Discover the high-growth markets for banking apps and the benchmarks and metrics marketers must aim for to succeed in this space.
We have partnered with Adjust, the industry leader in mobile measurement, fraud prevention and cybersecurity, to develop the The Mobile Finance Report 2019. The report highlights the high-growth markets for banking apps and details the benchmarks and metrics marketers must aim for, to acquire and retain high-value audiences. The global report — which draws from App Annie and Adjust internal data from January 1, 2019 to June 30, 2019 — analyzes more than 90 apps across 36 countries.
Key findings from the report include:
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, fueled by increased consumer interest in mobile-only app banks and frictionless financial services, suggests these regions are on the "cusp of exponential growth."
Finance apps retain long and strong retention rates
- 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.
For additional findings and key takeaways, as well as a regional spotlight on APAC payment apps, download the full report here.
November 25, 2019Market Data