Big hike in app sessions for banking and investment apps during lockdowns

blognet Tuesday, October 06, 2020 Business of Apps Comment

The coronavirus crisis had a big effect on finch apps according to research by app marketing platform Adjust and app intelligence provider Apptopia.

Activity in investment apps, for examples, saw a rise of 88% in average sessions per day between January and June 2020.

Apps by trading platforms such as Acorns, Gatsby and Stash are making it easier for anyone to start investing in stocks.

Investment apps were the second-fastest growing app vertical according to Adjust, even ahead of casual and hyper-casual games.

The average number of sessions in payment apps rose 49%.

The most impressive growth rates were seen in: Japan (75%), Germany (45%), Turkey (39%), the US (33%), and the UK (29%).

It’s clear that users are increasingly using mobile devices to make transactions amid social distancing rules.

“The impact the pandemic has had on banking and the acceleration in mobile digital services should not be underestimated,” said Paul H. Müller, co-founder and CTO of Adjust. “While the banking sector has been adapting to digital disruption for several years, COVID-19 is accelerating the transformation, opening up access and opportunity to millions of un- and under-banked consumers around the world.”

Sessions for banking and payment apps grew 26% on average.

Super-apps such as WeChat and KakaoTalk continue to boom.

But the report cautions that its emerging markets where most of the boom in banking apps will be happening.

“While broader economic trends suggest it will be a difficult time for top banking apps in general in advanced economies, emerging markets provide an opportunity for international finance apps to continue growth,” noted Adam Blacker, VP of Insights at Apptopia. “Countries such as Turkey, Ukraine and Brazil are where banking is showing the strongest gains.”