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Fintech App Usage Showing Strong Signs Of Life After Dismal ‘22

Fintech, e-commerce and gaming app usage has surged this year despite significant economic obstacles and a sluggish 2022, according to a recently released report from analytics firm Adjust.

App installation for fintechs was up 13% against its 2022 average, according to the data, while installation for mobile games was up 10% and e-commerce was up 4%. The analysis suggests this could signal a turnaround compared to last year, which represented the first time ever that those averages ticked down, according to Adjust’s data.

Across the globe, fintech app installations were noticeably up, demonstrating “resilience and increasing relevance” for mobile finance services. The most notable jumps in usage took place in Latin America, where installations were up 54% and the Europe, Middle East and Africa region, where they were up 40%. In-app revenue was up 90% from November 2022 to January 2023, the report notes.

“Global conditions and user needs are evolving rapidly, but the need for growth and ROI in the mobile app marketing industry remains the same,” says Simon “Bobby” Dussart, CEO of Adjust, in a statement. “Delivering highly customized, seamless user experiences, executing on cross-platform campaigns, and tapping into the potential of new channels, such as connected TV, will prove invaluable for marketers and developers seeking sustained and strategic growth in 2023 and beyond.”

The report, which is based on data covering more than 100,000 tracked apps, considers a number of factors such as installations, retention, time spent using the apps and other metrics. The study also found mobile commerce’s (m-commerce) session length and revenue were both up as well, and e-commerce revenue in November 2022 was the largest ever collected since Adjust began tracking the data. Products and services categorized as m-commerce include banking, investing and retail considerations, like purchasing digital music, plane tickets and books, reads information from Investopedia.

“The rapid growth of mobile commerce has been driven by several factors, including increased wireless handheld device computing power, a proliferation of m-commerce applications, and the broad resolution of security issues,” it adds.

From Twitter

GrepBeat @grepbeat 

"Brother-sister team launched a Triangle-based fintech app called Cadence Cash, aiming to reduce these difficulties for women and people of color trying to grow their business. The startup is pitching this week at CED’s Venture Connect summit: https://bit.ly/3KebT2N @CEDNC"

Additionally, the report also indicated opt-in rates for App Tracking Transparency (ATT) measures improved in Q1 2023. Fintech apps saw a jump to 18% from 11%, and the industry as a whole was up to 29% on average.

The ATT privacy framework, according to AppsFlyer, limits the amount of data app developers can track without users giving affirmative consent to collect and track additional information.

“Success in 2023 will be defined by those who are able to cut through the noise to stand out from the competition,” Dussart adds. “Maximizing marketing efficiency via centralized data, and investing in the tools needed to make fast and impactful decisions will ultimately result in campaigns that get results.”

Read the full report here.

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