Fintech Apps: Android Users Cost 50% Less Than iOS, Activate Accounts 2X More Frequently

As the economy tightens, more customers are downloading fintech apps. Data from mobile growth acceleration platform Liftoff shows that year over year growth in finance apps has persisted.

The average cost per install of finance apps decreased, but the average cost per registration and cost per activation increased at the same time. A recent study found that new fintech clients sign up using mobile apps for half as much on Android as on iOS. Despite this, they are twice as likely to download the app and create an account.

In the fintech industry, the average cost to advertise to a new app user fell from $2.45 to $2.33 this year: $2.09 on Android and $4.35 on iOS

The fact that fintech applications offer a more cutting-edge user experience is one of the reasons why they have grown to be so well-liked by customers.

According to Liftoff, the average cost to register a fintech user is $17.96, which is quite expensive. Account activations, however, are high at over 56%.

The simple part is, of course, getting an app installed. It takes more effort to turn an app install into a sign-up, and it costs significantly more to turn that sign-up into a customer who makes a deposit, buys insurance, or transfers cryptocurrency. Only around 20% of app installers really join up, and only about 11% of them actually activate their accounts, according to a survey by the app marketing business Liftoff.

The cheapest apps to purchase ($1.50) had the lowest registration rates (10.2%).

According to the most recent research on financial apps, acquiring Android users was less expensive ($2.09 CPI versus $4.35) and they were twice as likely to activate as iOS users.

The real expenses of acquiring new mobile consumers in the financial industry are therefore not low.

Finding a new app user who actually creates an account in-app costs more than $8 on Android (more than $22 on iOS). Additionally, the cost of gaining active users is significantly higher: $13.17 for Android and almost $67 for iOS.

Why the variation is required?

According to Liftoff CMO Dennis Mink, "Historically, iOS consumers monetize better, generating more ROI than Android." However, that has changed over time, and marketers of financial app would be advised to make greater investments in expanding their Android client base given that Android customers now cost so much less to acquire and are activating at a rate that is more than twice that of iOS users.

The cost of obtaining new users has been decreasing throughout 2022, which is some good news for everyone in the new report.

The average cost of activating new users in fintech mobile apps reached a peak in November 2021 at close to $25. Currently, it only costs an average of $13.55 to acquire that same active customer.

It's interesting to note that users of banking apps cost just $1.50 each, while users of fintech apps cost $2.41, and users of investment apps cost $2.65 each and are the most expensive to acquire.

182 billion ad impressions, 2.4 billion consumer clicks, and 16.5 million app installs were examined for this report. The webpage for Liftoff has access to it.

Written By Saifuddin Taher