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UAE sees 55 % growth in finance app installs as FinTechs up marketing spend
Samer Saad , Regional Manager – Middle East , AppsFlyer
A ppsFlyer , a global marketing measurement leader , has released its 2021 edition of The State of Finance App Marketing . The COVID-19 pandemic directly impacted how consumers interact with financial institutions and how the institutions themselves operate . According to the report , Financial Technology ( FinTech ) apps are in high demand , experiencing a 132 % leap globally in downloads in the last two years . Although growth was lower in the Middle East , finance installs still rose by 55 % in the United Arab Emirates ( UAE ) and 73 % in Saudi Arabia year on year .
“ FinTech experienced rapid Digital Transformation over the last year , with the pandemic leading to a shift in mindset even for those that have been slow to adapt ,” said Shani Rosenfelder , Head of Content and Mobile Insight , AppsFlyer . “ Marketers should strive for efficiency with their spend by following the rising Clicks Per Install trend and focusing on user acquisition to meet new demand . Marketers should also explore more affordable remarketing campaigns to keep their brand top of mind amid rising market competition .”
Key insights :
• Finance app installs rose by 55 % in the UAE and 73 % in Saudi Arabia year on year
• Marketers in the Middle East spent US $ 95 million on user acquisition in 2020
• Since Q2 2020 , when COVID lockdowns began , the number of finance apps investing in marketing increased by 27 % in the Middle East
• Marketing drives the majority of finance app installs in the Middle East and Turkey , with 62 % coming from paid marketing campaigns
• Install fraud rates dropped by 60 % in the Middle East as awareness of fraud and anti-fraud solutions grows
Key global insights :
• Digital banking installs up 45 %, while traditional banks gain 22 % in 2021 . Finance app installs increased 20 % overall , but financial services and traditional banking app installs saw only a 15 % increase between Q1 2020 and Q1 2021 . However , only in the first quarter of 2021 , traditional banks picked up speed with a 22 % rise in installs .
• 3.3x growth in the number of remarketing conversions between Q1 2020 and Q1 2021 . Following a 32 % drop in spend in Q2 of 2020 , efforts rebounded in Q3 and with rising user acquisition costs , marketers increased activity in remarketing , which soared 3x by Q1 2021 . Overall , the growth path of non-organic installs continued upward , hitting 172 % growth between 2019 and now .
• Demand for finance apps is rising across the globe . 29 of the top 40 finance markets ( by app installs ) enjoyed a growth of at least 20 % YoY , however it was the developing markets that dominated the number of installs . The average number of downloads in developing markets was 70 % higher than the average in developed markets , with India , Brazil and Indonesia making up almost half of the global number of downloads .
“ The consumer finance industry is fast-growing across the Middle East , so it ’ s not a surprise to see demand for mobile apps increasing ,” said Samer Saad , Regional Manager , Middle East , AppsFlyer . “ With marketing being a primary driver of installs , and the amount spent on user acquisition increasing , we can expect UAE FinTech marketers to continue running aggressive acquisition campaigns through the remainder of 2021 .” �
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