Afternoon Tea Talks - The Fintech Edition

Afternoon Tea Talks - The Fintech Edition

Focus on Fintech apps

Thursday 21st Jan saw Redbox deliver our 4th Webinar in partnership with Adjust and Google. The idea was to get to grips with what happened with the Fintech vertical in 2020 and try and make some predictions for 2021.

I've tried to summarise the webinar discussion points and findings for you, but we'd love you to watch the Mobile Afternoon Tea Talks webinar and download Adjust's Mobile finance report here to get a more comprehensive view.

Watch the full Webinar here: https://adjust-video.​

Charlene Jolly ( Google's resident Fintech guru ) joined Isabel from Adjust and myself to explore the Fintech market. Also, on hand for the panel we had Kyle Smith from Paysafe ( a leading payment platform ) as well Gideon from Avatrade and Vitaly from Libertex ( both well-established trading apps ).

Mobile Afternoon Tea Talks webinar - Panelists

Fintech is growing fast

Fintech has essentially doubled in size in the last 2 years. That's breakneck speed even in the mobile app world. For example, trading/investment apps are the 2nd fastest growing app vertical globally.. Factors include the volatility of prices of oil and the increased interest in Crypto but also an inherent desire for people to learn a new skill during lockdown.

According to EY's Global Fintech adoption study, 64% of people who are digitally active are now using Fintech. According to the Adjust report we saw big rises in number of sessions with Fintech. 88% growth in investing apps, 46% in payment apps and 26% in banking. Of course, COVID can explain some underlying acceleration in terms of Fintech being safer and more hygienic than manual methods of transacting.

Set amongst of backdrop where $143bn was spent in-app in 2020, and where there was 27% increase YoY in VC money coming into mobile tech, Fintech necessary & convenient.

Read the industry's leading annual report on the State of Mobile in 2021 to take your mobile performance to the next level. Provided by App Annie

Stickiness of Fintech apps

Finance is not traditionally seen as an app vertical with high levels of engagement or stickiness, versus video streaming or gaming apps for example.

However, that is starting to change. Banking apps for example are now multi-purpose tools where you can manage your finances, take out new products such as insurance and much more. Compare that to a few years ago when you checked your balance and logged out.

Covid has meant that Fintech apps have become the norm. All the data suggests that habits now formed will persist due to ease as well as increased awareness of safety. However, Fintech apps that win will be ones that keep their audiences engaged.

Fintech developments

Charlene at Google suggested that Fintech app marketers were now much more focused on LTV ( Lifetime Value ) and Profitability now than simpler metrics. Marketeers now need to test creatives systematically to drive users who perform key actions rather than just download and register.

Demographics are changing rapidly. No-one is created financially equal states Charlene. The older audience has somewhat been forced into change, sometimes against their will. Some are money savvy, others steadfastly technophobe. Products have had to develop so that they display a level of empathy, calm and reassurance.

Paysafe saw one of the products, the Skrill money transfer app grow rapidly in Italy. The focus was to stay agile and educate new users.

Similarly, Avatrade have developed a raft of new products to meet consumer needs. AvaProtect is a 1 click risk management tool, while AvaSocial, anew standalone app is aimed at traders who want to learn from experts, connect with peers and want to automate trading. Libertex who have also seen a huge rise in demand have doubled their marketing department and increased heavily in data science. Crypto craziness has meant a doubling of clients – but also a need to educate!

Whilst helping and educating newer adoptees has been a theme, there is no doubt that Fintech apps have needed to be agile in developing new products and working on their backend to soak up increased demand. Many banks have enabled consumers to defer or extend payments ( witness the growth of Klarna). Starling Bank introduced the ‘connected card' during Covid. This enabled self-isolating users to have a 2nd card that a trusted friend or family could use on their behalf.

User Acquisition trends

There was a lot of emphasis placed upon data analysis of creative performance. Cut through of your ad message is critical. Equally making sure your app listing page is well optimised with good ASO. Paysafe saw a huge increase in spend on search and Facebook & Instagram. Libertex saw good results from TikTok in some markets. Avatrade saw SEO grow in importance as well as paid mobile search, Google UAC & ASA through The Redbox Platform.

Engagement is key. Retargeting and in- app messaging is increasingly important to ensure lapsed users don't churn. Avatrade has brought in a high level of automation within this discipline and built complex audience segmentation to ensure users stay engaged.

2021 predictions and strategy points

No-one wanted to predict what was in store for 2021. The safe prediction was unpredictability! All panellists thought the Fintech sector would continue to grow.

Charlene at Google expected to see South America and Asia further grow as EMEA matured, she also expected B to B apps to flourish much like B to C apps have grown in 2021. Increased dependence on data for creatives, LTV and re-engagement key.

The further democratisation of areas like trading and investment apps have demystified the area of the stock market. We expect to see this trend continue.

3 steps to success in 2021

  1. Agility. In this uncertain market, being agile in R&D, product and marketing was a key theme, adapting to consumer needs quickly and efficiently.
  2. Analysis. In order to be agile, businesses need to be comfortable at collecting and interpreting data at all levels within the business.
  3. Education. Lastly the theme of education was brought up again and again. Teaching Fintech novices new skills whilst also continuing to develop the skills of your most loyal and profitable customers.

Fintech has come of age.

Redbox work with a variety of apps in the Fintech space. We were voted ASO company of the year in Dec, 2020. The Redbox Platform is our own proprietary platform to help you scale fintech apps on Apple Search Ads. (Get in touch)

You can also view our previous Tea Talks Webinar which focused on Gaming, we were delighted to have King, Supersonic Studios and Gram Games on our panel.

Would you like a cookie?

We would like to set some cookies on your device to enable our performance monitoring and marketing.