Challenger banks’ app downloads slump by 23.38% amid pandemic
Data compiled by Finbold.com shows by the end of March 2020, challenger banks app downloads dropped by 23.38% on average amid the Coronavirus pandemic. The data shows that during a similar period last year, these banks were witnessing a rise in downloads.
Among impacted challenger banks is Monzo whose downloads declined by -36.12% between February (232,639) and March(148,608) this year. During a similar period last year, the bank registered a percentage increase of 27.68% in new downloads between February (123,317) and March (157,463).
During the same period, Revolut’s new downloads dropped by -18.16%. In March 2020, the platform had 95,461 new downloads, a drop compared to 116,648 registered a month earlier. In March 2019, the banks had 73,016 downloads representing a growth of 13.19% from 64,504 new users in February last year.
On the other hand, Starling bank saw a drop of -20.03% in new downloads when it registered 80,523 app downloads in March 2020. A month earlier the bank’s downloads stood at 100,704. Between February and March last year, the bank’s new users grew by 11.36%.
Another challenger bank, N26 new downloads dropped by -19.2% when it registered about 19,973 app downloads A month earlier, the number stood at 24,720. In March 2019, the bank’s users grew by 2,450 from 20,839 recorded the month before.
With challenger banks, a drop in the number of app downloads is not new. However, the March case calls for further analysis. Oliver Scott, an editor-in-chief at Finblod.com said:
“The drop in the number of sign-ups comes as a surprise. As the coronavirus spread across the globe between February and March, paperless money transactions were the go-to thing.”
Neobanks or challenger banks are financial technology firms that offer digital or mobile-only financial services.
Find the full data story with the charts here: https://finbold.com/challenger-banks-app-downloads-slump-by-23-38-amid-pandemic/
