Fintech is the fastest growing app category with finance apps accounting for 5% of app downloads in 2019.
Finance apps came out on top as the second largest category for number of apps and the sixth largest for total installs.
That’s according to research by mobile attribution leader AppsFlyer which examined 4.6 billion app installs across 3,000 apps.
“The finance app industry is in the midst of staggering growth in global adoption, from 16% in 2015 to 64% in 2019, which is putting pressure on marketers to uplevel and digitize user acquisition and experience,” said Shani Rosenfelder, Head of Content & Mobile Insights, AppsFlyer.
“Our latest analysis finds several key trends, including that digital banking alternatives are steadfast rivals to traditional legacy options, install and post-install fraud are rampant detractors of marketing ROI and user experience is paramount to immediate action.”
Nearly one in two finance app installs was found to be non-organic as marketers continuously boost user acquisition budgets to remain competitive. Finance apps saw a 70% rise in marketing budgets while digital banking apps noted a 100% rise in user acquisition budgets.
Meanwhile, almost a third (28%) of finance apps are subject to install fraud rates of 30%.
One-month retention rates of non-organic investment app users was 4x higher on iOS than on Android.
However, finance apps are enjoying an improved user experience with 50% of users completing the registration process.
“The financial services industry is in a critical stage of innovation, and it’s up to marketers to beat the array of competition,” said Doug McMillen, Vice President Enterprise Strategy, AppsFlyer. “There is more pressure than ever for this innovation to be mobile-first to meet the ubiquity of mobile payments and global consumer demands for on-the-go access. With this report, marketers have insight into how to direct their app marketing spend, prioritize user acquisition and measure success so they can stay competitive.”