How Fintech is changing marketing in financial services

The COVID-19 pandemic has had a profound effect on the way millions of consumers interact with banks and other financial institutions. And those businesses have changed in response, says The State of Finance App Marketing, a report by AppsFlyer. 

Financial technology, or FinTech, apps are in huge demand. Global downloads for all kinds of financial institutions are up 132% since 2019; the UK alone saw an increase of 129% in 2020 last year. Globally, FinTech marketers’ customer acquisition spend last year hit $3 billion, says the report.

The details

• Installs of digital banking apps specifically are up 45%, in 2021, between Q1 2020 and Q1 2021, showing more than double the growth of traditional banking app installs, though the traditional apps have been gathering momentum in the early part of this year.
• After a 32% drop in spending in Q2 2020, as the global pandemic took hold, marketers focused on remarketing in Q3, and by Q1 2021, conversions showed growth of over 300%. Overall, the growth of non-organic installs continued to rise, with 172% growth between 2019 and now.
• Demand for finance apps continues to rise around the world. Of the top 40 finance markets (by app installs), 29 saw growth of at least 20% year-on-year. 
• Developing markets experienced the most spectacular growth. The average number of downloads in these markets was 70% higher than the average in developed markets, with the combined number of downloads in India, Brazil and Indonesia amounting to almost half the total number of downloads globally. 

Key quote

"FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt. Marketers should strive for efficiency with their spend by following the rising cost-per-install trend and focusing on user acquisition to meet new demand. Marketers should also explore more affordable remarketing campaigns to keep their brand top of mind amid rising market competition" – Shani Rosenfelder, Head of Content & Mobile Insight, AppsFlyer

Sourced from AppsFlyer