Member Exclusive, The Customer Effect

Finance apps dominate Play Store and App Store – but have surprisingly low ratings

  • Consumers across app categories are increasingly looking at store reviews and ratings to decide which apps to use.
  • Finance is one of the fastest growing categories across Apple and Google stores, though lacking dominant players as in other categories.
close

Email a Friend

Finance apps dominate Play Store and App Store – but have surprisingly low ratings

The first couple of pandemic years of the 2020s may be defined by the boom in mobile application usage and spending. In the increasingly competitive mobile app market, store ratings and user reviews are critical to an application’s success. A recent study by AppFollow found that 77% of people read at least one review before downloading an application, and 100% of users that find applications while browsing an app store see app ratings.

2020 saw 218 billion app downloads, rising significantly from 140 billion downloads in 2016, according to Statista. Revenues earned from the two big app stores also rose significantly, with mobile spending swelling to $112 billion in 2020, from around $85 million in 2019. And in the first half of 2021 alone, around $65 billion was spent on apps. 

How do people decide what apps to invest their time, money, and screen space in?

“2020, and 2021 so far, have been defining years for many apps and categories in the app stores,” said Anatoly Sharifulin, founder and CEO of AppFollow, a SaaS platform for application management. “Now more than ever, consumers are looking to friends and families for recommendations on what brands and services to use. With this comes the increased importance of reviews, and the future of apps is limitless if brands can understand the needs and wants of consumers,” he said.

The report, ‘Reputation Management for Mobile Apps’, studied applications’ online reputation across categories and the two stores, Apple’s App Store and the Google Play Store. The report studied how much time and effort applications put into their reputation management, ratings and reviews, and how effective their efforts have been. 

The study found that finance is a highly competitive category across the two stores. The field is still largely unclaimed by dominant players. With the fintech boom led by neobanks, traditional banks expanding with digital services, amateur trading and fund management applications, the number of customers looking to tap into the rising trend is increasing. The players in the space still do not have the defining market share that players in other categories do, like Facebook or TikTok in the social category, or Spotify and Audible in the Music & Audio category.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Finance apps dominate Play Store and App Store – but have surprisingly low ratings”

Library, Modern Marketing, The Customer Effect

Tearsheet’s 2021 guide for marketers: Gens under the lens

  • We closed off last year with a thorough breakdown of the financial consumer profile of each of the generations.
  • The compiled guide for marketers is now available for download.
Tearsheet Editors | January 24, 2022
The Customer Effect

Who led banking app downloads in 2021?

  • Challenger bank Chime led the banking app download charts, ahead of established brick-and-mortar banks like Chase and Bank of America.
  • The top three crypto apps totaled 145 million downloads in 2021, up significantly from 18 million in 2020.
Subboh Jaffery | January 14, 2022
Sponsored, The Customer Effect

The increasing role of personalization in retail wealth management

  • In a recent survey by ThoughtLab and Publicis Sapient, 49% of investors put simple, intuitive digital experience as top priority – but only 18% are very satisfied with their current advisor’s digital experience.
  • With 44% of respondents planning to move their funds over the next 2 years, better personalization has never been more important.
Publicis Sapient | January 06, 2022
The Customer Effect

With only 5% of Americans confident in their financial health, what are their generational resolutions for 2022?

  • A survey found only 5% of Americans see their financial health as ‘rock-solid’. One in four describe it as out-of-shape, while almost half call it a work in progress.
  • With 59% wanting to focus on increasing their savings, it is the most popular financial resolution among Americans for 2022.
Subboh Jaffery | December 29, 2021
Modern Marketing, The Customer Effect

Gens under the lens: The Gen Z consumer

  • Generation Z, also known as Zoomers, represents individuals born between 1997 and 2012, following Millennials.
  • They grew up with the internet, computers and smartphones, are tech-savvy and all about digital finance.
Iulia Ciutina | December 16, 2021
More Articles