If we love anything here at PYMNTS besides all payments, we love digital payments, especially these days. And who better to help facilitate the rising tide of digital payments than the many digital banks popping up all over the map as we keep on shifting in digital directions.
We maintain the PYMNTS Provider Ranking of Digital Banking Apps to keep an account, as it were, of the ups and downs of a sector that’s gone from novel to necessary in just over a year’s time.
Then again, we’re learning that 17 months is an eternity in the digital app realm, so let’s not waste another precious moment.
Quickly now, Alfred … ready the Rank-Mobile.
The Top 5
Kind of a big deal as the Monzo app gains a spot to become the new No. 2.
That gain places ranking regular Current down on spot to No. 3. Conversely, it’s still in the top 3.
No change at No. 4 as the Starling Bank app holds its ground, having just acquired Fleet Mortgages in a cash and share deal valued in the neighborhood of $69.1 million.
Same story at No. 5 where the Dave app is similarly unmoved by others’ shifting chart fortunes.
The Top 10
Below the Top 5 line it’s an odd mix of active and passive as various apps make their moves.
The KOHO Financial app sticks at No. 6 for another cycle, after coming out of nowhere last cycle.
Also unchanged is N26 at No. 7, now reportedly in fundraising talks.
Downward pressure in the rankings happens in waves, as we note with the Empower app dropping one spot to No. 9 this time out.
We go out on a mega-tie, as three app brands vie for that contentious No. 10 chart position.
That ought to hold you. Until next time, remember this: In the future, all things will be controlled by apps. Better get accustomed to it now. You’ll be ahead, and that’s never bad.