Singapore – The first quarter of 2024 saw a 119% year-over-year rise in in-app revenue for finance applications, demonstrating their strong growth trend, especially in regions like Europe and LATAM. Moreover, this growth is being driven by technical breakthroughs, greater user spending and engagement, and targeted market expansions. This is according to the latest data released by Adjust, a global measurement and analytics company.
The research also shows that there is a resurgence of interest in cryptocurrency administration and trading, as evidenced by the 196% annual increase in worldwide crypto app instals from 2022 to 2023.
Meanwhile, the APAC area has experienced an increase in the use of new digital financial services, which have become more accessible as e-commerce has grown rapidly in recent years. Furthermore, younger and more digitally savvy audiences are boosting demand for novel financial solutions. The region’s strong desire for mobile-first solutions, paired with considerable investments in fintech firms, establishes it as an important player in the global financial sector.
Significant global finance app growth was recorded in 2024. Q1 instals surged by 36% year on year, while sessions increased by 23%. Furthermore, APAC emerged as a significant contributor to financial app instals, accounting for 59%, with MENA leading all areas with 79%.
The popularity of cryptocurrencies is still rising. Instals of cryptocurrency apps climbed by 196% globally between 2022 and 2023, indicating growing confidence and interest in cryptocurrencies. Crypto marketers must, however, plan on boosting retention because sessions have decreased by 34%.
The surge in mobile banking and payments demonstrates a move toward financial solutions that prioritize digital technology. In Q12024, bank app installs soared by 111% year over year, while payment app sessions rose by 27% in 2023. Furthermore, Q1 session lengths increased by 12% year over year, underscoring the critical role mobile apps play in day-to-day activities.
In terms of finance app session duration, APAC is quite near to the global average of 6.38 minutes each session. Nonetheless, several of the region’s nations have surpassed North America, which is the top region in the world with 7.21 minutes per session. With 22.2 minutes per session, South Korea leads the pack, followed by India (15.64 minutes), the Philippines (10 minutes or more), and both Indonesia and Singapore (almost 10 minutes).
APAC is set for expansion. While the global median effective cost per install (eCPI) for banking apps was $1.21, APAC had the lowest eCPI at $0.63, indicating a healthy growth environment.
Speaking about the report, Tiahn Wetzler, director, content & insights at Adjust, said, “Despite the tumultuous economic conditions of recent years, the outlook for the remainder of 2024 and beyond is promising. By leveraging next-generation measurement approaches, such as incrementality and media mix modelling, alongside traditional attribution, finance app marketers can unlock new avenues for growth. Emphasising secure, user-friendly experiences with a focus on personalisation will be crucial in retaining users – maximising lifetime value and driving sustained success.”
Meanwhile, April Tayson, regional vice president for INSEAU at Adjust, said, “Our data show that both financial services’ apps and customer needs are evolving, especially in INSEA. With the right tools and integration of advanced tech, such as AI, personalisation, and next-gen mobile measurement, financial companies, developers, and marketers can boost user acquisition and engagement, and increase transaction volumes. These forward-thinking strategies and investments plus a keen understanding of evolving user expectations position marketers for significant growth and success in this dynamic market.”
