Report: Digital transformation in finance and banking

In the past few months, we’ve been researching the finance and banking market and put together our key findings in a report to help us — and you — better understand how and why fintech apps have revolutionized the industry.

In the past few months, we’ve been researching the finance and banking market's approach to mobile and put together our key findings in a report. The aim is to help us — and you — better understand how and why fintech apps have dominated the app stores, and to explore how traditional banks can compete.

The report provides business-, product-, and technology leaders in finance and banking with the key trends they need to consider when defining strategies going forward. We also discuss the best ways to achieve better performance in the marketplace, such as partnering with innovators, launching digital-first products with real-time processing, refining app release strategy, and implementing mobile-specific CI/CD for better product quality and user experience.

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TL;DR? Here are the main takeaways:

Business insights

  • Funding is on the rise: cumulative global investment in fintech reached a record of $73.5B in the first three quarters of 2019.
  • The top 7 most downloaded finance apps in the US are built by mobile-first companies founded around or after 2010.
  • Mobile-first products, enhanced UX, lower-barriers to entry, and real-time capabilities drive more and more customers to fintech.
  • The top 10 fintech apps showed a 33% faster growth rate in monthly active users in 2019, compared to that of traditional banking.
  • A growing number of fintech companies started to acquire banking licenses to compete with incumbents.
  • Financial institutions cannot delay upgrading their legacy infrastructure any longer: by 2022, 50% of banks’ IT budget will be spent on technological investments.

Product insights

  • The top decision-making factors when choosing a finance app are attractive fees, ease of setting up an account, access to innovative products or services, and user experience.
  • The quality of user experience impacts acquisition, activation, and retention rates.
  • On average, mobile-focused fintech companies release 40% more often and rank 20% higher within the top 50 apps in the finance category.
  • A 2-star drop in ratings can result in a 50% lower conversion rate, which can lead to doubled user acquisition budgets.
  • In 2019, finance and banking apps with more than 10 releases per year ranked among the top 7, while companies that released less frequently achieved a lower average ranking.
  • Determining the right release strategy is crucial when it comes to the app’s ratings and its ranking in the app stores. It can turn around a negative app rating trend or build up a positive one.

Technology insights

  • With rapidly changing customer expectations and industry regulations in finance and banking, mobile teams need to iterate fast, while safeguarding the quality of their app.
  • Close-knit teamwork allows developers to focus on market needs, user behavior, feedback, and other factors that significantly affect the product perception.
  • By implementing Mobile DevOps practices and using mobile-specific CI/CD to automate manual tasks, teams can streamline their app development process.
  • Secure, scalable, and cloud-based CI/CD saves time by shifting the responsibility of hardware- and security maintenance from a team to the platform.
  • The results of a Mobile DevOps environment are a shorter time to market, fewer app failures, more time to create innovative features, and consequently, higher app store ratings.

Learn from mobile teams behind leading fintech apps

If you would like to get more extensive insights, you can download our report on Digital transformation in finance and banking. We also explored the state of apps in the fintech, finance, and banking space. For even more insider tips, you can sign up for our on-demand webinar, featuring talks by mobile developers from some of the world's most popular fintech companies.

If you have any specific questions, feel free to reach out to us via Twitter, or through email.

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