The State Of Fintech Apps In 2022

Mapendo Team
May 11, 2022
The State Of Fintech Apps In 2022

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In 2021 fintech apps reached 573.1 million downloads in the US, up nearly 19% from 481.9 million in 2020. With the industry booming, we decided to take a look at the most stand out trends of 2022: 

  1. Cash is no longer king: While we are all familiar with the mantra ‘cash is king’, the digitalisation of our economy is making this less and less true. In fact, according to the Global Payments Report, the use of cash has declined a staggering 42% since 2019. Also, by the end of 2021, 52% of purchases were made with a digital wallet. This acceleration of digital payments shows that the convenience of banking apps, as well as digital wallets is taking over fast. 

  1. Fintech apps for Gen Z vs Gen X: According to Insider Intelligence’s latest report, the most popular finance applications differed significantly by age group. Money transfer services, cryptocurrency trading sites, and neobanks were all more popular among Gen Z. Gen X and baby boomers, on the other hand, preferred traditional brokerages, banks, and insurance firms' apps. In general, younger customers choose systems that allow them to move money quickly and easily, as well as provide them with financial flexibility when it comes to investing.

  1. Growth opportunities differ across the globe:
    Adjust’s: Mobile Apps Trends report 2022 shows that for fintech app install rates, North America comes out on top with a 69% year-over-year increase in installs by the beginning of 2022. LATAM also saw a spike of 62%, APAC grew by 29%, and EMEA added 16% to its average. These installs were divided per vertical as follows: Payment makes up for approximately 57% of the installs share, followed by banking at 34%, stock trading at 7%, and crypto at 2%.


Data From Adjust's Mobile App Trends 2022 Guide

To learn more about app install campaigns, check out our free guide to programmatic advertising here!

Strategies to optimize your fintech app install campaigns

To be successful, your fintech app install campaign must target the right users and catch their attention. As mentioned earlier, there is a significant difference in Gen Z’s preferences for fintech apps versus Gen X. Designing your app install campaign to tailor the right user is the first step. Here are some more: 

These are the main factors to consider for the set-up of a successful fintech app install campaign:

  1. CPI or CPA campaign?
  2. The use of algorithms for app campaign optimization
  3. Pick the Right Attribution Model for your Fintech App

  1. CPI or CPA campaigns for Fintech apps?: The type of payout model you want to use for your app install campaign is the first thing to think about if you want to conduct a successful campaign: CPI and CPA are the two main models in the context of mobile app marketing campaigns. With a CPI (Cost-per-Install) campaign, advertisers pay ad networks and DSPs (Demand Side Platform) whenever a user installs and opens the app, driven by the ad shown. In a CPA (Cost-per-Action) campaign, the advertiser pays the DSP or ad network only when users perform a specific in-app action selected by the advertiser (first deposit or first transaction for example) Read more here

  1. The Use of Algorithms for fintech app install campaign optimization: Demand Side Platforms (DSPs) use AI and machine learning algorithms to gather data, analyze results, and enhance performance, which helps advertisers when conducting their app install campaigns. Data analysis and early results are critical for app install campaigns: reports help you understand your campaign's strengths as well as its faults and components that need to be adjusted or improved: Read our recent case study showcasing how Mapendo helped a leading financial service app achieve just that.

  2. Pick The Right Attribution Model for your Fintech App:

Mobile attribution is the science of matching two data points, such as attributing ad spend to user engagement or installs based on certain variables. In simple terms, Attribution creates an understanding of what happens when a user interacts with a mobile ad. For fintech apps, it is vital to pick the right attribution models you use to do so, with the main choices being View-Through-Attribution (VTA) and Click-Through-Attribution (CTA) models. VTA is based on impressions, that is to say that this model attributes conversions to ads when users install the app after having seen the app, with no click on it. CTA, on the other hand, counts the conversions that happen only if the user clicked on the ad.  


The fintech app vertical has had an unprecedented number of app installs and engagement in the last year, and this trend is only expected to grow. Users are entrusting their most sensitive data to mobile apps now more than ever seen before.

Carefully considering which payout model is best suited, using algorithms for app install campaigns, and choosing the right attribution model are all reliable ways to develop clever app install campaigns. In doing so you will increase your in-app revenues, improve retention rates, and continue to capture this growing audience.