A report from mobile app marketing and retargeting platform, Liftoff, reveals that the gender gap in finance app engagement rates is closing. The 2019 Mobile Finance Apps Report provides data on various aspects of finance apps, covering everything from the cost of user acquisition and conversion rates, to user engagement rates across regions.
The extensive report, produced by Liftoff in partnership with mobile engagement platform Leanplum, draws from internal data spanning 10.3 billion impressions across 2.7 million app installs, 168 million clicks and 1.7 million activations and registrations.
Dennis Mink, VP Marketing at Liftoff said, “We have a huge bank of data we continue to share as trends and benchmarks for app marketers. The data we provide enables marketers to adapt their strategies based on market trends and to make informed decisions about their campaigns.”
APAC comes out on top in adoption of finance apps
According to app store intelligence provider App Annie, mobile finance app downloads hit a record 3.4 billion in 2018, up 75% from 2016. Liftoff’s report shows that the APAC region has a huge part to play in this meteoric rise, with some markets such as Indonesia experiencing as much as 4x download growth.
APAC continues to lead in mobile finance apps adoption. The cost to acquire a user who completes a registration has significantly decreased between 2017 and 2018, from $27.81 to only $20.67, making it the cheapest compared to NA and EMEA. As a multitude of finance apps continue to serve the unbanked populations of the region and disrupt traditional methods of banking, mobile marketers have a huge opportunity to focus on targeting users in APAC who are not only cheaper to acquire, but also easier to engage.
While female users are more expensive, their engagement has skyrocketed
The report analysis also shows that the cost of acquiring female users has increased by over one-third, standing at $7.08 compared to $5.33 in the previous year. Significantly, the cost of acquiring males has decreased slightly, from $6.95 to $6.85.
Despite the high price tag of female users, their desire to engage with finance apps has increased, with female engagement rates soaring to 19.6% from just 13.9% the previous year. This is just shy of the 20.5% male engagement rate, suggesting that the gender gap in user engagement when it comes to finance apps is closing very quickly, and that women are increasingly taking charge of their financial future.
The report reveals interesting dynamics that marketers should leverage to boost and optimize their campaigns. With females becoming bolder in how they interact with finance apps, marketers should ride on this confidence and drive them to engage further. The lower price tag of males is another encouraging signal to marketers to target this demographic even more, in order to encourage deeper engagement further down in the funnel.