REDWOOD CITY, Calif.–(BUSINESS WIRE)–Liftoff, the leading growth acceleration platform for the mobile industry, today unveiled its annual Mobile Finance Apps report, which provides key insights into how financial app marketers can acquire high-quality users amid inflation and market volatility.
As customers sought new ways to access financial resources beyond traditional banks throughout the pandemic, banking, investment and fintech apps experienced tremendous growth. However, such growth meant that the cost of user acquisition for these apps increased, forcing mobile marketers to refine their approach to user acquisition amid an increasingly competitive landscape.
Whether fintech apps can continue to scale will depend on the ability of mobile financial marketers to attract new users. Drawing on more than 182 billion ad impressions and 2.4 billion clicks across 16.5 million installs between June 1, 2021 and June 1, 2022, Liftoff’s financial app data shares key findings to help app marketers stay ahead of the curve.
Key highlights include:
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Finance Apps’ Cost-Per-Install (CPI) shows year-on-year decline
Over the past year, both the average cost per registration (CPR) and cost per activation (CPA) for financial apps have increased, while the install-to-action (ITA) rate has decreased. -
Fintech users activate at higher rates than banking app users
Fintech apps offer a more modern, innovative and simple user experience. Liftoff’s report finds that while it costs more to get fintech users to sign up ($17.96), fintech apps activate accounts at high rates (56.3%). Banking app users cost the least to acquire ($1.50), but sign up at lower rates (10.2%). -
iOS users are more expensive to acquire compared to Androids
Liftoff’s report finds that the platform makes a difference when targeting financial users. In fact, Android users are more cost effective to acquire than their iOS counterparts ($2.09 CPI compared to $4.35). They are also over 2x more likely to be activated (15.9% CPA activation compared to 6.5%). -
Latin American users most cost-effective to acquire
Latin American (LATAM) users are cost-effective to acquire ($1.60), but they also sign up at lower rates (18.3%). EMEA users sign up at the highest rates (34.8%), but only 4.3% go on to activate an account. LATAM users activate at the highest rate of 38.2%.
Proven ad creative tips for financial professionals:
- Demystify investment and crypto apps: Make apps look simple, like something anyone can do.
- Get attributable conversions via email: Email works for iOS, but non-email campaigns remain successful for Android.
- Set up a two-step signup funnel: Ask for customer information on a landing page, and after they’ve verified their email, ask them to install the app to complete their journey.
- Gamify your ads: Incorporating playable ads offers great potential – when done carefully – as financial apps don’t want to appear as games, but as engaging, trusted platforms for their users.
To download the full 2022 Finance Apps report, visit here. For more information on how to acquire new users through Liftoff, visit here.
About Liftoff
Liftoff is a leading growth acceleration platform for the mobile industry, helping advertisers, publishers and game developers scale revenue growth with solutions to market and monetize mobile apps. With a range of solutions including Vungle, JetFuel, GameRefinery and TreSensa, Liftoff supports over 6,600 mobile businesses in 74 countries, including gaming, social, finance, e-commerce, entertainment and more. Liftoff is proud to be a long-term partner to leading advertisers and app publishers since 2012. Headquartered in Redwood City, CA, Liftoff has a growing global presence with offices around the world.
