Digital Banking Enters Maturity Phase After Surpassing 234 Million Customers
A new report by Alvarez & Marsal indicates digital banking has entered a mature phase, surpassing 234 million customers globally in 2025. The sector is shifting focus from acquisition to monetization and efficiency.
Consulting firm Alvarez & Marsal (A&M) has released its inaugural "The Digital Banks Pulse Q4 2025" report, analyzing the performance of five major global digital banks: Revolut, Nubank, Wise, Monzo, and Starling Bank.
The report reveals that digital banking continues its global expansion and is now entering a more mature phase. Collectively, these five neobanks served 234.8 million customers in 2025, a 19.7% year-on-year increase. Their combined business volume, measured as loans and deposits (excluding Wise), grew by 47.9% to $201.252 billion. A&M states this evolution signifies a shift beyond customer acquisition towards a model prioritizing monetization, higher per-user volume, operational efficiency, and expanded financial product offerings.
Utilizing the A&M Score – an indicator assessing business performance, profitability, efficiency, capital, liquidity, and digitalization – Nubank was ranked the best-positioned neobank in 2025, followed by Revolut. The study highlights the ongoing structural cost advantage of digital banks over traditional European banks, with an average cost per customer of $34 compared to $1,042 for incumbents.
The next challenge for neobanks, according to the report, is to maintain efficiency during expansion, which will depend on innovation and technology investment. The report also notes that digital banks are strategically targeting more profitable and capital-light customer segments, leaving balance sheet-intensive, lower-return businesses to traditional banks.