Financial and banking app downloads have increased 132% globally according to the latest report from app marketing expert AppsFlyer.
The latest The State of Finance App Marketing report found that downloads in the UK alone rose 129% between 2020 and 2021 due to the pandemic.
Marketing-driven installs jumped by a whopping 300% between 2020 and 2021 in Western Europe as marketers began to more aggressively acquire users last year.
Meanwhile, the demand for investment apps also rose 61.4% in the UK in 2021. They’re particularly popular in the UK, Germany, Russia and Turkey.
App spending climbed 70% in the UK as CPI rose 57%.
At the same time, fraud rates fell 77% across the EMEA regions and 81% in the UK. That’s due to better anti-fraud solutions and financial apps bolstering their efforts in this area.
“FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt,” said Shani Rosenfelder, Head of Content & Mobile Insight, AppsFlyer. “Marketers should strive for efficiency with their spend by following the rising Cost Per Install trend and focusing on user acquisition to meet new demand. Marketers should also explore more affordable remarketing campaigns to keep their brand top of mind amid rising market competition.”
The report also found that digital banking installs were up 45% and remarketing conversions saw a 3.3x growth. The growth of non-organic installs hit 172% between 2019 and 2021.
The findings highlight that demand for finance apps continues to grow despite COVID regulations slowly easing. This is partly driven by greater convenience and higher acceptance of mobile devices.