Subheading
UK neobanks achieve a milestone by surpassing legacy banks in app downloads, reflecting the growing preference for digital banking solutions.
Highlights
- Milestone Achievement: UK neobanks surpass legacy banks in app downloads for the first time, marking a significant shift in consumer preferences.
- Rapid Growth: Neobanks add an estimated 18.6 million new users in 2024, outpacing the 7.5 million new users added by legacy banks.
- Top Performers: Leading UK neobank apps include Revolut, Monzo, and Starling, driving the surge in downloads.
In a landmark development, UK neobanks have surpassed legacy banks in app downloads for the first time, according to a new analysis by SplitMetrics. This milestone reflects a significant shift in consumer preferences towards digital banking solutions. As of 2024, UK neobanks have an estimated 71.78 million Android users, slightly ahead of the 71.58 million users of legacy banks. The rapid growth of neobanks is evident, with an estimated 18.6 million new users added in 2024, compared to 7.5 million new users for legacy banks.
Leading the charge are top UK neobank apps such as Revolut, Monzo, and Starling, which have significantly contributed to this surge in downloads. This trend underscores the increasing dominance of fintech in the retail banking space and highlights the ongoing transformation of the financial services industry.
