AppsFlyer, the global marketing measurement leader, today released its 2021 edition of The State of Finance App Marketing. Overall, FinTech apps are in high demand, experiencing a 132 per cent leap globally in downloads, and a 26 per cent YoY growth (2020 vs. 2019) in India alone. The pandemic significantly impacted the FinTech industry in India, which saw a decline of 31 per cent owing to the first lockdown but experienced a resurgence and rapid growth of 35 per cent in Q4 2020. More than 80 per cent of finance app installs in India were for financial services, as the market continues to be dominated by wallet apps and other services. Investment apps also took a fair pair of the pie due to an increase in installs.
Globally, the uptick in fintech adoption was led by the developing nations- India, Brazil, and Indonesia, which emerged as the mega markets contributing to almost half of the global number of downloads. These countries along with India, have a massive number of people that are either unbanked or underbanked. The average number of downloads in developing markets was observed as 70 per cent higher than the average in developed markets.
Aditya Maheshwari, Head, Customer Success, AppsFlyer India said, “2020 has been a game-changer in India’s fintech (app) adoption. Our state of the finance app marketing report reveals that the marketing-demand for fintech apps continues to rise despite the pandemic. As India’s overall install trend demonstrated, Q2 2020 was impacted by the pandemic with a 51 per cent decrease in comparison to Q1 2020, followed by a 3.3x surge until Q1 2021 as apps returned to aggressively market their products and services. This just further galvanised India’s leadership in the global fintech app space.”