THE DIGITAL BANKING MONITOR | Q4 2025 REPORT
Digital banking is entering a new stage of maturity. As customer acquisition slows and profitability becomes the primary focus, leading neobanks are increasingly differentiating themselves through customer engagement, operational efficiency, and scalable technology platforms.
The Digital Banks Pulse Q4 2025 provides Alvarez & Marsal's latest benchmark of five leading digital banks, namely Nubank, Revolut, Wise, Monzo, and Starling, and assesses their performance across five key dimensions: Business, Profitability, Efficiency, Capital, and Digitalization.
Key takeaways include:
- Nubank leads the ranking, with the strongest year-on-year progress and lowest cost per customer.
- Revolut remains a strong #2, leading in business volume growth and return on equity.
- Growth is slowing, shifting the focus from customer acquisition to monetization and engagement.
- Profitability continues to improve, narrowing the gap with traditional banks.
- Technology is becoming a key differentiator, with some players beginning to fall behind.
Download the full report to explore the rankings, performance trends, and the key forces shaping the next phase of digital banking competition.
Download the Executive Summary
This executive summary of A&M’s Digital Banking Monitor Q4 2025 highlights how the sector is entering a new phase, with leading neobanks shifting their focus toward profitability, stronger customer relationships, and technology driven sustainable growth. It presents key trends and insights from the benchmarking of five major digital banks, showing a move toward value creation and operational excellence, alongside growing differences in their ability to scale efficiently and leverage technology.
