Finance Apps in 2024: Analysis and Forecast

Mobile App Market Overview - Fall 2024

What do the mobile app market and finance apps look like in general as we approach the end of 2024? Currently (October 2024), the market boasts around 6 million iOS apps and over 14 million apps on Google Play. This data is easily accessible with just a click today.

According to Sensor Tower, the mobile app market witnessed growth in early 2024, with consumer spending on iOS and Google Play surpassing $35 billion, marking nearly a 10% increase compared to last year. Non-gaming apps outperform mobile games, contributing significantly to the mobile economy despite facing challenges. Users often stick to familiar apps, making gaining traction difficult for new entrants. Today, we’ll focus on the Finance category, which ranks 5th in downloads in the App Store among the top 10 categories.

Finance Category Performance in the U.S. (iOS)

• Average monthly revenue: $1.3 million
• 35th in revenue among all categories
• 14th in downloads
• Total apps: 20,670

Finance Category Performance in the U.S. (Google Play)

• Average monthly revenue: $56,000
• 49th in revenue among categories
• 15th in downloads
• Total apps: 17,600

Key Trends in the Finance Category (2024)

Dependence on global economic trends

The finance app category in 2024 closely follows global economic trends. Unlike other app categories driven by user behavior and new trends, finance apps are heavily influenced by external factors such as financial markets and economic crises. 2024 has been a year of recovery from global economic instability, but there’s a sense of “calm before the storm.” Stock markets have experienced both highs and lows, particularly after the Japanese yen’s exchange rate adjustment. Meanwhile, cryptocurrencies saw a revival, with Bitcoin hitting a record price in March 2024, sparking renewed interest in crypto wallets and exchanges.

While the financial outlook remains uncertain, markets oscillate between panic and optimism, especially after the U.S. Federal Reserve cut interest rates. Statista forecasts a 10.96% annual growth rate for finance apps, with the market expected to reach $2.50 billion by 2027.

ASO Optimization for Finance Apps

Users and developers' ongoing interest in finance apps signals increasing competition. ASO specialists need to identify and highlight the unique features of their products in app descriptions to stand out in a crowded market. Let’s start by looking at some key benchmarks - average conversion rates from views to installs over the last three months:

• Google Play: Page View to Install rate stands at 53.48%.
• App Store:
  • Impression to Page View rate: 1.13%
  • Page View to Install rate: 55.3%
  • Impression to Install rate: 0.62%

In the finance category, trust is key to an app’s success. Highlighting data security, showcasing social proof (such as media mentions and awards), and promoting attractive offers for new users can significantly boost conversion rates. Sign-up bonuses and no-fee transactions are particularly effective in attracting users.

Text Optimization Specific

Text optimization should reflect user behavior and emphasize security, value, and brand presence in visible metadata fields. Almost all apps in this category are branded, as users are unlikely to trust an anonymous wallet to store their funds. Some top-ranking apps have turned their functional names into brands - for example, Cash App, which holds the top spot in Google Play's Finance category.

The App Store’s Finance category looks slightly different, but Cash App remains a leader in the free apps section. In both markets, paid apps tend to focus on financial calculators and checkbooks (a unique aspect of the U.S. market), while free apps are dominated by online banking, virtual accounts, and payment systems. Their main revenue source lies in financial transactions, not through app use itself.

Visual Optimization for Finance Apps

Visuals should embody the brand’s values, emphasizing security and trustworthiness. As a result, app icons in this category are often simple and brand-centric, with few discernible trends. However, some patterns do emerge:

• Simplicity and clarity in icons: Apps offering serious services tend to feature minimalistic, straightforward icons with simple backgrounds. Icons often reference currency symbols or savings, reinforcing security as a core principle.
• Bold, contrasting colors: Bright and bold colors are standard without gradients or elaborate designs. Financial app icons come in various colors, with 43% of top finance apps opting for blue, green, and black. However, red, associated with luck and prosperity, may be more effective when targeting Eastern market colors.
• Logo = Icon: Many app icons have one or two symbols directly related to the brand’s logo. Screenshots in the Finance category often emphasize core functionality.

Screenshot Trends:

• Focus on functionality: Screenshots should focus on the app’s features, with clear calls to action showcasing what the app can do.
• Social proof: Information about user numbers, awards, and endorsements from influencers builds trust.
• First screenshot is critical: Statistics show that less than half of users scroll beyond the first screenshot, so this one must highlight the app’s best features.

Bright, bold colors and clear screenshots illustrating the user journey and ease of use are essential. If considering video previews or promos (which are rare in this category), it’s essential to keep the following in mind:

• Focus on the first 3-6 seconds: This is the most crucial part of the video. Highlight key features immediately.
• Call-to-action: Guide users towards installing the app with clear CTAs.

Testing the app page with and without video is also important to ensure it doesn’t negatively impact conversion rates.

Key Takeaways: Finance Apps in Google Play and the App Store

Market Growth: The mobile app market in 2024 continues to grow, with consumer spending exceeding $35 billion. Finance apps rank 5th in downloads in the App Store, attracting attention from both users and developers.

Economic Influence: Finance apps are closely tied to global economic trends. Recovery from instability in 2024 is shaping user behavior, highlighting the need for apps to adapt to market changes like currency fluctuations and the rise of cryptocurrencies.

ASO Optimization: The success of finance apps hinges on user trust. ASO strategies must prioritize data security and leverage social proof, such as awards and media mentions, to boost conversions.

Visual and Textual Optimization: Clear, simple designs for icons and screenshots, focusing on functionality and security, are crucial. Bright, contrasting colors like blue, green, and black are popular, but there is room for experimentation, especially in Eastern markets.

Optimize and achieve your goals💙