Almost one and a half billion downloads of mobile apps in the field of financial services were achieved worldwide in the first quarter of this year. Compared to the first quarter of last year, this is an increase of 34%. The growth of such apps accelerated even compared to last year, when, in the first quarter of the years 20/19, the number of downloads of financial apps grew "only" by a quarter. These findings come from data concerning the number of downloads across two market-leading services, App Store and Google Play, analysed by BCM Begin Capital Markets.
The number of financial apps downloads in the total number of apps downloads has also increased rapidly over the last year. While in the 2019, the year before the covid pandemic, this number was 2.52% in the first quarter of the year, a year later it was 2.61%. However, in the first three months of this year, the number of financial apps downloaded compared to the total number of apps downloaded was already 4,1%.
"We attribute the increase in the general public's interest in financial apps to two main factors, both of which are due to the consequences of the pandemic," commented Tomáš Kolomazník, chief analyst at BCM Begin Capital Markets, and explained: “One factor was the fact that people began to handle more things from home, not only shopping, but also banking services, especially payments. The second factor, which manifested itself especially in the rapid increase in interest in investment and trading apps, was more time spent in the household while maintaining or even increasing disposable income. Simply said, instead of traveling and other leisure activities, people paid more attention to the use of their free resources and began to invest actively."
* number of downloads in millions * the number of downloaded financial apps in all downloaded apps in %.
Sources: Business of Apps, SensorTower, BCM Begin Capital Markets
Tomáš Kolomazník, analyst of BeginCapitalMarkets
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