Mubasher: Finance app installs increased by 55% in the UAE and 73% in Saudi Arabia in 2021 when compared to the previous year, according to a report by AppsFlyer.
FinTech apps experienced a 132% surge globally in downloads over the past two years, registering a higher demand compared to the Middle East.
Head of Content and Mobile Insight at AppsFlyer, Shani Rosenfelder, said: “FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt.”
When COVID-19 lockdowns began in the second quarter (Q2) of 2020, the number of finance apps investing in marketing has increased 27% annually in the Middle East. Marketers across the region spent $95 million on user acquisition last year.
UAE fintech marketers are expected to “continue running aggressive acquisition campaigns through the remainder of 2021” Regional Manager - Middle East at AppsFlyer, Samer Saad, commented.
Digital banking installs accelerated 45% in 2021. Finance app installs increased 20% overall, yet financial services and traditional banking app installs rose by 15% during the period from Q1-20 and Q1-21.
Traditional banks meanwhile picked up pace with a 22% rise in installs in Q1-21.