View
3
Download
0
Category
Preview:
Citation preview
An Analysis of Finance Category Market Trends and Top Apps
Condensed Version
The State of Fintech Apps
This report is an analysis of the Finance categories on the Apple App Store and Google Play. It includes download trends along with rankings of top apps from Q1 2017 through Q2 2020.
In this report, we classified top apps into subcategories for further analysis:
● Mobile Payment Apps: Apps to send and receive money, such as Venmo, Cash App, and PayPal.
● Asset Management Apps: Apps with a focus on investing or saving, like Robinhood, Acorns, and TD Ameritrade.
● Mobile Banking Apps: Apps for mobile banking (includes traditional/digital banks).
● Payment Solution Apps: Apps that allow shoppers to “buy now, pay later,” including Klarna, Afterpay, and Affirm.
Other subcategories of Finance apps include:
● Credit / Debit Card Apps: Apps for credit card companies, such as Discover and Amex, as well as debit and prepaid cards like BofA Prepaid
● Credit Score Apps: Apps for monitoring credit scores like Credit Karma and Experian. ● Insurance Apps: Apps for insurance companies including GEICO, Progressive, and Allstate.
● Budgeting Apps: Apps for budgeting/personal finance like Mint, Digit, and Albert.
The State of Fintech Apps: Introduction
2
© 2020 Sensor Tower Inc. - All Rights Reserved
The State of Fintech Apps report offers analysis on the latest trends for the category:
The State of Fintech Apps: Table of Contents
Market Overview - Worldwide: A look at top apps and countries on the App Store and Google Play
Market Overview - United States: Finance download trends in the U.S., including subcategory trends
Market Overview - Europe: Finance apps in Europe, highlighting top apps and countries
Mobile Payment Apps: U.S. download trends for Mobile Payment apps and the impact of COVID-19
Asset Management Apps: U.S. download trends for Asset Management apps
Mobile Banking Apps: U.S. trends for Mobile Banking apps and a look at top neobanks in the U.K.
Payment Solution Apps: A look at the emergence of Payment Solution apps in various regions
Advertising Trends: Top advertisers and the latest trends in advertising for Finance apps
Conclusion: Key takeaways from the report
4.
10.
15.
21.
31.
39.
50.
57.
3
© 2020 Sensor Tower Inc. - All Rights Reserved
67.
Worldwide Finance Download Trends
Finance app download growth remained strong globally in early 2020. Consumers continued to flock to their mobile devices for financial needs, from mobile payment and investing to traditional banking.
Google Play drove the majority of Finance download growth in 2Q20, with 51 percent growth Y/Y compared to 8 percent on the App Store. A few top markets drove this trend, with Brazil’s Finance installs increasing by more than 100M Y/Y on Google Play while China’s Finance downloads dropped by nearly 50M (27 percent Y/Y) on the App Store.
Market Overview
Quarterly downloads of Finance apps on the App Store and Google Play
0
200M
400M
600M
800M
1.0B
1.2B
1.4B
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
840M
763M710M652M
557M545M524M458M
404M417M392M
326M
278M308M
395M362M377M367M365M351M355M350M343M334M333M286M245M255M
App Store Google Play
+43%
+23%
+34%
4
© 2020 Sensor Tower Inc. - All Rights Reserved
Top U.S. Finance Apps by Downloads
Market Overview
Most installed Finance apps on the U.S. App Store and Google Play by year
5
© 2020 Sensor Tower Inc. - All Rights Reserved
Cash App Square
Venmo PayPal
PayPal PayPal
Sweatcoin SweatCo.in
Credit Karma Credit Karma
Capital One Capital One
Bank of America Bank of America
Chase JPMorgan Chase
Wells Fargo Wells Fargo
Zelle Early Warning Services
-
-2
NEW
-1
+2
-
NEW
1
2
3
4
5
6
7
8
9
10
2018
-1
-3
-
1
2
3
4
5
6
7
8
9
10
Cash App Square
Venmo PayPal
PayPal PayPal
Robinhood Robinhood
IRS2Go Internal Revenue Service
Credit Karma Credit Karma
Turbo Tax Return Intuit
Zelle Early Warning Services
Bank of America Bank of America
Fresh EBT Propel
H1 2020
NEW
-3
NEW
NEW
-
-
-
-1
NEW
-2
Cash App Square
Venmo PayPal
PayPal PayPal
Credit Karma Credit Karma
Zelle Early Warning Services
Capital One Capital One
Chase JPMorgan Chase
Bank of America Bank of America
Wells Fargo Wells Fargo
Sweatcoin SweatCo.in
-6
-1
+1
+1
-
-
-1
2
3
4
5
6
7
8
9
10
2019
-
+5
-
1
2
3
4
5
6
7
8
9
10
Cash App Square
PayPal PayPal
Credit Karma Credit Karma
Venmo PayPal
Chase JPMorgan Chase
Capital One Capital One
Bank of America Bank of America
Wells Fargo Wells Fargo
Coinbase Coinbase
GEICO GEICO
2017
Download growth in the 60 days following 200th confirmed case of COVID-19 in the U.S.
U.S. Download Growth Following COVID-19
Mobile Payment
The impact of COVID-19 accelerated growth for Asset Management, Credit Card, Cryptocurrency, and Mobile Payment apps. As lockdown orders altered consumers’ lifestyles and limited in-person contact, more users turned to mobile apps for their finance needs.
Tax Filing and Budgeting apps saw a major drop in downloads amid the pandemic. Seasonal trends likely explain the bulk of this decrease, as tax season and New Year’s resolutions typically boost downloads these types of apps early each year.
