The '2020 State of Finance App Marketing Report for APAC region' states that five in every 100 apps downloaded were finance apps in 2019
India had the highest number of finance app installs last year followed by Indonesia, Brazil, Russia and the US, as per AppsFlyer ‘The 2020 State of Finance App Marketing Report for APAC region.’ The report also highlights that the finance app installs market share shot up by nearly 90% in 2019.
According to the report, the APAC region’s performance can be attributed to some unique business models created by mobile entrepreneurs propelling the growth of an “app-tizing economy.” Moreover, the unbanked/underbanked segment has been the driving force behind the growth, with money-lending apps leading the pack accounting for close to 50% in H2-2019.
In the year 2019, five in every 100 apps downloaded were finance apps, thereby emerging as the second-highest category and the sixth-largest in terms of total installs. India is home to a huge unbanked population however, it also has one of the fastest-growing digital and mobile-first populations in the world, Sanjay Trisal, country manager, AppsFlyer India said. “People in our region use their mobile phones for a whole range of lifestyle activities, including financial needs. This is especially relevant today, as the global COVID-19 pandemic is affecting access to financial services. People across the world are staying at home, and app usage is on the rise, especially with payment and banking apps,” he added. The rise of innovative FinTech companies has led banks and other regulated financial institutions also to adopt new technologies and develop digital capabilities.
Over the last few days, with lockdown impacting financing sector across the world, the demand for managing online finances is further witnessing a surge. “The need for quick, short-term loans, as well as awareness about digital-touch transactions during an economic crisis, has contributed to increased app adoption. The volatile stock markets have also led to an increased usage of investment apps among investors,” the report stated.