than new challenger banks.
One of the most developed fintech markets is international money transfer, where UK-based TransferWise is a standout performer, registering in the top two money transfer providers in each territory bar Italy, where it placed third. This included number one spots for money transfer providers in the UK, France, and Spain.
Fintech growing in influence
- Fintechs are increasing market share with 8.8 per cent of UK mobile users downloading at least one retail and one fintech app during the period from July to September 2017. But the US and Spain have seen higher levels of fintech adoption, with 12.4 per cent and 10.4 per cent respectively.
- When it comes to mobile banking websites, less than 5 per cent of UK mobile user profiles have visited both a major bank and a fintech website during the same time period. These stats demonstrate that, while UK consumers are beginning to turn to fintechs, they still need to increase levels of awareness amongst banking users.