Challenger banks see drop in downloads amid the pandemic

Coronacrisis caused a significant fall in the number of new app downloads

challenger banks

Challenger banks see drop in downloads amid the pandemic. Source: shutterstock.com

According to Finbold, the European challenger banks’ app downloads fell by 23.38% as at the end of March 2020 compared to February.

Among the leading impacted banks is the UK’s Monzo whose app downloads declined by -36.12%. In March, the bank registered 148,608 downloads, a drop from February’s 232,639.

At the same time, Revolut faced a drop of -18.16% in downloads. In March 2020, the bank had 95,461 downloads, compared to 116,648 registered in. Both Monzo and Revolut were on a growth path during a similar period in 2019.

Meanwhile, Starling bank saw a drop of -20.03% in new downloads. In March the bank registered 80,523 downloads, whereas, in February, its downloads stood at 100,704. As to N26, its app downloads dropped by -19.2% when it registered nearly 19,973 downloads.

We’ve reported that N26 has announced the rollout of a new feature, enabling customers to add a digital version of their card to their mobile wallet. This way, they can start using their account immediately, without waiting before their physical card arrives.

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