Retail Finance

In a global survey which assessed more than 100 financial institutions across 26 key markets on how well they performed in regards to the growth of digital users per month, Asian Banker Research compared top-tier financial institutions: commercial banks, ecommerce/payments/marketplace platforms, neo-banks and digital-only banks set up by commercial banks. For a full explanation of the survey methodology you may want to go to the end of this page.

FI Category
Country
Financial Institution Growth in digital users
per month
‰ of total population Period of Observation Ranking
Platform Global AliPay 15,280,000¹³ 1.99 January 2016 - December 2018
Platform Global WeChat Pay 13,900,000¹³ 1.81 January 2016 - December 2018
Platform Global Apple Pay 5,705,000 0.75 January 2015 - August 2018
Platform India Paytm Payments Bank 5,600,000³ 4.18 January 2014 - May 2018
Commercial Bank China ICBC 3,570,000 2.70 January 2016 - June 2018
Commercial Bank China China Construction Bank 3,472,000² 2.49 January 2016 - June 2018
Commercial Bank China Agricultural Bank of China 2,870,000³ 2.06 January 2016 - June 2018
Platform Global PayPal 2,044,000¹ 0.27 January 2015 - September 2018
Platform India Google Pay (formerly Tez) 2,000,000¹ 1.49 September 2017 - April 2018
Neo-Bank China Webank 1,670,000 1.20 January 2015 - December 2017
Commercial Bank China Bank of China 1,610,000 1.16 January 2016 - June 2018
Platform Global Samsung Pay 1,292,000² 0.17 January 2016 - December 2017
Commercial Bank China China Merchants Bank 1,260,000³ 0.90 January 2016 - June 2018
Platform ASEAN Go Jek Pay 1,100,000² N/A April 2016 - December 2018
Commercial Bank India State Bank of India 1,100,000 0.79 April 2016 - December 2018
Commercial Bank China Ping An Bank 1,081,000² 0.78 January 2016 - June 2018
Platform Multi Regional LINE Pay 1,050,000²³ 0.65 January 2015 - December 2018
Platform China/Hong Kong Welab 1,044,000 0.75 July 2016 - July 2018
Neo-Bank China BaixinBank by Baidu/China CITIC Bank 1,000,000 0.72 January 2018 - December 2018
Platform Philippiners Gcash 825,000 7.93 January 2018 - December 2018
Commercial Bank China China CITIC Bank 635,000² 0.46 January 2016 - June 2018
Platform China Lufax 467,500 0.34 July 2017 - June 2018
Platform Multi Regional TrueMoney 466,700 0.77 January 2016 - July 2018
Neo-Bank Korea Kakao Bank 423,800 8.23 July 2017 - July 2018
Neo-Bank China Mybank 420,600 0.14 January 2015 - October 2017
Commercial Bank Global Citibank 397,000⁴ 0.05 July 2016 - June 2018
Commercial Bank Multi Regional Santander 390,000 0.46 January 2016 - June 2018
Commercial Bank Multi Regional BBVA 383,300 0.56 January 2017-June 2018
Commercial Bank US JP Morgan Chase 290,300¹ 0.89 January 2016 - June 2018
Platform Vietnam MoMo 270,600³ 2.83 January 2016 - October 2018
Commercial Bank Nigeria First Bank of Nigeria 210,600 1.10 January 2016 - December 2017
Neo-Bank Brazil NU Bank 208,300 1.00 October 2017 - September 2018
Commercial Bank Thailand Kasikornbank 205,600³ 2.97 January 2016 - December 2018
Commercial Bank India ICICI 194,400 1.45 January 2015 - December 2017
Commercial Bank Thailand Siam Commercial Bank 187,500 2.72 July 2016 - June 2018
Neo-Bank Eurozone N26 187,500 2.84 July 2018 - February 2019
Commercial Bank Brazil Banco Bradesco 173,300¹ 0.83 January 2016 - June 2018
Commercial Bank Brazil Santander 170,000 0.81 January 2016 - June 2018
Neo-Bank UK Monzo 167,000² 0.49 April 2018 - December 2018
Commercial Bank US Bank of America 148,100¹ 0.45 March 2016 - June 2018
Platform Multi Regional M-PESA 147,200³ 0.14 October 2016 - Sept 2018
Commercial Bank Africa Ecobank 135,100³ 0.10 January 2016 -April 2018
Commercial Bank US/Canada Citibank 128,600¹ 0.35 October 2017 - June 2018
Commercial Bank Global Standard Chartered 125,000² 0.02 March 2014 - March 2017
Commercial Bank Korea Hana KEB 116,700³ 2.27 January 2016 - December 2017
Commercial Bank Korea Shinhan Bank 113,800³ 2.21 January 2016 - December 2017
Digital-only Bank Global ING Group 108,300 0.02 January 2016 - December 2018
Commercial Bank UK Barclays 106,300 1.61 January 2016 - August 2018
Platform Multi Regional Transferwise 95,000³ 0.01 January 2017 - September 2018
Commercial Bank Nigeria Diamond Bank 94,400³ 0.49 October 2016 - March 2018
Platform India WhatsUp Pay 90,000 0.07 February 2018 - November 2018
Commercial Bank US Wells Fargo 81,250¹ 0.25 August 2016 - February 2018
Commercial Bank Vietnam Vietcombank 80,800 0.83 January 2016 - December 2017
