US legacy banks vs challengers: Do challengers still have the edge?
When the first challengers hit the market in the early 2010s, they instantly outclassed incumbents.
Where most incumbents' digital portals were clunky and had limited capabilities, the likes of Chime and SoFi had slick, user-friendly apps that upended expectations. Suddenly, you could open an account in minutes, and perform any banking task you could think of, without leaving your phone.
Since then, the digital gap has narrowed. But who is winning the war? Do challengers still have the advantage, or are there things incumbents do better?
To answer these questions, we dove into FinTech Insights' data on the US banking market as at March 2024.
The state of iOS banking
With 48% of Americans using banking apps compared to 23% who use web portals, mobile is, by far, the country's preferred way to bank. And since 61% of cell phones on the US market are iPhones, iOS is a key battleground.
Predictably, incumbents and challengers both invest significantly in iOS...
Read the full article and the findings of the research on the Financial Brand.
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