The cost-of-living crisis will see an increasing number of consumers needing to track their spending more closely and make cutbacks. Money management apps can play a significant role in helping consumers navigate the difficult economic environment. Usage is low, so there is a strong opportunity for growth in the financial apps market. Our UK Money Management Apps Market Report analyses the current market landscape and addresses how businesses can harness opportunities to drive growth. Read on to find out more.
Money Management Apps – Market Landscape
The rise in popularity of digital-only banks has driven innovation in the market. Use of money management apps is now the norm, with 60% of people using financial apps at least once a day. There is likely to be an increase in use of these apps as consumers’ financial confidence declines. As a result, there is a strong opportunity for financial service providers to embrace apps and boost engagement.
Money Management Apps – Consumer Trends
Younger consumers are using more financial apps for a wide range of purposes. The cost-of-living crisis will place a greater emphasis on budgeting tools. This is an area within digital banking that currently scores relatively low in terms of satisfaction and engagement. Only 14% of consumers currently use money management apps to budget. In the eyes of many consumers, there is room for improvement in savings and budgeting tools.
- Consumer behaviour: 65% of consumers used a financial app to make a payment or transfer.
- App usage: Banking apps are the most commonly used money management apps, with 53% of people saying they have used one in the past 12 months.
- Consumer satisfaction:Â 91% of consumers are satisfied with their main mobile banking app.
Money Management Apps – Future Trends and Opportunities
The widespread use of apps by younger consumers provides an opportunity for financial services to boost engagement with demographics they have struggled to attract in the past. In particular, areas such as insurance and investments could significantly boost interest by focusing more on app-based accounts. To find out more about how your business can engage with consumers and identify growth opportunities, purchase our complete UK Money Management Apps Market Report.
Read on to discover more about our report. If you’re looking for something else in UK Financial Services, take a look at our UK Deposit and Savings Account Market Report, or explore our extensive financial services market research.
Quickly Understand
- Innovations in financial apps.
- Types of money management apps used.
- Financial app user demographics.
- Reasons for using financial apps.
- Security and preferred login methods.
- Satisfaction levels with digital banking apps.
- Attitudes financial apps and digital banking.
Popular Financial Service Providers Covered in this Report
Starling Bank, Chase, Monzo, Revolut, NatWest, Santander, Lloyds.
Expert Analysis from a Specialist in the Finance Sector
This report, written by Adrian Reynolds, a leading analyst in the financial services industry, delivers in-depth commentary and analysis to highlight current trends in the UK money management apps market and add expert context to the numbers.
Younger consumers are using more financial apps, more frequently and for a wider range of purposes. The cost of living crisis could see use increase across demographics as people look to budgeting tools and Open Banking apps to help highlight opportunities for savings. Financial services markets that have struggled to engage younger consumers, such as insurance and investments, have an opportunity to boost engagement with innovative app-based platforms.
Adrian Reynolds
Principal Analyst, Financial Services
Collapse All
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Overview
- Key issues covered in this Report
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Executive Summary
- The market
- All-digital challenger banks have struggled for share of main current accounts
- Figure 1: Current account ownership, 2022
- The need for financial apps will grow as financial confidence declines
- Figure 2: Financial confidence for the year ahead, 2021-23
- Bank branches continue to decline as customers utilise digital channels
- Figure 3: Bank and building society numbers, 2016-22
- Companies and brands
- Starling Bank launches virtual cards and improved spending analysis
- Chase looks to further expansion with Nutmeg integration
- Revolut looks to luxury market with Ultra tier app features
- The consumer
- Financial services providers increasingly embracing apps
- Figure 4: Use of financial apps, 2022
- Payments and transfers dominate app use
- There is room to expand app use for more complex tasks
- Figure 5: Reasons for using financial apps, 2022
- The wide range of features on offer is driving daily app usage
- Figure 6: Daily use of financial apps, by age, 2022
- Fingerprint scanners lead the way but consumers must be given choice
- Figure 7: Financial app security preferences, 2022
- Biometric logins can offer convenience and security in managing money
- Figure 8: Attitudes towards financial app security, 2022
- Strong app satisfaction sets the bar high for new entrants
- Figure 9: Overall satisfaction with mobile banking apps, 2022
- There is room for improvement in savings and budgeting tools
- Figure 10: Satisfaction with mobile banking apps, by function, 2022
- Keep users engaged with apps or risk deletion
- Desire to view all accounts in a single app creates opportunity for Open Banking
- Figure 11: Attitudes towards money management apps, 2022
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Issues and Insights
- Prioritise budgeting tools and Open Banking to help consumers navigate the cost of living crisis
- Opportunities for fee-paying app tiers as more bank branches close
- Apps can help drive change in financial services and engage young consumers
