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SENSOR TOWER · ABRAHAM YOUSEF · OCTOBER 2024
UK Banks Adapt Strategies as Interest Rates Ease
While traditional banks in the UK are seeing declining app downloads, Sensor Tower data shows that neobanks like Monzo and Revolut have experienced increased adoption, though holiday dips in engagement suggest they may serve as secondary accounts for some consumers. This, coupled with interest rate cuts and slowing deposit growth, are reshaping UK banks’ strategies.
Key Takeaways:
Mobile banking app downloads in the UK fell 2% YoY in the first three quarters of 2024, contrasting with growth in 2023 (+2% YoY) and 2022 (+39%). Traditional banks saw a 5% decline in the first three quarters of 2024, while neobank downloads rose 2%, led by Revolut (+17% YoY) and Monzo (+9% YoY)
Mobile engagement remains robust, with MAUs across leading mobile banking apps rising by 4% YoY in the first three quarters of 2024. Neobanks outpaced traditional banks, with MAUs up 12% YoY, led by Revolut (+15% YoY)
However, neobanks see larger drops in DAUs during Christmas holidays (-6%) vs traditional banks (-3%), suggesting they may serve as secondary accounts for some users. Monzo is tackling this by promoting salary deposits, with ad impressions for these themes reaching 3mn in 3Q24
Monzo leads in DAUs, overtaking Barclays this year, driven by increased ad spend, frequent ASO updates and popular features. Monzo's UK ad spend rose ~160% YoY in the first three quarters of 2024, primarily on YouTube
Cross-app usage data shows Monzo as the top alternative for UK traditional bank app users. In 3Q24, an average of 26% of users from banks like Lloyds, Barclays, and NatWest also used Monzo
YouTube is a key ad channel for neobanks, accounting for 85% of their spend in the UK YTD in 2024, vs just 16% for traditional banks, though Barclays and HSBC are bucking this trend
In 3Q24, Lloyds gained significant impressions from reward-focused ads, while Monzo focused on its bill-splitting feature, garnering over 300mn impressions, primarily from YouTube ads (~80% of the total)
For more information, request the full report from reports@sensortower.com.
