As with making any habit stick, it is helpful to have the right support when it comes to personal finance. What features are important to Personal Finance App Users?įinance can of course be a worrying issue for app users. ” For example, the USA “has developed a strong market for P2P payment apps” making it easy to push small sums to friends with apps like Venmo. Otherwise, the chart is dominated by local terms – especially those related to challenger bank apps. Interestingly “the only app that users in all countries search for is PayPal. Whether that’s gamification to make finance more fun and (dare we say it – ‘enjoyable’), a personal finance budgeting app to help keep track of spending and saving all in one place, goal setting, easy payment apps, or apps to help with investing.Ĭountry search comparisons are key to understanding consumer patterns here. It all depends on which finance app features that app users require or prefer. There really is something out there for all finance goals and interests. Pi Network, Papara and eToro were also popular during this time.Īnother notable trend is that the cryptocurrency exchange “branded keyword ‘binance’ appears in the French, German and UK charts and is at #1 in Turkey.” Which Mobile Finance App is Best? During the first quarter of 2021 “cryptocurrency and trading mobile app Binance recorded almost six million downloads from users in Europe”. Crypto interest is at an all-time high, and apps make it easier than ever to learn about, invest in and manage cryptocurrency.ĭata AI shows that crypto features heavily in today’s search terms. It wouldn’t be right to talk about the rise of personal finance apps without mentioning cryptocurrency. A strong weekly session duration, even in comparison with “retail and ecommerce apps (65 minutes), entertainment apps (67 minutes), and music apps (80 minutes).” The Rise of Cryptocurrency
In the personal finance category, average weekly time spent in-app has increased to 57 minutes, led by Millenials and Gen Z categories.
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Google research shows that smartphone users download around 3 personal finance apps to their mobile, with “4 in 10 using their devices for managing finance, checking account history, tracking investments, paying bills among other financial activities”. Many people worldwide are planning to make cutbacks, invest or earn more, where possible. Again it’s unsurprising, giving that the cost of living has risen.
Looking at today, post-pandemic app habits have stuck. Growth in average weekly usage of finance apps was evident between December 2019 to March 2020, with Japan in particular seeing a 55% increase during this period.
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Back in 2019, finance apps were being used over “1 trillion times on Android devices”, while in 2020 finance apps were downloaded close to 1.3 billion times. Especially useful during previous lockdowns, when in-person contact was reduced and banks closed. Mobile apps are an easily accessible way to manage personal finances. A completely understandable pattern during a time of economic uncertainty, with many worried about the future and seeking to improve their financial situations. The increase in personal finance apps has, no doubt, been heightened due to COVID-19. It’s no surprise, since money plays such a big part in our daily lives, with a trend showing that many of us review our personal finances after the new year. ‘Personal Finance’ and ‘Personal Finance Apps’ as search terms on Google Trends have been rising especially over the last 12 months worldwide. With National Financial Awareness Day around the corner on April 25 th, it’s time to talk money.
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