According to Business Research Company, the global Fintech market will reach a value of $ 158,014.3 million by 2023. Research shows that 60% of credit unions and 49% of banks in the United States alone stress the importance of fintech partnership.
What is a Fintech app?
Fintech apps are web or mobile applications used to simplify the delivery and use of financial services. These applications have become especially popular today as financial services “went digital”, which allowed for faster and more efficient delivery.
The highest number of fintech applications were installed in Latin America. In second place is the Asia-Pacific region, followed by Africa and the Middle East. The total number of app downloads there has doubled over the past year. In North America, app installs have been growing by 25% every year since 2017.
In Europe, the number of downloads increased by 34% between 2017 and 2018, but by the end of 2019, the growth slowed to a modest 8%.
The coronavirus pandemic has caused a sudden change in consumer behavior, driving the explosive growth of the fintech sector. The popularity of fintech apps skyrocketed along with food delivery, educational and other types of applications.
The reason for such rapid growth is simple: people were faced with the need to handle their day-to-day tasks online. In the United States, the largest number of apps are installed for trading, while investment apps have become increasingly popular in Russia. Most of these apps are offered by large banks.
Using fintech apps, people strived to solve all kinds of tasks. As a result, fintech sessions boomed by 85% in 2020 compared to 2019. In 2021 it increased by 49%. This growth trend was observed throughout the year. In 2020, the most prolific months in terms of fintech sessions were October (+ 22%) and November (+ 24%). In the first week of July 2020, the number of sessions rose by 15%.
But how do these fintech apps retain their users? What is the secret of generating long-term interest? First of all, these apps create a certain community, an environment that includes many people with common interests. As a result, everyone can take advantage of someone else’s experience and knowledge and apply it in practice. This helps people stay competitive.
Features of trading applications
Trading apps are designed to simplify both the trading and investment process. With just one tap, users can make an investment or place a trade in the financial market.
A modern trading app has all the necessary features and tools for effective and seamless trading. They basically have the same functionality as desktop trading…
Read More: FinTech: how to choose where to trade forex | The Guardian Nigeria