6
© 2020 Sensor Tower Inc. - All Rights Reserved
Asset Management
Credit Card
Cryptocurrency
Insurance
Mobile Banking
Payment Solution
Credit Scores
Taxes
Budgeting
-40% -30% -20% -10% 0% 10% 20% 30% 40%
18.3%
-32.1%
-25.4%
-11.5%
-5.6%
1.0%
2.1%
20.9%
22.4%
32.3%
Note Regarding Growth Estimates Data is from the App Store only. Growth is calculated comparing the downloads of the top 150 Finance apps in the first 60 days following the 200th confirmed case of COVID-19 versus the previous 60 days.
Mobile Payment
2.1%
1.0%
Download growth of top Mobile Payment apps before and after the 200th confirmed case
U.S. COVID-19 Impact on Mobile Payment App
Square’s Cash App saw downloads increase to more than 55 percent above the pre-COVID-19 period in the 60 days after the 200th confirmed case, the highest growth any Mobile Payment app has made during the pandemic.
Downloads for most Mobile Payment apps peaked in April or May. While growth mostly slowed in the following months, downloads for all five apps remained above pre-COVID-19 levels by July.
Mobile Payment
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Jan 2020Feb
MarApr
MayJun Jul
7
© 2020 Sensor Tower Inc. - All Rights Reserved
Cash App Venmo PayPal Google Pay Zelle
Note Regarding Growth Estimates Growth is calculated comparing the downloads from March through July to the average monthly downloads between January and February.
200th confirmed case in the U.S.
Cash App
Google Pay
Venmo
PayPal
Zelle
0
100K
200K
300K
400K
500K
12/31/18
1/28/19
2/25/19
3/25/19
4/22/19
5/20/19
6/17/19
7/15/19
8/12/199/9/19
10/7/19
11/4/19
12/2/19
12/30/19
1/27/20
2/24/20
3/23/20
4/20/20
5/18/20
6/15/20
Weekly downloads on the U.S. App Store
Case Study: Robinhood
Robinhood experienced a massive surge in downloads during the first half of 2020. The initial increase in early 2020 corresponded with an advertising push on a variety of networks including TikTok, ironSource, and AdMob.
Robinhood also capitalized on the market volatility surrounding the coronavirus in March, seeing weekly U.S. App Store downloads surpass 400K in consecutive weeks. It also added fractional shares investing, continuing its trend towards making investing more inclusive.
Asset Management
Robinhood
8
© 2020 Sensor Tower Inc. - All Rights Reserved
Nov. 2019 - Feb. 2020 Robinhood made an advertising push on a variety of networks, including TikTok, AdMob, ironSource, and Unity
Mar. 2020 - Jun. 2020 Market volatility following the spread of COVID-19 led to a surge in Robinhood’s downloads in the U.S.
May 2020 Announced fractional shares investing in the app following an initial roll-out in December 2019
Proportion of U.S. downloads from Traditional vs. Digital banks among the top 100 Finance apps
Traditional vs. Digital Bank Market Share
Digital banks have taken off in the U.S. since 2017, seeing their share of the mobile banking market increase from one percent in 2017 to 25 percent in the first half of 2020. These apps had 8.5 million U.S. downloads in 1H20, with Chime alone accounting for 4.2 million.
Although most of the decrease in market share from traditional banks was due to new competition from digital banks, download growth for traditional banks has stagnated in the U.S. The top five traditional banking apps combined for just 2 percent Y/Y growth in 1H20.
Mobile Banking
2017
2018
2019
H1 2020
0% 25% 50% 75% 100%
25%
21%
14%
1%
75%
79%
86%
99%
Traditional Digital
9
© 2020 Sensor Tower Inc. - All Rights Reserved
1%
The State of Fintech Apps: There’s More!
The full State of Fintech Apps report is available exclusively to Sensor Tower Enterprise customers. Request the full report from our sales team (sales@sensortower.com):
Additional Insights in the Full Fintech Report (58 more pages)
• Top Finance Apps and Top Countries
• A Market Overview of Finance Apps in the U.S. and Europe
• A Summary of Mobile Payment, Asset Management, Mobile Banking, and Payment Solution apps
• Advertising Trends for Top Finance Apps
• And more!
Request the Full Fintech Report
10
© 2020 Sensor Tower Inc. - All Rights Reserved
Sensor Tower Solutions
© 2020 Sensor Tower Inc. - All Rights Reserved
11
Store Intelligence
Make strategic decisions with the industry’s most
accurate estimates.
App Intelligence
Drive organic growth with the leading App Store
Optimization platform.
Ad Intelligence
Develop winning User acquisition campaigns
with crucial mobile advertising insights.
Usage Intelligence
Benchmark app usage, engagement, and
demographics.
App Teardown
Evaluate which SDKs apps are using and measure SDK adoption across
market segments.
Sensor Tower Terms of UseThis report and all original content contained within are wholly owned by Sensor Tower, Inc. © 2020.
Modification, republication, distribution, or other unauthorized usage violate this copyright, unless express permission has been granted.
App icons, images, and other branding assets are property of their respective publishers and are used expressly for the purpose of editorial commentary.
© 2020 Sensor Tower Inc. - All Rights Reserved
12
LOOKING FOR MORE INSIGHTS? Download our latest Store Intelligence Data Digest report on the mobile market at sensortower.com/reports
About UsSensor Tower is the leading solution for mobile marketers, app developers, and industry analysts who demand competitive insights on the mobile economy. Sensor Tower’s product suite includes: Top Charts, App Intelligence, Store Intelligence, Ad Intelligence, and Usage Intelligence.
Office Locations:
San Francisco, London, Shanghai, Seoul
Contact Info:
sensortower.com
sales@sensortower.com
@sensortower
© 2020 Sensor Tower Inc. - All Rights Reserved
13
Recommended