Across the age spectrum, more people are opting or are at least open to using financial apps for managing tasks ranging from daily budgeting, stock investments, banking services, payments, or insurance needs. In 2019, consumers accessed financial apps over a trillion times. China, India, Brazil, United States, and South Korea were the Top 5 nations in terms of total sessions in finance apps.
Consumers love finance apps
According to the 2020 Mobile Finance Apps Report by Liftoff and AppAnnie, the install-to-register rate of finance apps is a healthy 46.2% indicating the willingness of users to not just download such apps but engage with them too. The install-to-purchase rate dips to 19% pointing to a lot more work needed to encourage usage. Entrepreneurs and the start-up community are betting big on FinTech, as well. Many of the breakout apps of 2019 were in FinTech from digital banking (e.g. Nubank), payments (Google Pay), and loan disbursement (e.g. KreditBee) to all-in-one super apps like PhonePe.