She tweets from and writes our fintech newsletter - you can sign up here. Virgin’s mobile banking app was the slowest-growing legacy offering, with its download numbers decreasing by 38%, while Intesa Sanpaolo’s mobile app wasn’t far behind, with a 29% growth slowdown.Īmy O’Brien is Sifted’s fintech reporter. “With the ongoing cost of living crisis, in 2023, both sides of the market will have to zero in on their user acquisition strategy, with innovative functionality and smart marketing techniques to attract and retain users.”īut not all legacy banks are winning this battle. “Legacy banks’ gains point to the fact that they are steadily adding new younger customers or converting existing customers to mobile banking," he says.
Commissions do not affect our editors opinions or evaluations. With the ongoing cost of living crisis both sides of the market will have to zero in on their user acquisition strategyĪlthough legacy banks have a larger general market share than neobanks to begin with, this growth shows that they've not grown stale in customers' eyes, says Silvio Peruci, managing director at App Radar. Updated: Jun 2, 2023, 7:04pm Editorial Note: We earn a commission from partner links on Forbes Advisor.
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