Mobile measurement and fraud prevention company, Adjust, has partnered with mobile market data and analytics firm, App Annie to produce the The Mobile Finance Report 2019. The global report analyzes more than 90 apps from 36 countries, highlighting the high-growth markets for banking apps and the benchmarks and metrics marketers must aim for, to acquire and retain high-value audiences.
- APAC is the leader in finance app use globally, but western markets are poised for impressive growth
- Finance app downloads in Asia, driven by the uptake of super apps such as WeChat and Alipay, have grown by nearly 4x in just four years. Downloads have jumped from 383 million in 2014, to peak at 1.84 billion in 2018.
- App uptake in Europe and North America is in the early stages of a powerful growth trajectory. This strong momentum, fuelled by increased consumer interest in mobile-only app banks and frictionless financial services, suggests these regions are on the “cusp of exponential growth.”
Paul H. Müller, co-founder and CTO of Adjust
Finance apps retain long and strong
Nearly one-third (32%) of users return on Day 1, and 15% are still using the app by Day 30. Compared to 15 app verticals, Banking apps come in a strong third, with a Day 30 retention rate trailing only News (18%) and Music (17%).
Overall, banking app performance is far more consistent — and less erratic — than many other app verticals. The retention curve for banking apps reveals ample opportunities to re-engage and retarget users early in the life cycle who are showing signs they may lapse.
Payment apps are driving the next wave of financial innovation
Payment app uptake is strong; however, moderate retention rates suggest marketers would do well to use more channels and approaches to activate and motivate their audiences. An analysis of retention rates across 15 app categories shows Payment apps have room to grow.
Danielle Levitas, EVP Global Marketing and Insight, App Annie