Commercial Bank Turkey Garanti Bank 78,800 0.98 January 2016 - September 2018
Platform Multi Regional WorldRemit 77,000 n/a July 2016 - July 2018
Commercial Bank Africa GT Bank(USSD only) 75,000 n/a January 2017 - December 2018
Neo-Bank US Marcus by Goldman Sachs 76,900 0.24 October 2016 - November 2018
Commercial Bank Italy Intesa Sanpaolo 73,500² 1.21 September 2015 - June 2018
Neo-Bank Multi Regional Revolut 73,200 n/a July 2015 - November 2018
Digital-only Bank India Digibank by DBS 71,900 0.05 May 2016 - December 2018
Commercial Bank Malaysia Maybank 70,800 2.24 September 2014 - September 2018
Commercial Bank South Africa First National Bank 69,600²³ 1.23 April 2016 - June 2018
Commercial Bank Vietnam Vietinbank 65,200² 0.68 Jan 2017 -November 2018
Neo-Bank Eurozone Monese 65,000² 0.91 January 2016 - April 2019
Commercial Bank UK Loyds Banking Group 62,500 0.95 April 2016 - March 2018
Commercial Bank Nigeria Guaranty Trust Bank 60,000² 0.31 January 2017 - December 2017
Commercial Bank Spain Caixa 56,700² 1.22 January 2015 - June 2018
Commercial Bank Taiwan CTBC 52,000² 2.19 December 2016 - December 2017
Digital-only Bank US BankMobile 50,000 0.15 January 2015 - December 2017
Commercial Bank UK Santander 50,000 0.76 January 2016 - July 2018
Neo-Bank Japan Rakuten Bank 45,200 0.36 January 2015 - December 2018
Platform China Yirendai (CreditEase) 42,900 0.03 January 2017 - December 2018
Commercial Bank UK RBS 41,700¹ 0.62 January 2018 - December 2018
Commercial Bank Global HSBC 41,700 0.01 April 2015 - April 2018
Commercial Bank South Africa Capitec Bank 39,100³ 0.69 November 2015 - September 2018
Commercial-Bank Australia Suncorp 38,333 1.53 July 2017 - December 2018
Commercial Bank Canada Royal Bank of Canada 37,000¹ 1.00 June 2016 - June 2018
Digital-only Bank Spain imaginBank by CaixaBank 33,300 0.47 January 2016 - December 2018
Neo-Bank Indonesia Jenius 32,000 0.12 August 2016 - August 2018
Commercial Bank Australia/NZ CBA 31,200¹ 1.06 July 2014 - June 2018
Digital-only Bank Japan Jibun Bank 30,630 0.24 January 2015 - December 2018
Neo-Bank Brazil Banco Inter Brazil 30,300 0.14 January 2016 - September 2018
Platform UK Curve 30,000 0.45 February 2018 - November 2018
Digital-only Bank Australia ING Direct 29,200¹ 1.19 January 2017 - December 2018
Commercial Bank Singapore/Hong Kong DBS 29,200 2.24 December 2016 - December2018
Commercial Bank Australia Westpac 26,250¹ 1.07 October 2016 - September 2018
Neo-Bank Brazil Banco Original 25,800 0.12 April 2016 - December 2017
Neo-Bank France Nickel 25,500 0.38 June 2016 - May 2018
Digital-only Bank Germany ING DIBA 25,000² 0.30 January 2016 - December 2018
Digital-only Bank France Boursorama by Societe General 24,700 0.37 January 2016 - July 2018
Digital-only Bank Indonesia Digibank by DBS 23,500 0.09 August 2017 - December 2018
Neo-Bank UK Starling Bank 21,300 0.32 March 2017- Jan 2019
Neo-Bank US Chime 21,300 0.07 June 2014 - April 2018
Digital-only Bank Japan SBI Sumishin Net Bank 21,100 0.16 June 2014 - December 2017
Commercial Bank Australia ANZ 20,833 0.85 October 2016 - September 2018
Commercial Bank Japan MUFJ 20,000² 0.16 January 2014 - December 2017
Commercial Bank UK Metro Bank 17,000² 0.26 January 2016 - April 2018
Commercial Bank Spain Santander 16,700 0.36 January 2016 - July 2018
Digital-only Bank Nigeria ALAT by Wema 16,500 0.09 May 2017 - September 2018
Digital-only Bank US Ally Bank 15,300 0.05 January 2016 - December 2018
Digital-only Bank Europe Hello Bank! by PNB Paribas 14,000 0.21 March 2016 - June 2018
Digital-only Bank Taiwan Richart by Taishin International 13,000 0.55 April 2016 - July 2018
Commercial Bank Poland mbank 10,100 0.27 January 2016 - June 2018
Digital-only Bank UAE Liv by Emirates NBD 10,000 1.06 May 2017 - May 2018
Commercial Bank Sweden SwedBank 8,300 0.52 January 2016 - December 2018
Neo-Bank Israel Pepper by LEUMI 7000² 0.80 June 2017 - June 2018
Commercial Bank Spain BBVA 6,900 0.15 October 2015 - February 2018
Commercial Bank Spain Caixa Bank 6,200 0.13 June 2016 - December 2018
Digital-only Bank Australia UBank 5,583 0.23 October 2017 - September 2018
Digital-only Bank Europe Fidor Bank by BPCE France 5,000 0.06 January 2016 - August 2017
Digital-only Bank France Hello Bank! by PNB Paribas 4,000 0.06 March 2016 - June 2018
Neo-Bank Canada KOHO 2,900 0.08 March 2017- August 2018
Neo-Bank UK Atom Bank 2,100 0.03 April 2016 - March 2018
Digital-only Bank Canada EQ Bank by Equitable Bank 2,000 0.06 January 2016 - December 2018

