During 2021, the use of fintech applications soared in Latin America (LA), the number of sessions started on platforms increased 128% from 2020 to 2021, above North America where it grew 111%, according to a recent report.
Installations on smartphones grew 62% at an annual rate in LA, below North America, where downloads increased 69%, as revealed by Adjust’s “Mobile App Trends 2022” study.
The results of the study point to a global trend in the use of financial technology applications. Globally, installations grew 35% in 2021, compared to the previous year.
Regarding the growing use of financial technology applications, Jesús Juárez, national director of Adjust in Mexico, believes that the trend is the result of the attention that fintechs provide to the unbanked segment of the population, in addition to the commercial penetration that technology companies have financial and that encourage users to use their services
“There is a very strong potential in different services, which are growing in the market, that speaks of economy on a local and regional scale. On the other hand, the advertising strategies are different, by having their segmentation tools they allow specializing communication in certain financial solutions”, commented Juárez.
The segment of financial technology applications with the highest number of downloads belongs to the paid fintech with 57%; those that offer banking services concentrated 34% of the installations; while those related to the sale of shares obtained 7% and those dedicated to cryptocurrencies 2 percent.
Regarding the cryptocurrency and stock trading applications, these stand out above others in user retention levels, with more than two sessions a day, in addition, the time that users invested within the cryptoactive platforms was 15 minutes. per session, compared to other fintechs where the average time was seven minutes.
“The time that users invest in fintech applications is an indicator of the growth trend in the financial technology markets, we will see more signs that will define what type of product will generate the greatest use,” explained Juárez. .