The finance industry experienced major shifts in 2020 in response to COVID-19. With worldwide stay-at-home orders set in place, finance marketers were forced to pivot their businesses to fit a digital model and transition to entirely online interfaces. With no choice but to adopt and trust online financial apps, consumers have done so, but continue to have financial literacy, privacy and security top-of-mind. The recent rollout of iOS 14 creates another set of post-pandemic challenges and finance marketers will need to get creative to drive new, quality leads.
The Current State of Finance Apps
Although the finance vertical has undergone tremendous change over the past year, demand for finance apps continues to grow. Fintech app sessions spiked in 2020, increasing 85% compared to 2019, and the sessions are already up 35% halfway through 2021. This notable growth represents a significant shift towards digital banking and payments in 2020, and a consistent consumer mindset into 2021.
With so many consumers shifting to digital, finance apps such as investing, banking, cash transfers, and government aid are experiencing consistent growth so far this year. Fintech app installs increased by 51% from 2019 to 2020 and were up again by 12% at the beginning of 2021, compared to the 2020 average. Additionally, investing and stock-related app searches have grown 115% year-over-year.
As finance marketers continue adjusting to the digital landscape and the mobile environmental changes caused by iOS 14, ongoing in-app evaluation and optimizations will be crucial to maintaining and executing a top-performing user acquisition strategy.
Transitioning to iOS 14
Many are still unsure of the long-term effects iOS 14 will have on the mobile ecosystem. While iOS 14 has brought its fair share of challenges, it hasn’t noticeably hindered the finance vertical. Across the mobile landscape, app growth has steadily continued to increase during 2021 with installs up 31%. Apps within the finance vertical are positioned for success, with the mobile fintech space seeing a 42% ATT opt-in rate. While some marketers are concerned about losing targeting data, fintech apps continue to drive new user acquisition and engagement with downloads up 132% into 2021.
While the transition to iOS 14 has been smoother than anticipated for many, mobile finance marketers should still be creating innovative ways to target and track their users. One of the ways mobile finance marketers can continue to drive growth post-iOS 14 is through working with a mobile performance network, such as our Perform[cb]. Some of the lost user acquisition due to iOS 14’s ATT could be recouped via other cost-per-action (CPA) strategies, such as desktop. When working with a performance network that has distribution across diverse channels, marketers are not limited to just mobile. By only paying for desired results and connecting with high-quality users, mobile finance marketers can acquire qualified leads while driving guaranteed ROI. For example, when utilizing CPA pricing models with a trusted performance network, marketers will achieve guaranteed app downloads or installs by employing CPI campaigns.
Check out our case study to learn how Perform[cb] Network drove a 75% increase in new user acquisition for a popular insurance app, and also achieved a #1 rank in Apple’s iOS App Store in the car insurance category.
The growth seen within the finance vertical provides considerable opportunity for affiliates to capitalize on. As mobile finance marketers have limited access to personalized data given iOS 14’s ATT, it will be crucial to use affiliate marketing to reach new and existing customers and build long-term relationships. Affiliate partners will have the opportunity to offer additional data, reach high-quality leads, and create content to connect finance apps with their desired customers. Learn more about how affiliate marketers and partners can help the finance vertical in Affiliate Summit’s Intelligence Report focusing on how 2020 impacted the finance vertical.
The Future of Fintech
As mobile finance marketers continue to bank on the future of fintech, many are positioned to come out on top despite iOS 14’s recent tracking updates. Users download finance apps with intent. This “purpose” leads to quality relationships and guaranteed ROI driven to mobile finance apps, which can be reflected by a relatively high return-on-ad-spend. According to App Annie’s 2021 Mobile Finance Report, by day seven after a finance app is installed, ROAS hit 45%. By day 30, ROAS has nearly doubled to 88%. So, as long as marketers convince users that their app serves a clear purpose, they can expect to continue to increase user acquisition and ROI.
If you’re ready to make an impact in the finance vertical and continue to acquire high-quality users while driving guaranteed ROI, reach out to Perform[cb]’s team of digital marketing experts now.