By Daniel Lanyon on Wednesday 18 January 2023
The Wall Street giant’s bet on the UK neo banking market prompted huge uptake from users in 2022 in the form of downloads and monthly active users.
Chase UK topped the ‘breakout’ financial app downloads in the UK in 2022, according to research from Data.ai.
Scores are calculated by looking at year-on-year growth. Given Chase only launched in the UK in September of 2021, there is more than a little nuance to the tables. However, it also gives a strong indication of the standout rapid success in the growth of a big bank challenge to the neobanks yet.
Last year it was revealed that JP Morgan had splashed c.$450m on the launch of Chase UK by May 2022 but also raked in £8bn of savers deposits in only 8 months.
It lured customers with both a slick app as well as competitive rates on savings and 1 per cent cashback on spending for customers’ first year.
Chase also topped the tables when it came to the number of monthly active users with Starling Bank coming in at second place. NS& I Bonds, a premium bonds savings account backed by HM Treasury, came in at third with Revolut at fourth place and Monzo fifth.
Revolut meanwhile demonstrated its prowess in geographical expansion being the third most downloaded ‘breakout’ finance app in France and sixth in Italy and Spain as well as second in the UK.
Overall, Paypal came top for overall downloads in 2022, followed by Revolut then Monzo. Barclays was the highest ranking high street incumbent bank at fourth place. Chase meanwhile was sixth-best overall for overall downloads.