Fintech apps are booming, and turning installs into loyal users requires a strong customer acquisition strategy for your fintech app in this growing market. If you don't want to take our word for it just take a look at our recent post where we uncover some of the latest predictions, such as the projected 1.3 billion dollar churn out in 2023 from the fintech app industry alone! With the rise in this market now is the time to focus on curating your fintech app customer acquisition strategy.
Follow as we unravel why there has been such unprecedented growth, taking a closer look at what the best practices for achieving customer acquisition for fintech apps are , and also the most recent trends that can help you with your fintech app customer acquisition strategy.
Fintech app rapid growth continues into 2022
Reducing user acquisition costs for fintech apps
We all know that customer acquisition for fintech apps is not a cheap quest. You want to bring in large volumes of high quality users? Well so do every other fintech app, and that will cost you a pretty penny. The question is how can you apply your fintech app customer acquisition strategy in a way that optimizes your budget whilst still achieving high user acquisition?
Fintech App Customer Acquisition Strategy
First things first, establishing a clear fintech app customer acquisition strategy is absolutely necessary. Attribution & Tracking, focusing on post install events as well as installs, and optimizing towards the most profitable in-app events are the three key steps you need to follow:
- Tracking your analytics
While this may not be new information, it is too important to overlook. Tracking everything: from impressions to post install activities is the first step .Your Fintech app’s growth, similar to other categories, relies heavily on attribution. And attribution is inextricably linked to tracking analytics. From first impressions through post-installation activities, each element will help you to understand Customer acquisition for fintech apps. The information you're getting will come in handy later when you're looking to improve your campaigns and cut costs.
- Focus on Cost per install but also on Events
CPI (Cost Per Install) campaigns are generally used when the goal is strictly to gain new users for the app in question in order to really build out the user base and gain more market share. For fintech apps however, the real money comes from generating post install events, such as first deposit, or first transaction. It is a good idea to focus your fintech app customer acquisition strategy on these valuable events.
- Improve the registration funnel:
The final way to optimize your budget is to focus on the registration funnel of fintech app users. An estimated 50%-60% who register during the first 30 days post-install do so within the first day of installing the app. You must closely monitor the performance of your registration funnel and ultimately shorten the time from install to registration. The shorter this is, the stronger your app.
Testing your creatives
An excellent fintech app creative should include the following steps:
- Grab the reader's attention
- Teach them about who you are and what you have to offer
- Clear CTAs to the main in-app events such as first transaction or first deposit.
In doing so, you will be able to reach those users who really matter and increase customer acquisition for your fintech apps in a much more efficient and cost effective way.
Fintech Apps Trends
Fintech app trends per country
When it comes to country preferences, there is a strong trend emerging; Retail banking apps remain popular in North America and Europe, while fintech disruptors rise to the top across APAC (Liftoff report). See Mapendo’s latest fintech app revenue breakdown per country.
Let's take a closer look at the latest US market trends in 2022.
Top Fintech apps by downloads in Q1 2022 | US
As you can see, of the top 10 finance apps in the US, the top 3 are transaction and payment apps. Cash App is the top performing fintech app in the US, having experienced a 3,000% increase in annual revenue between 2018 and 2021 alone! Another interesting point is that approximately 75% of Cash Apps revenue came from Bitcoin transactions.
Fintech app trends per category
There is a wide category of fintech apps, with the following being the key ones:
- Digital banking
- Trading and cryptocurrency
- Deposit and lending
- Capital raising
Crypto apps have become another fast developing category, in addition to the continuous expansion of Payment and Banking apps.
Top fintech apps outperform the best banking apps by a factor of up to 10.8x. Investment and trading apps were the categories with the highest areas of growth: time spent in the top five investment and trading apps grew 55% YoY according to liftoff’s report.
Thanks to these different categories of fintech, operating finances through apps has become part of our everyday lives. It is important to optimize your Fintech app’s customer acquisition strategy if you want to stay in the game.
The Fintech app market has had an unprecedented number of app installs and engagement in the last year, and this trend is only expected to grow. Carefully considering these best practices will provide you with a reliable way to develop your fintech app’s customer acquisition strategy. In doing so you will increase your in-app revenues, improve retention rates, and continue to reap high customer acquisition for your fintech app.