Adjust reports booming finance app market

New data from Adjust, a measurement and analytics leader, reveals a surging finance app market poised for sustained growth throughout 2024 and beyond. The Adjust Finance App Insights Report highlights several key trends driving this boom:
• Explosive Revenue Growth: In-app revenue for finance apps skyrocketed 119% year-over-year in Q1 2024, showcasing a robust trajectory. Regions like Europe and Latin America are leading the charge with effective user engagement strategies.
• Cryptocurrency on the Rise: Fueled by renewed interest, global crypto app installs soared a staggering 196% YoY from 2022 to 2023. However, retention remains a challenge, with crypto app sessions dropping 34%.
• Mobile Payments Take Center Stage: The shift towards digital finance is evident with a 111% YoY surge in bank app installs in Q1 2024. Payment app usage is also climbing, with sessions increasing 27% YoY in 2023 and session lengths rising 12% YoY in Q1.
“Despite the tumultuous economic conditions of recent years, the outlook for the remainder of 2024 and beyond is promising,” said Tiahn Wetzler, Director, Content & Insights at Adjust. “By leveraging next-generation measurement approaches, such as incrementality and media mix modeling, alongside traditional attribution, finance app marketers can unlock new avenues for growth. Emphasizing secure, user-friendly experiences with a focus on personalisation will be crucial in retaining users – maximizing lifetime value and driving sustained success.”
The finance app insights report provides finance app marketers and developers with key insights, including:

• Significant global finance app growth in 2024. Q1 installs were up 36% YoY and sessions were up by 23%. Additionally, APAC came in as a strong contributor in finance app installs at 59%, behind MENA, which leads all regions, at 79%.
• Crypto continues to spark interest. Globally, crypto app installs have soared to 196% in installs from 2022 to 2023, reflecting increased interest and trust in cryptocurrency. However, there is a need for crypto marketers to strategise how to increase retention considering the 34% drop in sessions.
• Rise in mobile payments and banking illustrates shift towards digital-first financial solutions. Bank app installs surged 111% YoY in Q1 2024; payment app sessions increased 27% YoY in 2023, with session lengths up by 12% YoY in Q1, highlighting their essential role in daily transactions.
• APAC is close to par with the global average of 6.38 minutes per session in finance app session lengths. However, it is shown that certain countries from the region exceeded North America, the leading region globally, with 7.21 minutes per session; South Korea soared with 22.2 minutes per session, India with 15.64 minutes per session; Philippines with more than 10 minutes per session; followed by Indonesia and Singapore — both near to 10 minutes per session.
• APAC is primed for growth. While the median effective cost per install (eCPI) for finance apps was $1.21 globally, APAC had the lowest eCPI at $0.63, indicating a favorable growth environment.

“Our data show that both financial services’ apps and customer needs are evolving, especially in INSEA. With the right tools and integration of advanced tech, such as AI, personalisation, and next-gen mobile measurement, financial companies, developers, and marketers can boost user acquisition and engagement, and increase transaction volumes. These forward-thinking strategies and investments plus a keen understanding of evolving user expectations position marketers for significant growth and success in this dynamic market,” said April Tayson, Regional Vice President for INSEAU at Adjust.

Also read: Adjust unveils AI mobile analytics to uncover incrementality