Notes:
(1) active digital users as defined by the FI
(2) estimated based on indirect data such as active ratios, total customer, growth, or retail digital user base
(3) mobile banking users only
(4) According to Citibank reports active digital consumer banking users grew by 337,500 per month between July 2016 and June 2018. Asian Banker Research applied an 85% digital active rate to determine total registered digital consumer banking base.
(5) ‰ of total population is defined as the growth of digital users per month divided by total country population and measured in per mille = 1/1000
(6) To determine ‰ for multi-regional FIs we aggregated the number of population by country.
Source: Asian Banker Research



Global survey of digital financial institutions: Methodology

  • The overall objective of this listing is to rank the top-tier digital FIs according to their ability to attract digital users (across all business segments).
  • The survey covers key global markets such as the US, South America, Canada, Europe, Africa and the Asia Pacific. 
  • The survey took into consideration mainly the period from 2015 to 2018.
  • The time period for each institution varies slightly but overlap with the core period between 2016 and 2017.
  • The listing is not exhaustive. The focus was on the top tier players in key market and region and for those where data were publicly available.
  • For the sake of simplicity, the survey defines all digital banks set up by non-bank FIs as neo-banks. For digital banks set up by commercial banks we refer to digital-only banks.
  • Data reflect gross onboarding and acquisition figures, not net growth which discounts for attrition.
  • Digital users per month are based on the growth of registered digital users which includes internet and mobile only, regardless whether they were directly digitally acquired, in the case of neo banks, platforms or digital banks, or digitally onboarded into mobile and internet banking which often is the case for commercial banks. 
  • The findings of the survey do not make assumptions about the quality of those accounts in regards to active accounts measured through a certain period or by measuring attrition. 
  • As for digital-only banks, the data do not tell how many of those onboarded were from the parent bank.
  • At times, the reason for the differences in client acquisition per months between digital FIs in the same market is not performance but different market positioning such as in the case of WeBank and MyBank in China. WeBank focuses on individual clients and consumer financing, while Mybank’s target segment is serving Micro and Small Enterprise (MSEs), hence the smaller numbers.
How is the ‘Star’ rating decided?
Based on average growth of digital users per month 

Star Rating 2018 Based on average growth of digital users per month