The financial industry has been going through significant changes over the last decade. Various fintechs and challenger banks have embraced the digital world, offering an alternative to traditional financial infrastructures. The digital bank, a.k.a, challenger banks gained traction by redefining the consumer banking experience like deploying mobile apps, numerous software integrations, APIs, and more. As a result, many challenger banks raised millions of dollars from VCs to take on bank incumbents.
According to a latest news report, the London-based digital bank Revolut witnessed more app downloads in 2020 than Monzo and Starling Bank combined, as competition between the UK’s fintechs intensifies. As per the data from Sensor Tower, Revolut’s app was downloaded 5.8 million times last year compared to Monzo’s 2.4 million times and Starling Bank’s 1.3 million downloads. The data also adds that Revolut’s high download number attributes to its steady global expansion efforts.
As the sector continues to gain momentum in the UK, it is important to understand which are the best challenger banks in 2021. To make your job easier, we’ve compared the most notable challenger bank – Revolut, Monzo, and Starling Bank. Check out which one is gonna rule the UK in 2021!...