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News

SplitMetrics finds UK neobanks to surpass legacy banks by Q1 2025

Wednesday 24 July 2024 12:43 CET | News

SplitMetrics has found that UK neobanks are on track to surpass UK legacy banks in lifetime Android app downloads by the start of 2025.

 

This is based on SplitMetrics’ new analysis of European and UK neo and legacy banks on the Google Play Store. 


Following a strong first half to 2024, UK neobanks are now only 6 million users behind legacy banks with an estimated 62 million lifetime Google Play Store app downloads, compared to the 68 million for UK legacy banks. 

In the first half of 2024, UK neobanks gained approximately 9.5 million new Android users, which is 81% more than the estimated 4 million new users added by traditional UK banks. If this growth continues in the second half of the year, neobanks will have 71.5 million app users compared to 72 million for legacy banks. This indicates that neobanks are on course to surpass legacy banks in app market share by the first quarter of 2025. 

SplitMetrics has found that UK neobanks are on track to surpass UK legacy banks in lifetime Android app downloads by the start of 2025.

According to the analysis the UK fintech industry is also performing well compared to the rest of Europe, accounting for 50% of all new European mobile banking Android downloads in the first half of 2024. 

Overall, the survey suggests that 2024 could be a record-breaking year for the banking sector in the UK and Europe in terms of new Android users. 

Significant growth in banking app downloads 

SplitMetrics found that banking apps on Android devices gained an estimated 19 million new downloads in H1 2024 - a 23% increase from 16 million in the same period in 2023. 

In the first quarter of 2024, download growth surged by 23%, rising from 8.1 million in Q1 2023 to 9.9 million in Q1 2024. The second quarter saw a 20% increase, with downloads climbing from 7.8 million in Q2 2023 to 9.4 million in Q2 2024. 

If this trend continues in the latter half of 2024, download numbers will exceed those of both 2023 (34 million) and 2022 (29 million). 

The study further indicates that neobanks are consistently outpacing traditional banks. European and UK neobanks expanded their Android user base by 33%, reaching 11 million in the first half of 2024 compared to 8 million in the first half of 2023. In contrast, legacy banks only saw a 12% increase, growing from 7.7 million users in H1 2023 to 8.6 million in H1 2024. 

Revolut led the charge with 7.9 million new users in H1 2024, representing 41% of all new banking app downloads. Following Revolut were Santander Spain with 1.2 million, Monzo with 935,000, Credit Agricole with 836,000, and Lloyds with 655,000. 

Regarding lifetime downloads, the top five Android apps are Revolut (46 million), Credit Agricole (16 million), Santander Spain (13 million), Barclays (13 million), and Intesa Sanpaolo (11 million). 

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Keywords: neobanks, banking, fintech, banks, research
Categories: Banking & Fintech
Companies:
Countries: Europe, United Kingdom
This article is part of category

Banking & Fintech

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