CHAPTER 2: FULL SPEED AHEAD

We are shortly to release the 6th edition of the mobile banking app review. In this article, we share an extract of Chapter 2. To find out more and get exclusive material visit our website.

Release cycles

Our study shows the number of app updates remains a large differentiator, with the fintechs on track to release 33 updates in the year 2020 versus 12 for the traditional providers. It is the same apps leading the charge, still increasing the number of annual updates year on year, with TransferWise and Bunq set to overtake Monzo by year end.

fintechs on track to release 33 updates in the year 2020 versus 12 for the traditional providers.

In contrast, if we look at the median it appears the fintechs are slowing down. This is mainly because the new providers added to the study are releasing fewer updates than the established fintech players. Of concern, however, the median number of updates for traditional players has slowed, to just eight per annum.

Although the new providers are behind the established fintechs, they are already releasing more updates that many of the established players. Money Dashboard has increased development speed since releasing its new Neon app. Muniy app is also releasing frequent updates, although we (and many other users) have found the app to be glitchy and a lot of the functionality unusable.

Revolut has been releasing more updates than any other provider, refreshing their app almost twice a week

For a long time, Revolut has been releasing more updates than any other provider, refreshing their app almost twice a week. How do they do it? Revolut recently provided a candid look at their release train which:

‘works on the principles of continuous integration/continuous delivery to produce new functionality for users fast. We use modular architecture which allows for faster build times, faster development, an isolated environment to allow easy testing and tests running in seconds. We employ 70 high-skilled iOS developers spread among different teams with established code ownership where each team is responsible for maintaining one or more modules.’[1]

Growth

Metro Bank and Yorkshire Bank both moved up a download tier this quarter. It might be inferred this is a direct result of Covid-19 and a further move away from branch banking considering these are high street banks with an emphasis on having a store presence. Metro saw a spike in reviews on Android as shown in the chart below.

The B app has been superseded by the Virgin Money app equivalent but is yet to have converted all existing B users across to the new app. The same can be said for Money Dashboard who have released their Neon app, although the classic app is still available in the store.

Think Money and Snoop have increased downloads although Cash Coach could be struggling with just 1,000 Android downloads since launch. Snoop appears to be building momentum despite a late entry into the market, their proposition stands out from some of the other new players. Since full market launch in early 2020, they have grown to over 100,000 customers and are generating revenue according to their latest crowdfunding pitch.

Changing times

Covid-19 has accelerated digital adoption permanently. The need to enhance your app and release frequently has become a necessity and those that continue to struggle to do this will likely find customers losing patience and looking elsewhere. The high-street is no longer the great defensive moat it used to be to wade off any challenger brands. The app is undoubtedly where the battle is going to be fought in 2021 and beyond.

We'd love to here what you think of the study - reach out on social media to any of the team with your thoughts or feedback.

[1] https://medium.com/revolut/the-fundamentals-of-ios-at-revolut-57422078c903