Which are the most popular digital banks in every country?

Digital banking has truly become a global phenomenon. Being able to micro-manage your own finances, receive a new credit card by mail within a couple of days, invest in capital markets and enjoy a seamless UX, customers globally are getting affectionate to their banking apps or neobank of choice.

And it seems like every country has its own favourites, whether that is thanks to a carefully designed app interface powerful data analysis or crypto offerings. A report by BusinessFinancing.co.uk  made a ranking analysing Google search data to reveal the most popular (most-searched) digital banks in every country.

Among the most interesting findings, Revolut was found to be the most popular neobank in 17 countries, making it the most widespread popular digital bank. Yet, not in the UK, where competitor  Monzo won with 237,000 monthly searches.

In the US, Square is the most popular digital bank (719,000 searches/month) beating  Chime, despite the latter having 12 million customers and being the biggest neobank in the country.

Brazil’s NuBank, “the largest digital bank in the world, the major fintech in Latin America, and the first Brazilian startup to reach the $10 billion mark” is definitely the most common in South America, especially after the pandemic, when the neobank giant helped to deliver emergency aid to low-income Brazilians and made having a bank account feasible for many locals who are as yet unbanked.

The digital spin-off of Mashreqbank PSC, the United Arab Emirates’ oldest privately-owned bank, is the most popular digital bank in the Middle East and, launched in 2017, the UAE’s first all-around digital bank. Across the rest of Asia, some of the most-searched-for were Yono by SBI in India, Rakuten Bank in Japan, Jenius in Indonesia and Kkao Bank in South Korea. In Australia, the unquestioned winner is Ubank, launched by National Australia Bank (NAB) in 2008, which has brought innovation and distinction to the brand. 

“Digital banks have the power to divest influence from financial institutions with centuries of dominance and histories caught up in colonial wealth and exclusionary, conservative policy,” states the report. “However, the future is not spread evenly. While neobanks make personal finance management viable for whole new demographics, not everybody can afford a smartphone or will choose to update it as the software demands. There is a constant danger that some will be left behind.”