An analysis from App Radar by SplitMetrics has revealed how European and UK neo and legacy banks have performed in 2023 when compared to 2022. 

The study of Google Play Store downloads shows that neobank apps have made the biggest user gains in 2023. Tandem Bank has seen new app downloads increase by 110% compared to 2022. This is followed by Revolut (46%), First Direct (41%), L'Appli SG (39%), Santander Spain (23%) and Monzo (20%). 

In terms of 2023 downloads, Revolut has increased its user base the most with 13 million accounting for 38% of new banking app downloads followed by Monzo with 1.8 million, Santander Spain with 1.7 million, Credit Agricole with 1.6 million, Lloyds Bank with 1.3 million.

In a separate study of Apple Search Ads by SplitMetrics - Apple Search Ads Search Results Benchmark Report 2024 available for free download - acquiring new users in the finance category is the most expensive out of all app categories with a Cost per Acquisition (CPA) of $8.57. That is the average cost for a finance app to acquire a new install in the App Store. That’s a 72% difference with the second most expensive category, News, which has a CPA of $4.01. Similarly, finance is heading the Apple Search Ads Cost per Tap (CPT) category with a CPT of $4.77. That’s a 65% difference with the second most expensive category (sports) on the list. These figures underline how competitive the finance app ecosystem is. 

Thomas Kriebernegg, General Manager, SplitMetrics Agency, said: "This is fantastic news for the banking and finance app category. The sector is growing with 13% more downloads on Android devices in 2023. Fintech and neobanks are continuing to close the gap with legacy banks, which is not surprising as it is a trend we have been seeing for the past four or so years.

“Revolut is the kingmaker of the apps when it comes to acquiring Android downloads. If they continue in this direction and get even more downloads in 2024, this may be what pivots neobanks away from legacy banks. 

“Growth comes at a cost though, as our Apple Search Ads study has shown. With such a high CPA of $8, it could mean that it will be a very expensive challenge for neobanks as the sector tries to sustain its growth.”

Overall, app downloads for Android banking apps have increased by 13% in 2023 when compared to 2022. 

UK legacy bank NatWest has seen the biggest growth with 18% more downloads in 2023, while UK legacy banks Lloyds, Royal Bank of Scotland, Halifax and HSBC experienced gains of 12%, 6%, 6% and 5% respectively. 

The most popular apps in terms of estimated lifetime downloads (as of 31 December 2023) are Revolut with 38 million followed by Credit Agricole with 15 million, Barclays with 12 million, Santander Spain with 12 million and Intesa Sanpaolo with 11 million.