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Financial technology application report in 2020 From Sensor

The following is the Financial technology application report in 2020 From Sensor recommended by And this article belongs to the classification: research report, Mobile applications, financial technology.

At the beginning of 2020, the download volume of global financial applications will maintain a strong growth. From mobile payment and investment to traditional banking, consumers continue to shift their financial needs to mobile devices. Google play contributed most of the growth in financial app downloads in the second quarter of 2020, up 51% year-on-year, while app store’s financial app downloads grew 8%. Some top markets have driven this trend. In Brazil, the number of financial applications installed on Google play has increased by more than 100 million over the same period last year; in the app store, the number of financial applications downloaded in China has decreased by nearly 50 million.

The impact of covid-19 has accelerated the growth of asset management, credit card, cryptocurrency and mobile payment applications. As the blockade changes the lifestyle of consumers and reduces face-to-face contact, more users turn to mobile applications to meet their financial needs. During the pandemic, downloads of tax filing and budgeting applications declined significantly. Seasonal trends may explain the main reason for this decline, as tax season and New Year resolutions usually increase the number of downloads of such apps at the beginning of each year.

Square’s cash app’s downloads have increased by more than 55% compared with those before covid-19, which is the highest growth of mobile payment applications during the pandemic. Downloads of most mobile payment apps peaked in April or may. In the next few months, although growth slowed down for the most part, the number of downloads of mobile spending apps in July was still higher than before covid-19.

Robin Hood saw a surge in downloads in the first half of 2020. The initial growth in early 2020 corresponds to advertising on networks such as tiktok, ironsource and AdMob. But in March, its weekly downloads in the U.S. app store exceeded 400000 for several consecutive weeks, mainly due to the prevalence of coronavirus.

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