Optima Consultancy publishes an updated “Mobile Banking App Review” crowning Monzo the best banking app in the UK
Optima has today announced the full publication of the updated mobile banking app review, a follow-up to its previous report published in June at Money20/20 Europe. The report is now available free to download.
The top three mobile banking apps continue to be held by the challenger brands with Monzo now rated number one, knocking Starling Bank off the top spot, by a whisker. Monzo have managed to overtake their challenger rival by improving log-in time and increasing their feature coverage by 18%. They are category winners in three out of five – with a leading performance in money management. Barclays remain the closest traditional provider in fourth spot, behind Revolut who hold onto third place.
The underlying motivation of the research is to track and measure digital transformation in UK banking and understand how innovations in technology are being utilised by providers to present a more exciting and seamless banking experience for customers.
The speed of change is phenomenal, and the market shows no sign of abating. Providers are implementing a myriad of new services each week to try and distance themselves from the competition. For incumbents, keeping up with the speed at which fintechs can deploy new features poses a real challenge, and they have made little progress in closing the gap.
The study includes;
The latest edition, also includes a spotlight on account information service providers (AISPs), focusing on how incumbents are faring against the fintechs in providing customers with money management capabilities and intelligent insight – an area the study highlights is becoming the new ‘battleground’.
Mark O’Keefe, Optima’s founder, said:
“Congratulations to the team at Monzo for their fantastic app – it’s no surprise more than a million customers feel the same way. It has been fascinating to observe how much can change in just six months and we’re beginning to see the signs of open banking building some momentum in this space. We think intelligent money-management, which Monzo does so well, is fast-becoming table stakes for these apps and we now track these new AISPs in this edition as well as the regular banking apps”
About Optima Consultancy
Established in 2007, Optima Consultancy has grown as a specialist payments consultancy practice, based in Manchester, UK but working across the globe.
They have a deep understanding of the payment ecosystem and are fortunate to work with some of the biggest brands in the value chain, including: Issuers, Acquirers, Payment networks, PSPs, Retailers and Mobile operators.
For more information, and to download the full report visit;
Manchester, United Kingdom – 28th November 2018 – Optima Consultancy today announces the publication of its updated Mobile Banking App Review, a comprehensive benchmark study of UK mobile banking apps.