Unified mobile advertising platform Affle’s MAAS unveiled its fintech report titled ‘Decrypting the fintech gold rush in the new normal’, in collaboration with Adjust. India’s fintech market is projected to be at $150-160 billion by 2025, as per the report.
While focusing on the overall fintech industry in India and Southeast Asia, it provides highlights on building user acquisition campaigns for the fintech app campaigners.
According to the report, India and Southeast Asia have a low breakthrough of financial services beyond their urban population which offers untapped opportunities for fintech to expand its reach to tier 2, tier 3 markets and beyond, especially due to smartphone penetration across such markets. It also provides a scope for fintech to appeal to the wants of tech-savvy millennial and Gen Z populations for financial management across all financial categories such as insurance, credit disbursals, buying/selling/investing in financial assets, among others.
The report further added that app installs went up by 41% in INSEA in 2021. Furthermore, Indians clocked the most minutes in-app per session at 17 minutes and 38 seconds. The cryptocurrency apps made up for 12% of overall fintech app sessions while neobanking apps in Southeast Asia recorded higher daily and monthly active users compared to traditional banking apps in 2021.
Cashless transactions dominate our purchases, Vipul Kedia, chief data and platforms officer, Affle, and head of business (India), MAAS, said. “Youngsters want to manage their finances and want to break away from traditional models. The demand for finance management is helping the industry in terms of innovation and offerings. This year is set for fintech subverticals such as alternative lending, digital asset management and neobanks to establish themselves as mainstream players in the sector,” he added.
With the ongoing fintech evolution, the community of app marketers can leverage the situation to reach out to tier 2 and tier 3 markets with a diversified channel approach and foster brand loyalty, video ads for orientation of fintech apps, vernacularisation of messages and promote influencer and social marketing. The upcoming years will challenge fintech brands to target the right audience for the right product, while keeping user acquisition costs low and establishing a high lifetime value user base.