Finance apps had a standout year in 2020 with downloads rising 15% year-on-year to 4.6 billion.
That’s according to brand new research from mobile app marketing firm Liftoff. In conjunction with App Annie, the latest Mobile Finance Apps Report finds that despite economical uncertainty due to COVID-19 lockdowns, finance app downloads outpaced overall downloads by 2x.
Time spent in finance apps rose to 16.3 billion more hours in 2020, up 45% year-on-year.
“COVID-19 and the ensuing financial uncertainty resulted in users spending massive amounts of time on finance apps throughout 2020, and more readily activating in-app, with rates up a third to 25.1%,” explained Mark Ellis, CEO and co-founder of Liftoff.
“With many exploring new financial interests, marketers may want to consider tactics that offer resources to nascent users, encouraging retention and increasing confidence in in-app actions.”
Users were quick to adopt finch apps which outperformed some of the top banking apps by a factor of 10.8x.
Investment and trading apps such as Robinhood were among the most downloaded apps during this period.
The trend was particularly noticeable in the US where mobile users spent 135% more time in the top five investment apps.
Canada and Mexico followed closely behind seeing a spike of 115% while South Korea saw the greatest growth of 120% among the APAC region.
Lexi Sydow, Head of Marketing Insights, App Annie, expects these trends to last into 2021.
“In 2021, more financial decisions are being made from our mobile devices than ever before, illustrating a powerful shift in consumer decision making. Time spent in finance apps grew 45% year over year globally outside of China in 2020 — including retail banking, investment and trading apps, loans, retirement funds, government payment apps, fintech apps, and more. Stock market participation soared in 2020 amidst financial headwinds and market concerns from COVID-19, and consumers turned to apps, with time spent in top investment apps up 55% worldwide and 135% in the US. Top Fintech apps outperformed top banking apps by a factor of up to 10.8x in key markets across North America, Europe and Asia Pacific,” she said.
What’s interesting is that Android eclipsed iOS performance in the finance app space with a cost-per-install from 4.5 to 7x less than iOS.
What’s more, Android users were found to be 2x more likely to convert.