Only 1 in 5 users who install fintech apps sign up within week one

by James · February 28, 2023

Mountain View, California and Mumbai, India –News Live– CleverTap

CleverTapthe modern integrated storage cloud, launched its Fintech Apps 2022 Industry Benchmark Report. As fintech apps continue to gain popularity, the number of players vying for market share has increased. This has subsequently reduced customer retention and “stickiness” for any brand. Therefore, today more than ever, it is imperative that fintech companies find ways to drive customer “stickiness” by engaging users in effective ways that ultimately drive transactions and drive growth. The report reflects data collected from Asia Pacific, Europe, India, Latin America, the Middle East and North America. The report gives marketers a truly holistic view of key figures within the fintech app landscape. It also spans a wide variety of fintech apps, including but not limited to mobile payment apps, cryptocurrency and blockchain services, along with banking and insurance among others.

This insight will not only serve as a useful starting point for developing successful engagement strategies, but also help understand how an app performs compared to global averages. Some of the key metrics in the report include:

Install to register rate: Only 1 in 5 users who install fintech apps (21%) end up signing up within the first week.
Average time for registration: 70% of users who sign up do so within 75 seconds of the app being launched for the first time.
Sign up for conversion rate: 95% of newly registered users make at least one financial transaction during the first month.
Average time for conversion: 76% of newly registered users go from onboarding to deeper-in-the-funnel engagement within an average of 7 days.
Session frequency: On average, fintech app users launch their app around 11 times a month.
Average repeat transaction rate for new users: 15% of newly registered users complete more than one transaction in the first week.
Average click-through rate for push notifications: On average, 9% of Android users and 6% of iOS users will click and interact with push notifications.
Average click-through rate for in-app notifications: The click-through rate for in-app notifications is 24%, which is about 3 times higher than for push notifications.
Average email open rate: 34% of users open emails sent by fintech companies
Average stickiness quotient: Fintech apps have a stickiness quotient of 22%, indicating that nearly a quarter of MAUs consistently return to their fintech apps

“The fintech industry has seen exponential growth in recent years. Given the unrelenting competition in the space, fintech platforms need to increase their omnichannel engagement efforts to better retain customers, says Jacob Joseph, VP-Data Science, CleverTap. “The benchmarks laid out in our report provide a good starting point for growth marketers looking to develop effective marketing strategies. They will be able to compare figures against global averages and find out which aspects they excel in and which areas may need some attention or innovation.”

95% of new fintech users complete a money transaction within the first month. This shows that while users see value in fintech apps, it is important to adopt customized user engagement strategies to increase retention on the platform. Today, there is a real need for fintech brands to embed effective marketing strategies into their apps. Users will remain responsive as long as the experience is engaging and seamless. The benchmark report helps fintech apps understand how to build successful mobile communications campaigns and also allows growth marketers to spot areas that require greater focus.

The report can be downloaded here.

About CleverTap

CleverTap is the world’s #1 retention cloud that helps app-first brands customize and optimize all consumer touchpoints to improve user engagement, retention and lifetime value. It’s the only solution built to meet the needs of retention and growth teams, with audience analytics, deep segmentation, multi-channel engagement, product recommendations and automation in one unified product.

The platform is powered by TesseractDB™ – the world’s first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2,000 customers including Gojek, Electronic Arts, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa Johns and Tesco.

Backed by leading investors such as Sequoia India, Tiger Global, Accel and CDPQ, the company is headquartered in Mountain View, California, with presence in San Francisco, New York, São Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore and Jakarta . For more information, visit clevertap.com or follow on LinkedIn and Twitter.

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