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2019 USER ACQUISITION TRENDS AND BENCHMARKS REPORT Mobile Finance AppsIntroduction Finance Apps Costs & Conversion Rates Finance Apps Engagement by Gender Finance Apps Engagement by Platform Finance Apps Engagement by Region Monthly Trends Time From Install to Register and Activation Finance Apps In-App Mobile Retention Conclusion 3 5 6 8 10 16 19 21 28 Table of Contents 2019 USER ACQUISITION TRENDS AND BENCHMARKS REPORT Mobile Finance AppsMobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 3 But the use of mobile finance apps isnt just accelerating at a rapid pace, the number of sessions is also surging with users in some markets using their finance apps 10x a weekor more. In some markets, such as the U.S., mobile finance apps have won an enviable and pivotal position in users lives, coming in only behind social media and weather measured in use and loyalty. Against this backdrop, analysts are confident 2019 will mark a new phase in our global and growing app-etite for finance apps. They predict its the year mobile will eclipse desktop as the preferred platform for banking. Moreover, they expect competition for users to heat up as more startups elbow their way into the market to carve out their niche and challenge both traditional banks and established fintech companies in the process. The next year will see a new wave of adoption as more users in more territories embrace mobile finance apps, but it will also see fierce competition as more players get in on the action. Marketers in a booming market need intelligence and insights to make tough choices about their campaigns. Who is your audience *really*? How long is too long to wait for a conversion? When is the window of opportunity to reach and Introduction Over the past five years, user activity on finance apps has rocketed by 354%, cementing apps as the “channel of choice” for consumers to manage their finances and plan their future. 2019 will mark a new phase in our global and growing app-etite for finance apps.Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 4 engage users wide open? These are some of the key questions addressed in the Liftoff 2019 Mobile Finance Apps Report. The report draws from Liftoff internal data from January 1, 2018 through December 31, 2018, spanning 10.3 billion impressions (10,332,595,307 to be exact) across 2.7 million (2,752,690) app installs, 168 million (168,865,123) clicks and 1.7 million (1,767,513) activations and registrations. Specifically, the report tracks costs and conversions across a range of engagement activities and breaks down data by platform (iOS and Android), user demographics (gender) and region (North America, EMEA and APAC). It also sheds light on the best months of the year to acquire and engage users and the precise amount of time (measured in hours and minutes) it takes for a user who has installed an app to take action. Liftoff also partners with mobile engagement platform Leanplum to provide insights into app retention metrics and the impact of effective communications activity on engagement. The report integrates Leanplums analysis of retention data (average session length, amount of time since the last app activation and percentage of active users) and shows the impact of push notifications and emails on app engagement. Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 5 Finance Apps Costs & Conversion Rates Overall Finance Apps Costs & Conversion Rates The High-Level View Across All Finance Apps Analyzed Mobile finance apps occupy a central role in our lives as more people reach to their smartphones to manage more aspects of their lives. Amid this flurry of activityand fierce competition as banks and fintech companies race to grow their audiences and drive loyaltycosts across the funnel increased slightly compared to the previous year. At $6.93 the average cost to acquire a new user in 2018 is 5.32% higher than the year before, when the price tag was $6.58. The average cost to convert that user to complete a registration is also somewhat higher, coming in at $25.73 compared to $21.42 the previous year. While the install- to-registration rate of 26.9% is slightly lower than the rate recorded in 2017 (30.7%), its important to note that this report looks at a range of conversions spanning low- barrier activities, including those that dont require a registration such as checking a credit score, to high-value activities, such as adding and depositing funds to a wallet, activating a bank card, opening a position and making a first trade. This might also explain why the install-to-activation rate (18.7%) comes in rather high so deep in the funnel. The cost to acquire a user who takes action ($37.05) is only marginally more expensive (+7%) than it was the previous year ($34.62).Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 6 Significantly, the negligible increase in costs to acquire users (accompanied by a slight dip in conversion rates) tells an encouraging story. Users clearly accept and embrace mobile finance apps. Now its up to marketers to offer the services and experiences (or ramp up the campaigns) that will convince users to do much more with their apps. Finance Apps Engagement by Gender Finance Apps Between the Sexes An examination of acquisition costs and engagement rates for finance apps reveals exciting opportunities as stereotypes fade and the gender gap between how males and females interact with finance apps begins to close. The realization that banks and fintech apps must do more to draw women into investing their wealth, which is on track to hit a massive $72 trillion by 2020 (or almost one-third of all private wealth), has clearly convinced marketers to step up efforts to acquire and inspire female users. Across the funnel, females are more activebut that level of activity comes at a price. At the top of the funnel, the cost to acquire females comes in at $7.08, over one- third more than the previous year ($5.33). Its a price tag that is also 3.4% higher than the cost to acquire males. Significantly, the cost to acquire males ($6.85) is slightly under the amount recorded the previous year ($6.95). At $6.93 the average cost to acquire a new user in 2018 is 5.32% higher than the year before.Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 7 Acquisition costs may not be a steal, but significant engagement rates at key stages in the funnel are attractive. Take registration, a mid-funnel activity that paves the way for marketers to drive deeper engagement andultimatelyloyalty. At this stage females ($26.40) cost nearly 10% more than males ($24.04). However, an examination of conversion rates reveals some interesting dynamics and opportunities. The install-to-register rate of 26.8% for females is 3.6% higher than the previous year (23.2%)and nearly identical to that of males (28.5%). Granted, females are not a bargain, but they are clearly bolder in how they interact with finance apps. Marketers would be well advised to build on that confidence to drive app use and engagement deeper. Marketers might also want to re-examine how they acquire and inspire males, taking advantage of a lower price tag to prompt males to do more with their finance apps. The end-game is always activation, and at this critical stage, its interesting to note that females far outshine their male counterparts. As you might expect in a highly competitive market, the cost to acquire a user who takes action is nearly identical for both groups ($33.41 for males and $36.15 for females). But the real surprise is the increase in engagement rates for females, rocketing to 19.6% from just 13.9% the previous year. You get what you pay for, and femalesat roughly 8.2% more than malesare pricey, but their desire to engage with finance apps is much higher than ever before. Finance Apps Costs & Conversion Rates by GenderMobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 8 At first glance, higher costs ($33.41 compared with $30.77 the previous year) and lower conversion rates (20.5% compared to 22.6% the previous year) combine to tell a less inspiring story. Or do they? Males may be more expensive than they were in 2017, but they are still cheaper than females. The comparable engagement rates (20.5% for males and 19.6% for females) suggest the gender gap is closing. More importantly, these impressive engagement rates point the way to a win-win provided marketers tap into the natural affinity of males for finance apps to take action and embrace risks. Finance App Engagement by Platform Finance App Trends Between Android and iOS A comparison of costs and conversions by OS platform shows that competition for Android users deeper in the funnel is heating up as the platform cements its global lead in device sales and app downloads. At first glance, a breakdown of costs and conversions by platform would indicate that iOS users ($8.58) are hardly a bargain to acquire compared to Android users that come in at just $5.15. But are Android users really a steal? An examination of deep-funnel costs and engagement rates tells another story. T o understand, you need a more comprehensive view of user behavior and a broader understanding of the App Economy. Fintech apps must do more to draw women into investing their wealth, which is on track to hit a massive $72 trillion by 2020.Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 9 While this data is outside the scope of this report, its important to consider the growing body of research that suggests iOS users are affluent and tend to spend more on and in-app than their Android counterparts. Its a significant data point marketers would do well to consider as they develop strategies to identify, target and engage high-value users. But Big Spenders doesnt make for a big market. Marketersespecially those focused on acquiring and engaging users in markets outside North America, the birthplace of iOS devices and brand love that accompanies themneed to factor the broader global trend to Android into their strategies. Latest data shows iOS has lost market share in Europes four largest markets the U.K., France, Italy and Spain. Android has also made significant gains in Japan. Against this backdrop, campaigns that target iOS users in regions where Android rules may be a great way to burn money, not make it. While there may be a marginal difference in the cost to acquire a user who will complete a registration (Android: $25.71, iOS: $25.75), engagement rates are worlds apart. Specifically, the install-to-register rate for iOS users (33.3%) is 13.3% higher than for Android users (20%). Compare this to engagement rates recorded for the previous year (Android: 21.4%, iOS: 35.6%), and its clear both are in decline. This could be linked with fierce competition, but it could also be a measure of the effectiveness (or lack of it) of campaigns to activate users. Finance Apps Costs & Conversion Rates by PlatformMobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 10 Finance App Engagement by Region An Analysis of Finance Apps Across Geographies Mobile finance apps are now firmly positioned at the heart of the global digital economy. Data from app store intelligence provider App Annie documents the meteoric rise of mobile finance apps, reporting that downloads hit 3.4 billion in 2018, up a massive 75% from 2016. Deeper in the funnel the differences are far more significant, highlighting an exciting opportunity to get more mileage out of iOS users. On the cost side of the equation, iOS users ($31.18) are a steal compared to the previous year ($37.40), while the cost to acquire an Android user who will take action has risen through the roof ($41.75 in 2018 compared with $31.83 in 2017). On the conversion side of the equation, the numbers play in favor of iOS users. At 27.5% the engagement rate for iOS users is over 2x the rate for Android users (12.3%). At first glance, the data clearly indicates it pays to reach and engage iOS users. However, the final decision around the audience to target and the goals to pursue will always depend on your app category, your target audience and, above all, your regional focus. Growth in Finance App Downloads 2016 vs. 2018Mobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 11 Some markets, such as Indonesia, experienced as much as a 4x growth in down- loads. Its a dynamic no doubt linked to the advance of regulatory reform across the region and the success of so-called “super apps” that combine social media, shop- ping, financial advice and banking services in one package across one platform. A prime example is PayPay, a fintech app in Japan that allows users to pay in-store by scanning a QR code linked to a Y ahoo! Wallet account. App Annie reports weekly active users (WAU) grew a massive 46x in the period from November 4, 2018 to December 2, 2018 alone. But the advance of apps isnt just breaking records. In many countries, user engage- ment with mobile finance apps is off the charts. App Annie observes a marked in- crease in the number of mobile finance app sessions across most regions, including the U.K., where users access their apps over 7x a week. T o help marketers set targets, budgets and expectations for user acquisition and engagement campaigns in key markets, Liftoff breaks down its internal data across three regions: APAC, EMEA and North America (NA). Predictably, a review of acqui- sition costs in these regions suggests that the campaigns to acquire users in mature markets (specifically NA), where usage is established and competition is fierce, come at a price. At $12.11 the cost to acquire a user in NA is almost double the previous year ($6.58). Significantly, the cost to acquire users in other regions has remained stable. Costs in EMEA have increased marginally to reach $6.88 up from $6.58 the previous year. In APAC, however, costs are flat at $6.94. Finance Apps Install Cost by RegionMobile Finance Apps Report: 2019 User Acquisition Trends & Benchmarks 12 APAC Top-funnel data tells several stories. It may be that APACwhich continues to lead the way in the adoption and use of mobile finance apps, outpacing EMEA and NAis also a mature market where competition between homegrown players has settled, allowing companies to focus on carving out profitable niches and audiences without overstepping boundaries. Or it may simply be the calm before the storm.This is the view of the February 2019 State of the Industry Report on Mobile Money, publis- hed by the GSMA, the trade body that represents the interests of mobile operators, hand- set makers and equipment providers worldwide. It points out that the ability to offer “en- hanced cus
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