Finance Apps Grow at Record Levels in Economic Uncertainty

Finance apps grow as a useful tool during the worldwide pandemic as consumers seek to manage finances remotely via applications. See the data and analyze.

May 06, 2020

App market data firm App Annie has revealed that at a time of market volatility and economic uncertainty, consumers are turning to mobile finance apps at record levels and this trend is a worldwide phenomenon.

In Q1 2020, for example, Americans spent fifty-five percent more time in finance applications than before.

In Japan and South Korea, time spent in finance-related mobile apps increased by 85% and 90% respectively, over the same period.

Lexi Sydow, App Annie's Senior Market Insights Manager, explains: "We have seen that it is common for consumers to access their banking apps daily — which is an entirely new behavior created by mobile as you wouldn’t necessarily go into a bank branch every day." She continues by stressing that it is distancing policies caused by the COVID-19 pandemic that have made it "increasingly the norm" for how people interact with their banks.

Lexi Sydow also adds that App Annie also sees consumers "turning to stock market monitoring and trading apps to access the stock markets from the same ease, convenience and security of their phones."

Read more and see several telling charts in App Annie's blog.