Whatever nomenclature you prefer — neobank, challenger bank, digital bank — the common denominator is app-based convenience and the power of algorithms to help manage and save that has people downloading these apps like mad.
The latest PYMNTS Provider Ranking of Digital Banking Apps shows how the players are stacking up.
The Top 5
At No. 1 again is challenger bank Chime, followed at No. 2 by LATAM FinTech NuBank. Remaining at No. 3 in the latest ranking is the Revolut app with its cross-border features, followed at No. 4 by Monzo, the U.K.-based mobile-only player.
The Top 10
Here we find, ranking at No. 6, budgeting and credit-building app Dave, followed by Starling Bank at No. 7, while UAE-based Mashreq Neo takes the No. 8 spot. No. 9 is occupied this round by German mobile bank N26, and on-demand bank account app Monese comes in at No. 10 in the latest PYMNTS Provider Ranking of Digital Banking Apps.