Fintech App Engagement Benchmark Report
Fintech App Engagement Benchmark Report
Fintech App Engagement Benchmark Report
App Engagement
Benchmark Report
2023
1
Did you Know?
95% of newly signed up fintech users
complete at least one monetary
transaction in the first month!
Our research shows just over a fifth (21%) of users register within
a week of installing an app. Clearly, there’s ample opportunity for
marketers in the industry to drive up their registrations rates. They can
do this with an onboarding process that includes contextually relevant
marketing messages and customer education to drive user interest and
engagement beyond the initial download.
How can you make it easier for the users who aren’t signing up
within the first few minutes of downloading your fintech app?
How can you improve how you communicate the features and
benefits of using your app so they will be motivated to sign up
sooner rather than later?
Newly signed-up
Your current engagement strategy is off the mark
The level of personalization you offer isn’t sufficient
users complete
The initial customer journey needs to be reworked a financial
The app itself falls short when it comes to usability, features or transaction in the
overall UX first month
If you find your average rate is higher than the industry average,
examine what you’re doing to delight your users and deepen
relationships with them — then amplify it.
While this is a healthy metric, marketers can still improve this rate by
using the insights they gain from analyzing the data. Constant A/B
testing will also highlight specific factors driving up or dragging down
the app engagement rate.
At 9%, the average CTR for Android is 50% higher than that of iOS (6%).
This may be because iOS requires the user to give explicit permission
to receive push notifications. The Android operating system defaults to
receiving these notifications.
Marketers should make good use of this opportunity and ensure they’re
creating very effective in-app notifications because conversions here
have the highest rates. One way to do this is by creating contextual,
hyper-personalized notifications — sending the right message to the
right person at the right time. This is a proven way to ensure you’re
maximizing the CTRs for in-app notifications.
The open rate indicates that one-third of fintech app users are taking
time to educate themselves about the complex topics communicated to
them through email and will convert later — when they’re ready.
11 TRAVEL APP
FINTECH APPENGAGEMENT
ENGAGEMENTBENCHMARK
BENCHMARKREPORT:
REPORT:2023
2023
Times per month users
#8 Session Frequency launch these apps
We found that, on average, fintech app users launch these apps about
11 times per month. That’s 11 more times every month that you can
communicate with users to increase their engagement.
It’s 11 opportunities for you to win. But it’s also potentially 11 chances for
you to fail if you don’t understand your users and the context of their
visits. So, make an effort to understand user behavior and requirements
in real time to make every interaction count.
Harnessing the data in this report can help you understand all the ways
you can step up efforts to create a user experience and journey that is
personal, relevant, and ultra-sticky.
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