Prior to the breakout of COVID-19, FSI and the banking industry were crying out for modernisation/digitisation. It finally has a reason to be invested in. The issue is, this space in the last 12-15 months has quickly become inundated with businesses both new and old hoping to take advantage of both the hype in the sector as well as having their customers pinned-in at home, undistracted and able to engage in new apps and endeavours. However, executed poorly or rushed, a banking/fintech app can be a greater detriment to a business as opposed to a benefit.
Working with Tide, ConsultMyApps’s goal was simple: boost customer acquisition whilst reducing cost-per-acquisition and raise visibility and traffic in app stores. Mike Rhodes is ConsultMyApp’s founder and has one of the world’s leading global app marketing companies. His ethos for the company is simple – to make every App they work with the best it can be. Now employing 30 expert consultants, ConsultMyApp has rapidly grown to prominence under Mike’s leadership, despite not being supported by any external funding models or VCs.
Here, Rhodes gives his view on why all hopeful fintechs, looking to make a name in the industry with a new app, need to ensure their final product is utilising the latest strategies to garner user acquisition, app store optimisation and customer retention – the three keys to any successful app in 2021:
Despite the trials and tribulations, many businesses have faced during the covid-19 pandemic, the fintech market has remained resilient throughout. In fact, the sector has experienced a monumental boom over the past year, with the deVere group reporting a staggering 72% rise in the use of fintech apps in March 2020 alone.
With demand skyrocketing overnight, it will come as no surprise that the UK’s fintech and banking app space has become a heavily saturated market as both new and longer-standing businesses have fought to capitalise on the societal shift to managing finances online.
So, how can fintech leaders gain a market advantage and what strategies must be implemented to breakthrough in such a saturated space?
User acquisition and onboarding, app store optimisation and customer retention are the three keys to any successful app, but so far, only the most digitally savvy businesses have acknowledged this fact. If fintech leaders want to remain at the forefront of their industry, they will need to prioritise these strategies above all else and here’s why.
User Acquisition and Onboarding
For aspiring fintech leaders, effective user acquisition strategies will be imperative to developing a strong and sustainably growing customer base. Whilst investing in marketing campaigns designed to drive individuals to download a fintech app is, of course, crucial to growing your user base, developing an easy and streamlined onboarding process will play an equally important role. At the end of the day, the more straightforward you make the onboarding process, the easier and cheaper it will be to acquire new users through paid channels.
In many respects, simplicity is key. By focusing on creating simple account activation and login mechanics, you can ease the user in with only the most relevant information and provide instructions that highlight key benefits and features early on. Remember, this is onboarding, not overloading, and here less may well turn out to be more.
App Store Optimisation (ASO)
Today the app market is flooded with new, innovative and disruptive products each day, making the Android and iOS app stores very busy indeed. It is for this reason that app store optimisation should be the top priority for any fintech’s mobile marketing strategy.
According to Apple, 70% of individuals use the search tool to find apps, so search term targeting and optimisation is essential to make sure that the right people find your app above any of your competitors. For instance, whilst working with leading business financial platform, Tide, we implemented a sophisticated ASO and Apple Search Ads strategy to drive new business account sign ups. This resulted in Tide’s organic install volumes increasing by 240% over a mere three months, whilst bringing down the cost-per-acquisition on their Apple Search Ad campaigns by over 50%!
Moreover, optimising creative assets is crucial to visually engage customers and ensures sustained conversion. For example, enhancing the icon, screenshots and multimedia assets that appear on the app store can boost the appeal of a fintech app’s listing, help you stand out from the crowd and help improve store listing view->install conversion rates. After all, the app store acts as a virtual shop front with a footfall of billions of people globally, so you need to make sure it both represents and protects your brand amongst the competition.
Ultimately, app-store optimisation can significantly improve traffic from organic searches and help to increase overall conversation rates not just organically, but also to improve the efficacy of your paid channels; in a market as busy as the FinTech market, ASO is quite simply a must to ensure you emerge above the competition.
Users are expecting more from their apps than ever before – and the fintech market is no exception to this. With the latest statistics placing the 90-day average app retention rate at 25%, the 200+ hours that go into making an app will be in vain if a comprehensive user retention strategy isn’t prioritised.
From the very first moment a customer logs in to the app, they will expect their entire experience to be slick and convenient – and this includes communication pathways. Statistics show that push notifications can in fact double the 30, 60 and 90-day retention of apps, but they should be handled with care. If executed poorly, push notifications can become intrusive and trigger users to abandon the app altogether. Fintech leaders must evaluate the frequency and type of notifications to ensure they target the right people and at the right time. Push notifications should be considered as part of a wider omni-channel messaging strategy that includes other more passive messaging channels such as app inboxes, in-app messaging or email.
Moreover, personalised content is an attractive attribute for any product, but with fintech apps, it can truly set you apart from the crowd. Utilising in-app and external data from customers will enable you to adapt and refresh the user experience according to their preference and interests. By pairing app and message personalisation with dynamic content, fintech’s can be smarter in the way they connect with users.
Today, fintech app users are not only after a personalised experience but also contextually aware of messaging. With the current technology available, there really is no excuse for fintech companies to not embrace it!
Ultimately, we are only set to see the fintech market become more saturated as individuals continue to demand new ways to keep track of their finances in the digital world. Over the past 12 months, there has already been a 61% year-on-year increase in the use of fintech apps and, with investment into the market on an upward trajectory, this boom looks set to continue.
Therefore, if fintech companies want their apps to succeed, they simply cannot afford to overlook the importance of investing in ASO and key marketing strategies to build awareness, improve the customer experience and develop a competitive edge over other market offerings.