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Market Background
- Device innovation will continue to create opportunities for financial apps
- Figure 12: Device ownership, 2022
- The vast majority of smartphone owners use financial apps
- Figure 13: Use of apps, 2022
- All-digital challenger banks have struggled for main account share
- Digital challenger banks have driven mobile app innovation
- Expansion of high-street banking apps has limited third party budgeting apps
- Figure 14: Current account ownership, 2022
- Open Banking is providing new opportunities for money management apps
- Device innovation will continue to create opportunities for financial apps
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Market Drivers
- High inflation is driving the need for budgeting tools
- Figure 15: CPI and CPIH, 2019-23
- The need for financial apps will grow as financial confidence declines
- Figure 16: Financial confidence for the year ahead, 2021-23
- Bank branches continue to decline as customers utilise digital channels
- Figure 17: Bank and building society numbers, 2016-22
- Shift away from cash provides opportunities for financial apps
- Figure 18: Payment preferences, by age, 2021
- Younger consumers are using apps to track their spending
- Figure 19: Methods of managing finances, 2022
- High inflation is driving the need for budgeting tools
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Competitive Strategies and Launch Activity
- Starling Bank launches virtual cards and improved spending analysis
- Starling Bank adds free budget planner to help customers cut costs
- Chase looks to further expansion with Nutmeg integration
- Chase was the fastest growing financial app of 2022
- Monzo refreshes brand and adds euro transfers
- Revolut looks to luxury market with Ultra tier app features
- Shops feature brings cashback to Revolut paying customers
- Revolut continues to expand cryptocurrency platform
- Instant messaging added in Revolut app
- Digital banking competition could grow with the launch of Kroo
- Sustainability-focused digital bank Tred set for full UK launch
- Figure 20: Tred Connect app
- NatWest announces 300,000 have used its carbon footprint tools
- Santander adds My Home Manager to mobile app
- Lloyds looks for FinTech partnerships through innovation programme
- Apple expands payment offering with Pay Later
- Figure 21: Apple Pay Later
- US insurance app Lemonade enters the UK market
- Rita app looks to help consumers earn from their data
- Figure 22: Rita app
- ClearScore buys budgeting platform Money Dashboard
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Use of Financial Apps
- Financial services providers increasingly embracing apps
- Figure 23: Use of financial apps, 2022
- Under-35s are driving the use of payment apps
- Digital banking apps closing the gap amongst younger consumers
- More under-35s are using cryptocurrency exchanges than investment apps
- Figure 24: Use of financial apps, by age, 2022
- Over half of 18-34 year olds are using two or more financial apps
- Figure 25: Repertoire of financial app usage, by age, 2022
- Financial services providers increasingly embracing apps
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Reasons for Using Financial Apps
- Payments and transfers dominate app use
- There is room to expand app use for more complex tasks
- Figure 26: Reasons for using financial apps, 2022
- Aim new features at technologically-engaged younger consumers
- Figure 27: Reasons for using financial apps, 2022
- The wide range of features on offer is driving daily app usage
- Figure 28: Daily use of financial apps, by age, 2022
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Financial App Security
- Fingerprint scanners lead the way, but consumers must be given choice
- Figure 29: Financial app security preferences, 2022
- Biometric logins can offer convenience and security in managing money
- Figure 30: Attitudes towards financial app security, 2022
- Fingerprint scanners lead the way, but consumers must be given choice
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Satisfaction with Mobile Banking Apps
- Strong app satisfaction sets the bar high for new entrants
- Figure 31: Overall satisfaction with mobile banking apps, 2022
- Satisfaction with payments and security is very high
- There is room for improvement in savings and budgeting tools
- Figure 32: Satisfaction with mobile banking apps, by function, 2022
- Strong app satisfaction sets the bar high for new entrants
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Key Driver Analysis for Digital Banking Apps
- Promote payments and security to older consumers
- Prioritise savings and budgeting tools
- Monitor in-app investment tools
- Customer service app tools will grow in importance
- Figure 33: Key drivers of overall satisfaction with mobile banking apps, December 2022
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Attitudes towards Money Management Apps
- Keep users engaged with apps or risk deletion
- Figure 34: Attitudes towards money management apps, 2022
- Desire to view all accounts in a single app creates opportunity for Open Banking
- Figure 35: Attitudes towards Open Banking, by age, 2022
- Opportunities for paid in-app features amongst younger customers
- Figure 36: Paying for money management apps, by age, 2022
- Enhance sustainability tools with rewards and cashback offers
- Figure 37: Sustainability and financial apps, by age, 2022
- Older demographics will need convincing on apps as branches close
- Figure 38: Bank apps versus branches, by age, 2022
- Keep users engaged with apps or risk deletion
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
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Appendix – Key Driver Analysis
- Methodology
- Interpretation of results
- Figure 39: Overall satisfaction with Mobile Banking Apps – key driver output – 2022
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