COVID-19: The Rise and Rise of the Fintech App
Money might make the world go round but as we continue to live in lockdown, I seriously cannot remember the last time I paid for anything with hard cash. It could be argued that physical currency was on the way out long before the COVID-19 crisis became our new reality but who’d have thought that the notes and coins in our back pockets would have become so “toxic” so quickly. Contactless payments by app are now not only more convenient but also a much safer (in terms of social distancing and wider public health) method of payment.
Everyday payment apps are just the tip of the iceberg in the Fintech category. We are relying on our smartphones to manage our banking needs, insure our homes, businesses, vehicles, and health, make investments on the stock market, trade currencies, and buy commodities like gold. In fact, if money is involved, there is probably an app for it.
It’s therefore unsurprising that Fintech apps have exploded in popularity. This isn’t the kind of “everyday” double-digit growth regularly seen in disruptive tech industries – this is staggering growth. In recent weeks, the Swiss financial services company, deVere Group, has reported a massive 72% spike in the use of its Fintech apps across Europe.
Speaking to journalists, James Green, deVere Group’s Divisional Manager of Europe said: “The world has changed in the last few weeks. The measures we’re now all taking to help the fight back against coronavirus are affecting the way we interact, live, work, and take care of our finances.”
Elsewhere, banks and other financial services companies are reporting double their usual level of activity via their apps. Make no mistake, Fintech is up there with many other app categories that are currently seeing tremendous levels of growth during this period of pandemic.
Further Reading: Apps to Help You Fight the Isolation of Lockdown
At Digital Turbine, we’re not surprised by Fintech’s incredible success because we’ve been closely watching the category with a degree of excitement for some time now.
Even before the current crisis, Fintech was recognized as a fast-moving category. In 2019, the mobile marketing analytics and attribution platform, AppsFlyer, cited Fintech as the fastest growing app category, accounting for 5% of all downloads in the year.
This success was hard-won, with 50% of Fintech apps coming from non-organic searches. Marketers of finance apps increased their marketing spend by 70% while banking apps saw a 100% rise in their user acquisition budgets.
A Secure Environment
Security is obviously a major concern for users of Fintech apps and this is reflected in the often high marketing costs. When an app is so closely connected to an individual’s financial security, even the merest threat of fraud will make a person think twice about downloading and engaging with an app.
Not all app marketing channels deliver optimum levels of consumer protection and this can impact on conversion and cost of acquisition.
Further Reading: Can You Bank on the Google Play Store’s Security?
Therefore, anything a FinTech app marketer can do to demonstrate their commitment to keeping their users safe while drive marketing efficiencies is incredibly important.
Digital Turbine offers two secure and cost-effective routes to market for app developers to reach the right people, in the right place at the right time.
Native Discovery (Pre-loading)
Native Discovery often referred to as pre-loading, enables app marketers to reach targeted users at the moment of maximum engagement — the unboxing of a new device. Not only do all pre-loaded apps go through rigorous quality and security tests by both Digital Turbine and the device manufacturer or mobile network, but any app found on a new device will also enjoy the “halo effect” afforded by the trust a user has in the brand of the device manufacturer and/or network.
Further Reading: What Are Native App Preloads and Why Do They Matter?
SingleTap™ Installs enable Fintech brands to use their own, trusted marketing channels to promote their apps, allowing users to download apps with a single click. This means apps can be promoted on secure website pages (traditional and mobile), via email and SMS marketing campaigns, as well as in in-app advertising. The efficiency of SingleTap™ Installs reduces the number of users lost to the hesitation and uncertainty caused by multiple taps which divert the user to an app store environment.
Further Reading: Crisis Marketing: SingleTap™ Installs Drive Efficiencies
To learn more about Digital Turbine can help your Fintech app find a secure and efficient route to market, contact us today and ask to speak with one of our app marketing experts.
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