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There can be no doubt that the pandemic upended many aspects of our daily lives. One result was the preference for contactless payments and other digital interactions that often involved the use of a smartphone. Indeed, in a recent survey, a large number of consumers who relied on mobile and online platforms during the pandemic said that they intended to continue this usage — and do even more going forward.
In short, fintech apps are not simply here to stay, they’re the recognized future of financial services for the masses because of their convenience and accessibility.
This is obviously great news for the fintech industry. Of course, the growth and success of fintech apps will also mean new players entering the market seeking their share of the pie. This increased competition will surely make marketers’ and developers’ roles more challenging.
To compete and succeed in grabbing market share, fintech apps need to consider every strategic and tactical advantage. One such advantage is industry benchmark data that lets your company gauge your results compared to the rest of the industry. Once you understand where your app stands, you’ll be better positioned to make truly effective improvements — improvements based on data, not educated guesses.
CleverTap is pleased to announce our 2022 Fintech App Benchmark Report covering the top ten metrics that matter to fintech apps. In addition to benchmark data based on literally billions of user interactions (such as registrations, transactions, and responses to push notifications and emails), we provide insights and analysis into what each metric means and what to do if your rates are lagging compared to the averages we compiled.
For example, our report shows that 21% of new users sign up within a week of installing the app. This indicates that there’s significant opportunity to improve on this rate — through an onboarding process that includes contextually relevant marketing messages and through customer education to drive user interest and engagement beyond the initial download.
Another metrics shows that 76% of newly signed-up users convert within an average of 7 days. If your rates aren’t meeting this baseline, examine things like the user journey, audience analytics, and how the user experience itself may be impacting your conversion rates.
As the saying goes, you can’t manage what you don’t measure. So download your copy of our report to see where you stand — then start working to improve.
And look for additional upcoming blogs where we break down some of the metrics and provide additional insight into what they mean for your business and the tactics that you can employ to improve your performance.