London's Ogury has revealed UK fintech is taking market shares

Ogury, a mobile data platform based in London, has released its Mobile Banking Study of 2017.

The analysis consisted of over one million mobile users active during July to September 2017 in the US, UK, Germany, France, Italy and Spain.

The study revealed that UK fintechs are increasing their market share amongst mobile banking users, with 8.8 per cent having downloaded at least one retail bank and fintech app during this period.

Christophe Bize, VP data and mobile analytics at Ogury, said: “Banking and handling money through mobile is now a daily reality for millions worldwide.

“While much of the media attention appears to be on challenger banks, digital payment services such as PayPal remain dominant, and the true ‘disruptors’. Other fintech companies have a long way to go before they match PayPal’s level of brand awareness.”

Of all fintech companies analysed, PayPal was dominant, suggesting that digital-payment services are currently doing more to disrupt the banking market than new challenger banks.

One of the most developed fintech markets is said to be international money transfer, where UK-based TransferWise has stood out, registering in the top two money transfer providers in each territory bar Italy, where it placed third.

The top fintech based on app ownership in the UK is PayPal, which appeared on 31.2 per cent of devices, followed by Android Pay and Trading 212.

The most popular “challenger” bank app owned by UK mobile user profiles is Vanquis with an app ownership rate of 4.8 per cent.

Barclays was the most used retail banking app; Lloyds customers prefer to login on their mobile browser.

Bize concluded: “In terms of fintech’s international scope, the US is the most advanced market, with more than one in ten US users visiting both a major bank and a challenger fintech website.

“The same was true for app downloads, with 12.4 per cent downloading at least one from each category during the period. But the UK is catching up.

“We expect to see UK fintechs increase their share of app downloads at the expense of retail banks over the coming year, particularly as key challenger bank players like Monzo and Revolut apply for and achieve banking licences.”

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