Finance applications are in high demand due to the global economic crisis

With the ongoing economic crisis and high inflation rate, smartphone users are now turning to online financial applications to help them with their budgets and savings. At the time of the COVID-19 pandemic, the global lockdown forced users to install a lot of applications, either for entertainment purposes or for online shopping and video communication. With the end of the lockdown, such applications started to experience a decline in demand. However, for financial management applications, the demand was still high due to the global economic downfall. Within a year, nine million Android users got themselves linked with such applications.

According to one of App Radar's recent studies, a forty percent increase in installation rate was observed in the United Kingdom alone, with approximately forty million users making their debut on the top applications in this category. Currently, Revolut is leading the top application list with almost 6 million users, followed by Monzo with 896 thousand users, and so on. The Revolt application was able to increase the platform's performance by up to 25%. Not just this, but applications made to handle the incoming money of retired employees also went up by fourteen percent in 2022.

The idea of saving cash is stronger than investing it, which can be confirmed by the study report showing a thirty-six percent decline in online investment applications. With virtual currency becoming quite popular, such applications made a great impact by leading to more than a hundred million installs, almost three times more than they observed two years back.

According to Silvio Peruci, M.D., App Radar, current conditions have made users more responsive towards managing their savings with lower expenses instead of investing it in other projects. This thought can be seen as a reflection of the installation rate of these two platforms.

A decline in investment doesn’t mean an end to this sector. Instead, all these platforms need to find users with savings who are also willing to invest to maintain the value of their possessions. For this, such applications will have to work twice as hard to come up with ideas that might help them.

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