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The banking & Fintech app market in the UK

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Discover who's leading the banking & FinTech mobile app market in the UK. This free benchmark report from AT Internet outlines the top 10 banking apps in the UK market.

For more benchmarks and studies from AT Internet, visit: http://www.atinternet.com/en/resources/surveys/

Published in: Data & Analytics
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The banking & Fintech app market in the UK

  1. 1. 1 THE BANKING & FINTECH APP MARKET IN THE UNITED KINGDOM BENCHMARKS & ANALYSES – JUNE 2016 In partnership with
  2. 2. 2 INTRODUCTION Rankings and trends in the UK’s banking & FinTech app market According to data from the BBA, the leading trade association for the UK banking sector, customers were expected to use mobile phones to check their accounts 895 million times in 2015. By 2020, the BBA forecasts that customers will use mobile phones to manage their current accounts 2.3 billion times, which is more than Internet, branch and telephone banking combined. The second edition of “The Way We Bank Now”, a joint report by the BBA and EY, published in June 2015, reveals that: By the end of March 2015 alone, UK customers had downloaded 22.9 million banking apps – an increase of 8.2 million in just one year. 9.6 million logins to Internet banking services per day were recorded in March 2015 – a 10% increase over the previous year. AT Internet, a global leader in digital analytics, has partnered with Decode Apps, a specialist in app benchmarking and monitoring, in order to create a series of reports providing unique insights and key stats about market trends per business vertical. For this report, we’ve benchmarked 236 applications published by major banks and FinTech groups in the United Kingdom for the two predominant operating systems (iOS, Android) in April 2016. The Mobile & Multi-device R&D project has been co-financed in part by the European Union with funds from the ERDF, and in part by the Region of Aquitaine
  3. 3. 3 TOP 10 BANKING & FINTECH APPS (ANDROID) Ranking by number of ratings (UK - April 2016) Lloyds Bank PLC TSB Bank Plc To better understand each performance indicator, please refer to the Methodology section on page 15.
  4. 4. 4 TOP 10 BANKING & FINTECH APPS (IOS) Ranking by number of ratings (UK - April 2016) To better understand each performance indicator, please refer to the Methodology section on page 15. Barclays Bank Plc TSB Bank
  5. 5. 5 TOP 10 IN TERMS OF NUMBER OF RATINGS Barclays comes in first on Android #1 in the Top10 on Android, the Barclays Mobile Banking app is the mobile banking app with the most ratings in the United Kingdom. On iOS, RBS’ NatWest application has taken the #1 spot in terms of number of ratings in April 2016. Beyond bank account management apps, this Top 10 list also includes applications offering financial and stock market news, money transfers, and personal finance management. Amongst the account management apps, we see the main banking groups present in the UK, notably Barclays, RBS, HSBC, TSB and Lloyds. A summary of the Top10 banking and FinTech apps for Android: The best-rated: Investing.com’s financial market news app, and banking apps from Lloyds, Halifax and TSB have earned the same score: 15.6/20 Greatest growth in number of ratings: the personal finance management app “Spending Tracker“, with 5.8% growth in April 2016 Greatest change in app NPS: Investing.com’s financial market news app, with 62.8% growth A summary of the Top10 banking and FinTech apps for iOS: The best-rated: the banking app “mybarclaycard“ and money transfer app “TransferWise Money Transfer“, with a score of 16.3/20 Greatest growth in number of ratings: TransferWise, with 5.2% growth in April 2016 Greatest change in app NPS: TransferWise, with 82.1% growth FOCUS on app insights >> Barclays Mobile Banking, the bank account management app, stands out as the most-rated on Android in April 2016.
  6. 6. 6 APP INSIGHTS: FOCUS ON BARCLAYS MOBILE BANKING Barclays Mobile Banking With more than 80,000 ratings in April 2016 on Android, the Barclays Mobile Banking app stands apart in the UK’s banking app market. Barclays’ account management app is popular with its users, thanks to the importance it places on security and simplicity of use. OBSERVED INNOVATIONS P2P payments and transfers made easy Loyalty programme with rewards that can be used with partners in the SmartSpend programme Secure download of financial documents onto Barclays’ CloudIt cloud storage PINSentry password generator Personal and professional accounts in a single app
  7. 7. 7 TOP 10 BANKING & FINTECH APPS (ANDROID) Ranking by change in number of ratings, in % (UK - April 2016) INVESTING.com MH Riley Ltd To better understand each performance indicator, please refer to the Methodology section on page 15.
  8. 8. 8 TOP 10 BANKING & FINTECH APPS (IOS) Ranking by change in number of ratings, in % (UK - April 2016) Barclays Bank Plc Lloyds Banking Group To better understand each performance indicator, please refer to the Methodology section on page 15.
  9. 9. 9 TOP 10 IN TERMS OF CHANGE IN NUMBER OF RATINGS TransferWise sees dynamic change Apps on Android that saw the highest rate of change in number of ratings are quite varied, whereas in the rankings for iOS, bank account management apps remain in the large majority. A summary of the Top10 banking and FinTech apps for Android: Greatest change in number of ratings: Revolut, with 16.2% growth in April 2016 The best-rated: TransferWise, with a score of 16.3/20 Greatest change in app NPS: TransferWise, with 71.6% growth A summary of the Top10 banking and FinTech apps for iOS: Greatest change in number of ratings: TransferWise, with 5.2% growth in April 2016 The best-rated: TransferWise, with a score of 16.3/20 Greatest change in app NPS: TransferWise, with 82.1% growth FOCUS on app insights >> TransferWise Money Transfer, best-rated app (in terms of DA Score), shows the greatest change in app NPS on Android and on iOS. Revolut saw a remarkable increase in number of ratings – 16.2% growth in April 2016 on Android.
