Here’s a metaphysical math problem from all of you digital bankers out there: is something really a “top 10” when it scores and ranks 16 of anything? Yes. We’ll attempt to explain.
Some categories are so very big that you’ve got more apps vying for those coveted 10 spots. Mix in the competitive smarts of these digital financiers and you begin to understand that tied scores are inevitable. They are so good at this — and such rivals — that it must be expected.
Nowhere do we see this more than in PYMNTS Provider Ranking of Digital Banking Apps.
As foreshadowed, we’ve shoehorned 16 banking apps into the Top 10 this month because they are closing in on each other, and the scores are starting to reflect it in a big way.
But don’t take our word for it. As Kai Ryssdal would say, “Let’s do the numbers.”
The Top 5
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You know that three-way tie that’s formed a seemingly impenetrable block at the very top of this ranking? Well, make that a four-way tie. It’s our first in the rankings. Big day around here.
Now at No. 1 we have the three repeaters from last cycle — Chime, Nubank, and Revolut all keep their spots at No. 1 — and are joined by the Current app, rising two spots in so doing.
All boast perfect scores across the board. Where do you go from there? How high is up?
The Monzo app keeps its No. 2 position for another month.
When apps ascend it has a ripple effect on these rankings. You may notice a pattern.
New at No. 3 is Starling Bank, up a spot and fresh from its acquisition of Fleet Mortgages in July.
Also clambering up a spot is the Dave banking app, now becoming a Top 5 regular.
We also welcome a newcomer to the upper reaches of the ranking. It’s the N26 app rising two chart positions to enter the Top 5 at No. 5. Welcome. We serve cocktails at 6 p.m. sharp, FYI.
The Top 10
As we go below, it’s a traffic jam of digital banking. Check it out.
We start with a tie at No. 6 between the KOHO which was already here, and now enjoying the company of ranking regular Mashreq Neo which elevates two spots in the process. Go, you.
Up one spot also and into a new chart position at No. 7 is the Tangerine app. No tie.
Similar story at No. 8 with the Empower mobile banking app elevating one spot, too.
We return to the land of tied scores for No. 9 as the Liv. UAE and Pepper apps rise in tandem.
Still not exciting enough for you? How about two new apps … and another tied score?
That should hold you. Here we go.
Entering the PYMNTS Provider Ranking of Digital Banking Apps Top 10 — and both at No. 10 — we’ve got the Ally Bank app sharing a chart position with Monese. Neither charted last cycle, so this is a win no matter how you slice it.
As promised, 16 apps in a “top 10” ranking. Like we said: That should suffice until next month.
