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Mobile finance apps surge in market share

Financial apps are surging in use, with an increasing number off users embracing mobile for digital banking, lending, investing and other needs around the world, according to a report by AppFlyer, a specialist in mobile app marketing. 

The data shows that finance apps have jumped almost 90% in global market share between 2018 and 2019, with finance apps representing about 4.5% of worldwide installations in 2019, compared with about 2.4% the prior year, according to a press release.

"The finance app industry is in the midst of staggering growth in global adoption, from 16% in 2015 to 64% in 2019, which is putting pressure on marketers to uplevel and digitize user acquisition and experience," Shani Rosenfelder, head of content and mobile insights at AppsFlyer, said the release. 

"Our latest analysis finds several key trends, including that digital banking alternatives are steadfast rivals to traditional legacy options, install and post-install fraud are rampant detractors of marketing ROI and user experience is paramount to immediate action.”

The report shows the highest level of year-over-year growth is in emerging markets in Latin America, Asia Pacific and Africa and the Middle East, where millions of unbanked and underbanked consumers are embracing mobile finance apps as a means of obtaining loans, making payments and transferring funds. 

Cover image: iStock