Finance apps see explosive growth with 119% revenue increase year-over-year
A new report by Adjust reveals a surge in revenue, user engagement, and market expansion within the finance app industry, with a 119% year-over-year increase in revenue in Q1 2024.
The finance app market is experiencing a boom, according to a new report by Adjust, a measurement and analytics company for apps. The report, titled Finance app insights report 2024, reveals a surge in revenue, user engagement, and strategic market expansion within the finance app industry.
Significant Revenue Growth: In the first quarter of 2024, in-app revenue for finance apps jumped a staggering 119% year-over-year (YoY). This robust growth trajectory is particularly evident in Europe and Latin America (LATAM), where effective user engagement and monetization strategies have yielded positive results.
Increased User Activity: The finance app market is not just growing in terms of revenue; it's also witnessing a significant rise in user activity. Finance app installs in Q1 2024 were up 36% YoY, while sessions increased by 23% YoY compared to the same period in 2023.
Mobile Payments and Banking on the Rise: The report highlights a clear shift towards digital-first financial solutions. There has been a surge in mobile payment and banking activities. Bank app installations skyrocketed by 111% YoY in Q1 2024, while payment app sessions grew by 27% YoY in 2023. Notably, session lengths for payment apps also saw a 12% YoY increase in Q1 2024, underlining their growing importance in everyday financial transactions.
APAC Region Poised for Future Growth: The Asia-Pacific (APAC) region appears to be a fertile ground for future growth in the finance app market. The report indicates that the median effective cost per install (eCPI) for finance apps globally was $1.21. However, the APAC region boasts a significantly lower eCPI of $0.63, suggesting a more favorable environment for app growth.
App Tracking Transparency (ATT) Opt-In Rates Increase: The report also acknowledges the impact of Apple's App Tracking Transparency (ATT) framework. There has been a steady rise in ATT opt-in rates for finance apps globally, climbing from 18% in Q1 2023 to 25% in Q1 2024. This suggests that users are increasingly willing to share their data with finance apps.
These findings paint a promising picture for the future of the finance app market. The report emphasizes the importance of leveraging next-generation measurement approaches, such as incrementality and media mix modeling, alongside traditional attribution methods. This will allow finance app marketers to gain deeper insights and optimize their strategies for user acquisition and retention.
The report also underscores the need for secure, user-friendly experiences with a focus on personalization. By prioritizing user experience and building trust, finance apps can maximize user lifetime value and achieve sustained success in the ever-evolving mobile finance landscape.
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