According to the research, the average stickiness quotient for fintech apps is 22%, which is high compared to other app genres, indicating nearly one-quarter of MAUs consistently return to their fintech apps.
Mountain View, Calif, & Mumbai, India, February 27 2023 — CleverTap, the modern integrated retention cloud, released its Industry Benchmark Report for Fintech Apps 2022. As fintech apps continue to grow more popular, the number of players vying for market share has increased. This has subsequently reduced customer retention and “stickiness” for any one brand. Therefore, today more than ever, it is crucial that fintech companies find ways to drive customer “stickiness” by engaging users in effective ways that eventually drive transactions and fuel growth. The report reflects data collected from Asia-Pacific, Europe, India, Latin America, Middle-East, and North America. The report gives marketers a truly holistic view of key metrics within the fintech app landscape.It also spans a wide variety of fintech apps, including, but not limited to, mobile payment apps, cryptocurrency and block chain services, along with banking and insurance among others.
These insights will not only serve as a helpful starting point for developing successful engagement strategies, but also assist in understanding how an app fares in comparison to global averages. Some of the key metrics in the report include:
“The fintech industry has seen exponential growth in the last few years. Given the relentless competition within the space, fintech platforms need to step up their OmniChannel engagement efforts to better retain customers”, said Jacob Joseph, VP-Data Science, CleverTap. “The benchmark metrics laid out in our report provide a great starting point for growth marketers looking to develop effective marketing strategies. They will be able to compare numbers against global averages and pinpoint which aspects they are excelling at and which areas could use some attention or innovation.”
95% of new fintech users complete a monetary transaction in the first month. This shows that while users see value in fintech apps, it’s important to adopt customized user engagement strategies to boost retention on the platform. Today there is a real need for fintech brands to bake-in effective marketing strategies within 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 communication campaigns, and also allows growth marketers to discover areas that require greater focus.
The report can be downloaded here.
CleverTap is the World’s #1 Retention Cloud that helps app-first brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It’s the only solution built to address 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 2000 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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For more information:
Director, Public Relations, CleverTap
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