At the start of the COVID-19 pandemic, there was a notable increase in the popularity of personal investing apps as people sought to manage their finances remotely, keep up-to-date with market information, and invest.
However, in 2022, following the cryptocurrency crash and escalating inflation, consumers became more cautious with their financial risk-taking, leading to a decrease in interest in these apps. Investing apps witnessed a -5% drop in engagement. And yet, one app withstood the downward trend.
Saving with Nude
While downloads of personal investing apps in the UK experienced a YoY decline of -25% in 2022, Nude noted a 137% rise in downloads during H2 2022, according to new data from data.ai.
The app facilitates accessibility to saving schemes such as the Lifetime ISA, and offers money-saving expertise to aid younger generations in their quest to enter the property market.
Nude downloads on Google Play
Source: data.ai
The impressive growth propelled Nude to the top of the personal investing app charts in the UK, surpassing established players in the subgenre like Plum and Hargreaves Lansdown.
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DOWNLOADIn November 2022, Nude emerged as the leader in both downloads and monthly active users.
What makes Nude stand out
Since its launch in 2021, the app has generated plenty of buzz in the personal finance market. Its success is especially notable considering the decline in personal investment during this time. But what makes Nude so popular?
Key features of the app include the “Gift Time” feature, which enables friends and family to contribute directly to a user’s Lifetime ISA for occasions such as weddings, birthdays, and Christmas.
Nude defies wider market trends
Source: data.ai
The app also offers bite-sized financial literacy guides covering a range of topics, from interest rates to the logistics of buying a home with a partner.
Additionally, users can access a personalized “Time to Buy Calculator,” which estimates the timeline for purchasing a property based on factors such as salary, savings, monthly saving goals, and property location, type, and size.
Nude’s CMO Yoann Pavy told data.ai that what helped the app succeed was a mixture of relentless testing, paid ads with paid influencers and hiking interest rates of their ISAs during the economic crash.
Key takeaways
- Investing apps saw a -5% drop in engagement in 2022
- While Nude noted a 137% rise in downloads during H2 2022
- Key features of the app include the “Gift Time” feature, which enables friends and family to contribute directly to a user’s Lifetime ISA
