The latest PYMNTS Provider Ranking of Digital Banking Apps shows the tempest-tossed terrain as digital banking platforms and their app front-doors punch up, taking on powerful name-brands surfacing in the space post-pandemic, and forever changing how we bank in the process.
Now it’s up and away to the app banking ranking.
The Top 5
A decision-making disorder seems to be affecting the digital banking crowd, as they can’t seem to decide which apps absolutely tower above the rest. That means a lot of tied scores.
From the top, the first three chart positions remain unchanged from last month when you may recall a three-way tie for No. 1 formed between the Chime, Nubank and Revolut apps. There they remain, in that order. Those top spots are hard to attain, and not forfeited without a fight.
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Current sticks at No. 2 after a $220 million Series D fundraise in Q1, while the U.K.-based Monzo app similarly sits still at No. 3.
The non-changes continue with Starling Bank stable at No. 4 for another cycle, as is the Dave budgeting and building credit app, soon going public via SPAC at a $4 billion equity value.
The Top 10
Here’s something to talk about: the KOHO financial app that popped into the Top 10 unannounced last month to much mirth and merriment bested itself by rising one chart position to No. 6. We’ll be keeping an eye on their movements.
If we were playing Cribbage, three of a kind nets six points. In the Provider Ranking of Digital Banking Apps, three on a number means consumers are thoughtfully considering comparative virtues of, in this case, UAE-based Mashreq Neo rising one spot, Berlin-based N26 dropping a spot and, for the big one, relative ranking newcomer Tangerine levitating three chart positions in a month, all to live together (very temporarily we think) in the flat at No. 7.
No such overcrowding at No. 8, where the Empower app finds itself only at this time.
Unchanged at No. 9 is the U.K.-based Wirex app, on its mission of crypto debit acceptance.
We love it when new folks move into the neighborhood. In that spirit, PYMNTS the Provider Ranking of Digital Banking Apps welcomes the Liv.UAE money app, new at No. 10.
Think there’ll be changes to this ranking next cycle? We’re digitally banking on it.
