With 250% Surge in Downloads, Kotak811 Overtakes SBI Yono to Rank as World’s 3rd Most Downloaded Banking App in H1 2025
With 250% Surge in Downloads, Kotak811 Overtakes SBI Yono to Rank as World’s 3rd Most Downloaded Banking App in H1 2025
India’s digital-first banking model gains global spotlight with 250% surge in downloads
Kotak Mahindra Bank’s Kotak811 app has emerged as the world’s third-most downloaded banking application in the first half of 2025, overtaking the State Bank of India’s Yono platform, according to data from Sensor Tower. The app recorded over 16 million downloads during the period—a 250% year-on-year surge, marking the fastest growth for any banking app globally.
The global chart was topped by Brazil’s NuBank and the UK’s Revolut, both neobanks without traditional branch operations. SBI’s Yono app ranked fourth with 14 million downloads in the same period.
Launched in 2017, Kotak811 is among India’s earliest neobanking initiatives and now serves over 2.6 crore fully KYC-compliant savings account holders. Its digital-first approach, modeled after low-cost airlines, offers zero-balance accounts with optional paid add-ons such as debit cards and cheque books. This structure has enabled profitability while attracting digital-savvy users who prefer convenience over traditional branch visits.
Jay Kotak, co-head of Kotak811, said the platform operates differently from conventional banks: “Running digital operations in a fundamentally different way has worked for 811. It’s a full-service banking account and a financial marketplace, offering savings, payments, mutual funds, insurance, and credit cards within one ecosystem.”
Despite restrictions from the Reserve Bank of India that temporarily barred Kotak from onboarding new digital customers until February 12 this year, the app maintained strong momentum. Kotak officials noted that their digital ecosystem, including premium offerings like 811 Super, Solitaire, and Kotak Private, caters to a wide spectrum of users from mass-affluent to high-net-worth clients.
While SBI Yono continues to lead in overall install base, backed by SBI’s massive customer pool of over 50 crore, Kotak’s success underscores a growing shift toward app-driven financial services in India. SBI’s digital downloads are also split between Yono and Yono Lite, a lighter version tailored for budget smartphones.
Globally, consumer banking apps crossed two billion downloads in the year ending June 2025, a 5.1% increase year-on-year, with nearly half a billion downloads every quarter. Analysts note that banking apps have become the “new face of financial services,” driving digital transformation and financial inclusion in emerging economies such as Brazil, India, Mexico, and Colombia.
