Finance apps continue to ride a significant boost in adoption. Many banked, invested, budgeted, and made payments with fintech apps before the pandemic. In 2020, there was a paradigm shift with new consumer behaviors aligned with digital financial activities. That increase isn’t slowing, according to new data. So, what are the app growth opportunities for financial apps?
The State of Finance App Marketing
- Installations of finance apps increased 20% from Q1 2020 to Q1 2021, proving that the demand for these apps isn’t waning.
- Digital banks increased installs by 45%, and traditional banks gained 22%. This trend highlights consumers have more options for banking and are willing to try out the unconventional.
- The demand for finance apps in the U.S. rose by 110% in 2021, illustrating opportunities for user acquisition (UA) even in the most “banked” countries.
- Financial services apps were the leading sub-category of installs in the U.S., followed by investment, digital banking, and traditional banking gaps.
In addition to this data, more projections will be critical for your financial app’s growth. First, experts forecast that the financial app market will be worth over $2 billion by 2028. The report states Asia Pacific will be the region contributing the most.
So, how can these trends boost your app’s growth? We’ve got some ideas.
More Options for Consumers Translates to the Need for a Competitive Edge in Advertising
The financial app landscape is getting crowded. When there’s a high demand, many new faces will join the category trying to cash in, literally. Thus, the hook to acquire new users needs to be original and targeted. You need a competitive edge in your advertising. You can execute that by:
- Using specific copy in CPI (cost per install) campaigns highlighting your value over others.
- Sending iOS users to CPPs (custom product pages) that align with your CPI copy and demonstrate to users why your app is unique.
- Launching CPI keyword campaigns that are long-tail and targeted toward a specific type of user (e.g., financial apps for teens, budget apps for families, investment apps for first-time investors).
Engagement from the Start Reduces Churn
The first part of UA is the install. The next part is getting that customer to use your app and generate revenue. It’s all about engagement. Without it, users will abandon your app. It needs to be something that becomes a habit to use.
If you want to lay a foundation of engagement, start from the moment they download the app. Or even before with CPI/CPE (cost per engagement) ads that push the user to install and XYZ (e.g., register, make a payment, buy a stock, etc.).
You can reiterate the prompt to engage and complete activities with rewarded ads. They “reward” users when they complete the activity. Continuing to use these throughout the funnel keeps people invested in your app.
You can continue tweaking your CPEs by looking at your data and determining which events lead users to stay and pay. For example, those who register early may have a greater likelihood of making a transaction sooner versus those that don’t. So, you want to optimize for that event.
Expand into New Geos That Make Sense
Another growth opportunity for finance apps is to launch in new geos. The AppsFlyer report noted that there is consistent demand across many regions. Each region finds different types of finance apps appealing. Explore which areas have the highest demand for your app type. You only want to branch out when it makes sense. Then determine what you’ll need to engineer within the app to welcome new users from that country.
Once the app is ready, work with your mobile app marketing platform that can deploy ads in that country for both iOS and Android. Work with them on a plan that considers how those consumers seek out and use financial apps. Align those behaviors with CPI and CPE campaigns that use language nuances that seem relevant to those audiences.
For UA in more mature markets like the U.S., is it too competitive?
Room for Growth in Mature Markets, Too
As indicated, the U.S. saw massive increases in financial app downloads. It’s partly due to personal finance changes and the desire to have more control over finances. Now, these apps are part of a consumer’s digital financial footprint. So, how do you capture those users?
If you want to disrupt these markets, you’ll need to be very targeted. You can use burst campaigns, which are short, highly concentrated spends that are very specific. Being too broad here will dilute the quality.
Burst users may not be lifelong, but their installs impact your category ranking. If you can ascend, you can also catch the eye of other users. They may then download your app because of its popularity. Those new users would be a great pool for CPE campaigns, engaging from install and beyond.
Growth Opportunities for Your Finance App Ahead with AdAction
Growing a financial app requires a mix of tactics and a network that can consistently deliver quality traffic. You can check those both off the list when you work with AdAction. We’ve helped numerous financial apps reach their UA goals and are ready to do the same for you.
Contact us today to discuss your customized growth strategy.