Finance Monthly - July 2022

of the sessions share than the installs share, at 17% and 6%, respectively. This suggests that the users who download apps in these categories are clocking more sessions than those using banking and payment apps. We discovered that this high level of engagement is also reflected in the length of sessions by users in each subvertical, with the most significant growth seen among crypto apps. Session lengths in crypto and stock trading are consistently longer than those in banking and payment, which aligns with the business models of each category. While a payment app might only be needed for a number of seconds for a task to be fulfilled, users buying and selling stocks or cryptocurrencies likely need to spend much longer to complete actions. According to Adjust’s report, inapp revenue for FinTech apps is also increasing steadily, showing consistent growth from January 2020 through to December 2021. While subscriptions, third parties (sellers and beneficiaries), and advertising are the key ways that FinTechs monetise, we recognise that subscription models have become increasingly prominent. This helps to drive the increase in in-app revenue, as many FinTechs have progressed from the growth stage into the profitability stage. What next for mobile FinTech? In 2021, we saw the shift toward mobile accelerate, with more users than ever before turning to apps for their financial needs. With installs and sessions in the vertical increasing across all regions and subverticals, it is clear that the global FinTech app ecosystem is thriving, and continued growth can be expected from this space for the remainder of the year. As for what’s coming next for the future of mobile FinTech, we expect to see growth in Buy Now, Pay Later (BNPL) services, digital wallets enabling access to cryptocurrencies, as well as cloud banking from traditional banks. For mobile app marketers in the FinTech space, focusing on getting the opt-in is crucial. Although numbers are comparatively low, pushing this rate up by even a couple of percentage points can prove invaluable when it comes to building out conversion value models and predictive strategies for the aggregated SKAdNetwork data set. Focusing on finding these high-value users is key, along with building retention strategies that keep them sticking around. The best way to achieve this perfect balance is to improve the accuracy of your campaigns and to create a user experience that is perfectly optimised to your specific audience segments. Drilling down into your data to determine the key touch points along the user journey is how you’ll achieve this—great data makes for great insights. Banking app revenue reached $6.8b last year 52% of purchases were made with a digital wallet in 2021 42% Use of cash declined by compared to 2019 19% increase in finance app downloads compared to 2020 Installs of FinTech apps grew by 35% between 2020 and 2021 Payment apps make up approximately 57% of the installs share, followed by banking at 34%, stock trading at 7%, and crypto at 2%. Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 65

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