Interesting to see those numbers. Revolut holds 0.3% of banking app usage with 1,000,000 customers whereas Starling holds 0.2%.
It’s a tricky one with Fintechs, on the whole people possibly use Fintechs more for travelling than day to day banking. A very obvious benefit being the free/cheap ATM withdrawals and overseas usage and exchange rates.
Perhaps then, most of the usage from Fintechs was not captured in this study, if it only looked at mobile users in the UK. I would strongly suspect most Revolut users predominatly used it when travelling outside of the UK. 0.3% of 1.5m is only 4,500 - so out of 1 million customers, only 4,500 users used the app from April to July. Seems incredibly low.
I believe the most Starling/Anne has ever said about the number of accounts is it’s in the “tens of thousands” (here). One could assume this is at most 99,999 users. Quite a bit lower than Revolut’s 1m+ - I’m sure once you got passed at least 150,000-200,000 users you’d start using “hundreds of thousands” rather then “tens of thousands” .
Starling users could be very diligent at checking their apps, or are in the UK much more?