Fintech Apps See 6% Increase in Downloads

The digital shift of the financial industry has been quite rapid, and Fintech apps have shown themselves to be resilient to economic pressures that have made other industries suffer greatly. It turns out that there was a 6% year over year increase in the number of Fintech apps that were downloaded.

This is despite numerous setbacks such as a crypto market in turmoil, a crashing stock market and multiple economic woes. With all of that having been said and now out of the way, it is important to note that 51% of the fintech apps that were downloaded were payments apps.

Banking apps comprised 40%, and the fall of crypto can be seen clearly in the fact that it just comprised 6% of the total apps that were downloaded. Stock trading apps did even worse with just 3% with all things having been considered and taken into account.

Another positive sign for the Fintech industry is that session times are on the rise. The year over year increase sits at 19%, and there has already been a 7% uptick in January alone as compared to the previous year.

However, session lengths are not quite as long as they used to be. They have decreased from 7.43 per session to just 6.06 minutes per session, and that might be detrimental to the future of the industry.

There are many more positive signs, though. For example, in-app revenue for fintech apps grew by an incredible 44% in the span of a year. There was an 83% surge in November from the annual average, and the surge in December was even higher at around 112%.

All in all, the Fintech industry is showing itself to be just as resilient as people give it credit for. Despite the downturn of numerous financial markets, it appears that fintech is here to stay. Banking and payment apps are turning into must-haves for consumers, and we might see stock trading and crypto apps make a comeback once things settle down as well. These signs show that there is a lot of momentum in this industry for the rest of 2023.

H/T: Adjust report.

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