Europe's top 10 mobile banking apps

03 November 2020 4 min. read

A new in-depth benchmark of nearly 80 mobile banking applications has shed light on the top performing apps in Europe.

Banking is changing at an unprecedented rate around the world – the most notable disruptive factors being digital transformation and growing regulatory pressure. Underlining these forces is an increasingly discerning consumer – one who demands, speed, efficiency, convenience and security all at once.

For banks, it is no longer enough to just have a digital banking application. These should offer a seamless customer experience, and fitted to individualised needs and preferences. Indeed, this is among the few differentiating factors left amid a uniformly digitalising sector. The Open Banking wave, which allows customers to move across various financial apps through a single interface, is an example of concerted efforts towards better customer experience.

Having explored several criteria that span functionality of banking apps, customisation levels and user experience – among others – management consultancy Sia Partners has used its own digital transformation expertise to evaluate 79 banks across the world. Out of the benchmark, here are the banks with Europe’s ten best performing mobile apps.

Europe's top 10 mobile banking apps

1. Revolut
Country: United Kingdon
Founded: 2015

Revolut is built as a sustainable digital alternative to traditional big banks, designed to help customers improve financial control, health and cohesion. Named Deloitte’s fastest growing UK FinTech company last year with more than 9 million users.

2. Belfius
Country: Belgium
Founded: 2012

Among the leaders of Belgiums’s banking sector – with nearly 4 million customers – Belfius has had great success with its digital banking app. The app currently has more than 1 million customers, making it the most used digital platform in the country.

3. Intesta Sanpaolo
Country: Italy
Founded: 2007

Intesta is an Italian banking giant with customer base of over 11 million. The bank launched a digital transformation programme in 2018 to improve its app-based offerings.

4. KBC
Country: Belgium
Founded: 1998

KBC is a banking and insurance stalwart across Belgium and in Central and Eastern Europe, with more than 11 million customers. The bank is home to more 35,000 employees across its global outfit.

5. Boursorama
Country: France
Founded: 2006

A leading French bank since 1998, Boursorama launched its online banking service in 2006 and has since amassed more than 700,000 customers. Competitive pricing is among the bank’s unique offerings, with over 15 online services offered free of charge.

6. Bunq
Country: Netherlands
Founded: 2012

Bunq prides itself on being the “Bank of The Free,” providing an entirely alternative banking system that offers users maximum choice in their own financial affairs. Bunq launched its banking app in 2015, and specialises in FinTech innovations that improve customer experience.

Country: Spain
Founded: 1857

With a 160 year heritage, BBVA has nearly 80 million customers across the world, and positions itself as a driver of transformation in the banking world. The bank is currently undergoing a comprehensive digital transformation to offer cutting edge ‘21st century banking.’

8. N26
Country: Germany
Founded: 2013

Branded as the “first mobile bank the world loves to use,” N26 has amassed more than 5 million customers across the world. The goal is to help customers manage their finances on-the-go.

9. Illimity
Country: Italy
Founded: 2018

Illimity is setup as a “new paradigm bank” with an innovative business model that serves the corporate credit, purchase & servicing of NPL portfolios and direct banking markets. The bank has more than 30,000 customers.

10. Barclays
Country: United Kingdom
Founded: 1690

Barclays is a highly diversified “universal” bank with nearly 50 million global customers. The firm’s dedicated digital banking platform offers customers a range of secure online banking options – transactions, reporting and communications included.

Evident from Sia Partner’s benchmark is the dominance of European banks. Anthony Wolf from Sia Partners in Belgium listed some of the factors that put European players in favour over their counterparts. “European banks tend to score better thanks to higher ratings in the app stores and a broader catalogue of functionalities, which are easier to use and more often customisable. They also typically offer better in-app advice, for example on investments and banking products.”