Research by mobile analytics platform App Annie has discovered mobile FinTech apps outperformed banks by a factor of up to 10.8x during the COVID-19 pandemic.
According to the research, FinTech app downloads grew 15% during the pandemic. Finance apps were downloaded 4.6 billion times during 2020, with users spending 16.3 billion hours scrutinizing their finances on their mobile.
Citing economic uncertainty as the reason, the report found demand for the apps grew across banking, investing, government aid and cash transfers. Downloads spiked considerably during April 2020 in-line with the global spread of lockdowns, while the most substantial surge occurred in December.
App Annie identified investment and trading apps such as Robinhood as the most downloaded finance apps globally, with consumers taking on day-to-day trading activities.
The report – commissioned by app marketing enterprise Liftoff – examined 57 billion ad impressions over 81 million clicks, 12 million app installs and 20 million first-time events in 188 apps for the whole of 2020.
Liftoff CEO and co-founder Mark Ellis said, “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%. “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.”
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