  10. 10. 10 APP INSIGHTS: FOCUS ON TRANSFERWISE TransferWise Money Transfer With an average score of 4.9/5 on iOS and a 29% increase in number of ratings over 3 months, the “TransferWise Money Transfer“ app stands out in the banking & FinTech sector. Developed in 2011, TransferWise is a recognised FinTech start-up in the European market and has revolutionised the international money transfer market, notably thanks to peer-to-peer transactions, which allow users to avoid various fees and therefore reduce transfer costs. OBSERVED INNOVATIONS Transfer money to another country, in the most efficient currency 90% cheaper than banks: fees of 0.5%, versus fees of between 3% and 5% (arbitrary exchange rate, commission...) for banks Use P2P to avoid extra fees Very fast transfer method with payment by card
  11. 11. 11 APP INSIGHTS: FOCUS ON REVOLUT Revolut Revolut is a truly disruptive innovation in financial services. By offering a free, multi-currency card enabling users to pay or withdraw money abroad (or online) with NO EXCHANGE FEES, Revolut is looking to revolutionise today’s banking practices. OBSERVED INNOVATIONS Sign up and order the card using the app Card for multi-currency pay- ments and withdrawals, with no exchange fees Get access to best exchange rates via Interbank P2P money transfer via social networks, email or SMS Card can be blocked and unblocked using the app PIN can be changed using the app
  12. 12. 12 METHODOLOGY Tracking methods and explanation of main analysis indicators
  13. 13. 13 SOURCE OF BENCHMARK DATA Decode Apps monitors the banking app market worldwide 1 2 stores 55 countries 5,338 banking apps Custom benchmarking and monitoring solution for app markets in each business vertical
  14. 14. 14 BENCHMARK AND ANALYSIS METHODOLOGY We track all apps in the UK banking sector 236 banking apps in the UK KPI categorisation & analysis Top 10 apps Analyses Our consultants identify apps and key players in the UK sector Automatic retrieval and aggregation of all market data Selection of one innovative app per top 10 Analysis of app and selection of key features Writing of App Insights analysis notes Number of ratings Change in number of ratings over 1 month (expressed as a %)
  15. 15. 15 KEY INDICATORS ON TREND REPORTS Presentation of main data and analysis metrics App Name Rating N°1 Country Evol ratings (value) Evol ratings (%) Apps NPS Nb of ratings OS Group Type App ranking, based on the selected criteria App name and publisher name data is retrieved from app stores Cross-store unification with our meta-app-name procedure Cross-OS aggregation of apps into “Groups“ of companies, and granular functional segmenta- tion by “Type“, done by our consultants Evolution of ratings (value) = number of ratings obtained over 1 month Evolution of ratings (%) = growth rate of number of ratings obtained over 1 month, 3 months, or 6 months App NPS = Net Promoter Score applied to apps Average rating and total number of ratings obtained by the app worldwide, or by country #1 country of distribution DA SCORE A proprietary scoring algorithm combining nu- merous KPIs, including: Number of ratings, average ratings, growth trends in terms of value and % around the world Ranking of apps in stores App NPS (App Net Promoter Score) Plus update rate, user sentiment score… Rank da score
  16. 16. 16 OUR APP ANALYTICS SERVICES Discover our “all-in-one“ offer
  17. 17. 17 KEY INDICATORS USED IN TREND REPORTS Explanation of main data and analysis metrics used ALL IN ONE Manage performance of all your apps in a single dashboard Store data In-app analytics Benchmarking App Store Optimisation (ASO) Top app trends by country and OS Track competitors’ apps worldwide USER QUALITY Identify risk points and areas for improvement Continuous monitoring of perceived quality (ratings and reviews) & competitive positioning User sentiment analysis (available in beta) Mobile multi-KPIs BENCHMARKING Adopt best practices from the market – and from your competitors Benchmarking per industry 3M+ applications continuously audited, across more than 60 countries MOBILE EXPERTS Receive analysis and continuous assistance from mobile experts 15+ years of experience in mobile (multi-industry) 3M+ applications continuously audited, across more than 60 countries
  18. 18. Request a demo at www.atinternet.com READY TO DISCOVER YOUR DATA’S TRUE POTENTIAL? BORDEAUX - HAMBURG - LONDON - MOSCOW - MUNICH - NEW YORK - PARIS - SÃO PAULO - SINGAPORE Follow us on TWITTER Follow us on YOUTUBE Follow us on DA BLOG Follow us on SLIDESHARE Follow us on LINKEDIN About AT Internet One of the world’s major players in digital intelligence since 1996, AT Internet helps companies measure their audience and optimise their digital performance across all channels. AT Internet’s expertise extends from collecting raw data to processing it in real time and delivering it for analysis and the sharing of insights. AT Internet’s analytics solution is used on more than 20,000 sites and applica- tions around the world, across all industries. With more than 200 employees, the company is present in 32 countries via its customers, subsidiaries and partners. About Decode Consulting With data coverage on + 3 millions apps worldwide, Decode provides custom and essential market insights to empower your mobile strategy. Founded in 2010 by two start-up experts turned consultants, with more than 15 years of pure player experience, Decode is an innovative B2B software editor and consulting firm specialized in mobile channels. When working on custom benchmarks and studies for our clients, we realized that the fantastic success of the mobile applications market was making its permanent watch compulsory, but that it was extremely complex and time consuming to do that manually! Decode apps now makes it simple, being the first app intelligence platform to search cross-store/worldwide, benchmark and monitor the global apps market the exact way YOU want! www.decodeapps.com

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