The US has played host to an increasing number of FinTech solutions in recent years, keeping up with demands from a growing user base seeking new ways to manage money.
That’s why you don’t want to miss The State of Finance App Marketing: 2020 Global & US Trends report to get the latest key trends and benchmarks in this red hot vertical.
Unlike developing markets, the vast majority of Americans do have bank accounts and have already turned to apps to expand the range of digital financial services available to them.
Yet, for reasons of cost, confidence, and/or convenience, a surprising 25% of the US population is still without an account in a traditional financial institution.
Given the mix of users in demand of FinTech solutions, the share of Finance app installs in the overall app install pie increased by 25% between 2018 and 2019. Although, not quite as high as in the developing regions of Asia-Pacific and Latin America, it still establishes the traction US FinTech has gained in recent years.
In particular, the financial services subcategory of apps now claims more than 50% of the Finance install pie, driven by a large share of apps given the variety of services offered. These apps provide easy alternatives to paying bills, making online payments, getting credit scores and reports, managing budgets, and more.
Likewise, filling in the gap for traditional brick-and-mortar banking institutions, digital banking claims nearly a third of the share of installs. Despite their accessibility and increasing user trust, these apps must acquire new users from scratch, which may explain why their install share isn’t higher.
Heightened consumer demand has also led to increased competitiveness, which in turn has led to greater marketing spend in an effort to draw attention to specific apps. In fact, we’ve found that almost 50% of Finance app installs in the US are non-organic, while the share of Finance apps with a marketing budget increased by 70%.
The State of Finance App Marketing: 2020 Global & US Trends is the most comprehensive data insights report in the region covering 3.5 billion app installs of 1,800 apps.
- Global trends and regional comparisons: How the US compares to other parts of the world
- Install and user acquisition trends
- Retention and engagement rates
- Install to registration conversion rate per sub-category
- App install and in-app fraud benchmarks