Fintech has evolved into a mammoth field, with enough sub-niches and trends to meet any advertiser’s Mobile user acquisition strategy’s desires. And it doesn't look like the adoption rate of fintech apps will slow down anytime soon, with new downloads expected to reach almost 3 billions in 2023, thanks to a global ad spend above $4 billions.
Fintech app industry
In a nutshell, fintech apps have been developed by easy to use technology to enable consumers to access their financial lives. Fintech apps have made payments easier, transactions more secure, and lendings attainable at our fingertips. They've put the whole range of financial and banking services directly in our pockets.
It is difficult to predict where this business is headed given the rise of neobanks, buy-now-pay-later, contactless payments, and other trends, but you cannot ignore the potential for consistent growth of fintech app user acquisition. In fact, the sector's revenue is anticipated to increase during the next few years at an average rate of about 12%, reaching a value of €188 billion by 2024, source.
Fintech apps are normally divided into 5 genres:
- Digital banking
- Personal finance
- Blockchain and cryptocurrency
Popular fintech products and businesses that are flourishing internationally include Robinhood, Revolut, and Coinbase. However, they have entirely different features, businesses, and income strategies from one another. For an in-depth look into how best to achieve user acquisition for fintech apps, take a look at our Paysend case study.
Demographic of fintech app users
In order to better understand how to optimize user acquisition for fintech apps, let’s highlight some key demographic findings.
According to Statistica data, approximately 90% of mobile users use fintech apps to view their account balance. More data from Statistica finds that younger generations are more likely to utilize mobile banking. The earliest millennials turned eleven in 2007, the year the first iPhone was released, providing them an advantage when using apps. Another key point to remember as part of your mobile user acquisition strategy is that age also affects how frequently users check their fintech apps, though this change is not as significant when one excludes those who do not use mobile banking apps.
Additionally, Insider Intelligence survey found that 97% of millennials use fintech apps daily. The survey also found that 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. What this means for fintech app user acquisition is that 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.
The fintech sector is thriving right now as a result of widespread blockchain usage, significant life-cycle digitization, and increased client expectations. Therefore, there is a huge market for fintech app user acquisition.
Now is the ideal time for customers to take advantage of all the opportunities that fintech apps offer, and for advertisers to launch a profitable fintech app. Focusing on what we discussed in this article will take your mobile user acquisition strategy to the next level, and propel fintech app user acquisition.
Want to learn more about other verticals? Take a look at our User Acquisition for mobile gaming article now.