Fintech apps have been gaining popularity in recent years as more people opt for digital financial services. With this trend comes the need to understand how these apps are being used and what drives user engagement.
In a recent study conducted by our team, we analyzed the engagement levels of various fintech apps across different demographics.
Here are some key findings from our report:
- Mobile banking is becoming increasingly popular – The usage rates of mobile banking applications increased significantly over the last year with 75% increase among Gen Z users (aged 18-24), indicating that younger generations prefer using their smartphones for financial transactions
- Personalization improves retention – Personalized content & offers resulted in better retention rates compared to generic messages or promos; Users want to feel valued & personalized messaging helps achieve that.
- Security Concerns Deter Usage: Enhanced security features like two-factor authentication and biometric verification would lead towards greater customer satisfaction rates which would result in better retention rates , increased word-of-mouth referrals , positive reviews and ultimately more revenue.
- User-friendly interface : Users expect an intuitive user experience within Fintech Apps where they can easily navigate through different account information & tools ; A cluttered UI or complex navigation could lead towards poor user experience
- Push Notifications : Timely notifications about transactional activity, upcoming bills or payment reminders etc.. could encourage users to stay engaged with App
Based on these findings, it’s clear that personalization along with security measures play a major role when it comes to retaining customers within fintech industry leading towards greater customer satisfaction rates which would result in better retention rate s, increased word-of-mouth referrals , positive reviews and ultimately more revenue.
We hope this article provides insights into how you can improve your fintech app’s engagement levels!