The Mobile Banking Study from mobile data platform Ogury, found that 8.8% of mobile users had downloaded at least one retail bank and fintech app between July and September 2017. In the US and Spain adoption higher levels are higher at 12.4% and 10.4% respectively.

Digital payment company PayPal dominates – appearing on 31.2% of mobile devices.

International money transfer is one of the most developed fintech markets, with UK-based TransferWise the standout performer with 36.6% market share in the UK.

Barclays’ app is the most popular retail banking app, owned by 25.7% of mobile users in the UK. It also sees high level of engagement, with 25.7% of its users regularly active. HSBC comes close second with 18.9% user engagement.

The most popular ‘challenger’ bank app owned by UK mobile users is Vanquis with an app ownership rate of 4.8%.

The study analyses more than 1,265,000 mobile users active during July – September 2017 in the US, UK, Germany, France, Italy and Spain. 

Christophe Bize, vice-president data and mobile analytics at Ogury, said: "Banking and handling money through mobile is now a daily reality for millions worldwide. While much of the media attention appears to be on challenger banks, digital payment services such as PayPal remain dominant, and the true ‘disruptors’. Other fintech companies have a long way to go before they match PayPal’s level of brand awareness.

"We expect to see UK fintechs increase their share of app downloads at the expense of retail banks over the coming year, particularly as key challenger bank players like Monzo and Revolut apply for, and achieve, banking licences."