The finance app industry is a multi-sector behemoth with thousands of businesses new and old trying to make financial processes easier on mobile. In the past decade, we have seen in the introduction of payments through near-field communication, commission-free stock trading, the birth of cryptocurrency and buy now, pay later apps.
On top of that, many of the old financial institutions have integrated their systems onto mobile. Almost every bank has a mobile app nowadays, and has implemented new services to help customers manage their money more effectively.
In the developing world, the “unbanked” are receiving their first debit cards and saving accounts through mobile apps. In Brazil, nuBank is the largest bank in the country, which has no physical locations and is run entirely through the mobile app. China and India have also seen their financial infrastructure built to be mobile-first.
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Start Your Campaign Now 📈Even with all of this technology being embedded into the financial industry, most users typically only check their bank or stock trading app a few times a week, if that. For payments, a quick check to see if the payment has went through is the only real interaction they have with the app.
But it is clear some of these finance apps want to change that, by getting users to check-in more frequently. Credit checks, daily saving accounts, spending analysis and other features are being added in the hope of increasing time spent on these apps. Others, like PayPal and Revolut, have added stock and crypto trading as another way to draw in users.
We have collected data and statistics on finance app benchmarks. Read on below to find out more. Need more insights? Check out our finance app report.
Key Finance App Benchmarks
- Finance apps have a retention rate of 4.5% by day 30. Stock trading apps have the highest average retention, while payments have the lowest
- Conversion rate for finance apps is much higher on iOS, at 34%, than Google Play
- About 14% of finance app users complete all activation processes by day 30
- Cost per action on finance apps is much higher on iOS than Google Play. In terms of region, CPA is the highest in North America
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
Finance App Report 2024
Finance App Retention Rate
Finance apps have a retention rate of 4.5%, according to AppsFlyer. Stock trading apps have the highest retention rate by subcategory, payment apps have the lowest.
Finance app retention rate 2020 to 2023 (%)
Finance app retention rate by subcategory (%)
Finance App Conversion Rate
Finance apps on iOS have a higher conversion rate than Google Play, according to AppTweak.
Finance app conversion rate by platform (%)
Finance App Activation Rate
Activation rate declines from 26% on the first day to 14% on day 30, meaning less than a fifth of all users complete onboarding processes.
Finance app activation rate day one to day 30 (%)
Finance App Cost Per Action
iOS has a much higher cost per action (CPA) than Android. Across the regions, North America has the highest CPA on all three actions. For subcategories, investment has the highest activation CPA, while fintech has the highest registration CPA.
Finance app cost per action 2023 ($)
Finance app cost per action by platform 2023 ($)
Finance app cost per action by region 2023 ($)
Finance app cost per action by subcategory 2023 ($)
Finance App Sessions by Category
Users typically only access their finance apps a few times per week. Fintech and crypto have a lot higher session length than banking and payments.
Finance app session length by category (minutes)
Finance App Performance Benchmarks
Finance apps are very stable with very few crashes, especially on iOS.
Finance app crash free sessions by platform 2023 (%)
Finance app low-memory warnings by platform 2023 (%)
More Finance App Data
- Revolut Revenue and Usage Statistics (2024)
- Monzo Revenue and Usage Statistics (2024)
- Cash App Revenue and Usage Statistics (2024)
- N26 Revenue and Usage Statistics (2024)
- Klarna Revenue and Usage Statistics (2024)
- Robinhood Revenue and Usage Statistics (2024)
- NuBank Revenue and Usage Statistics (2024)
- Starling Bank Revenue and Usage Statistics (2024)
- Venmo Revenue and Usage Statistics (2024)
- Cryptocurrency App Revenue and Usage Statistics (2024)
