Growing number of mobile users activate fintech apps

Anne Freer | September 22, 2022

App Business

A growing number of consumers are downloading fintech apps as the economy tightens. According to data shared by mobile growth acceleration platform Liftoff, fintech apps continued to scale year-on-year. 

But while the average cost per install declined, average cost per registration and cost per activation of finance apps rose at the same time that install-to-action rates fell. 

One of the reasons why fintech apps have become so popular with consumers is because they provide a more innovative user experience.

Liftoff found it costs an average $17.96 to register fintech users which is rather steep. However, account activations are high at over 56%. 

Banking apps were the cheapest to acquire ($1.50) but registered at lower rates (10.2%). 

The latest finance app report also found that Android users were more cost-effective to acquire than iOS users ($2.09 CPI compared to $4.35) and twice as likely to activate. 

Mobile users in Latin America were cost-effective to acquire ($1.60) but registered at lower rates (18.3%) while EMEA users registered at higher rates (34.8%) but just 4.3% activated their accounts. Latin American users activated at the highest rate of 38.2%.

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