95% of newly signed up fintech users complete at least one monetary transaction in the first month! The CleverTap Benchmark Report helps marketers understand their app engagement compared to their industry peers. Use the report findings and your learnings to guide your marketing and engagement efforts to maximize impact.

1. 1
Fintech
App Engagement
Benchmark Report
2022

2. Did you Know?
95% of newly signed up fintech users
complete at least one monetary
transaction in the first month!
The CleverTap Benchmark Report
helps marketers understand their
app engagement compared to
their industry peers. Use the report
findings and your learnings to guide
your marketing and engagement
efforts to maximize impact.
2 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022

3. 3 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#1 Install to Sign-Up Rate 5
#2 Average Time to Sign Up 6
#3 Sign-Up to Conversion 7
#4 Average Time to Engage 8
#5 Average CTR Push Notifications 9
#6
Average CTR for
In-App Notifications 10
#7 Average CTR for Email 11
#8 Session Frequency 12
#9
Average Repeat Transaction
Rate for New Users 13
#10 Average Stickiness Quotient 14
About CleverTap 15
Table of Contents

4. Methodology
95% of newly signed up fintech
users complete at least one
monetary transaction in the first
month!
The CleverTap Benchmark Report
helps marketers understand their
app engagement compared to
their industry peers. Use the report
findings and your learnings to guide
your marketing and engagement
efforts to maximize impact.
4 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
Finding Sustained Value in
an Evolving Industry
Fintech apps give people more control to manage and direct their
financial lives, saving them time, money, and stress daily. They also offer
tools and insights for building wealth which consumers can easily access
right from the device in their hand.
Fintech app usage skyrocketed in the months after the pandemic hit,
along with time spent in-app. Along with these changes, studies show
that the value of the global fintech industry itself is projected to grow
steadily over the next several years.
Nonetheless, fintech companies struggle to retain their app users. The
challenge then for marketers and growth teams in the fintech industry
is to figure out how to increase “customer stickiness” by engaging app
users right out of the gate.
The findings in this report are a helpful starting point for developing a
strategy for improvement. Use this report to compare your fintech app’s
performance against industry benchmarks. This will help you understand
how to build on your successes and discover areas that require more
attention or innovation, so you can meet your retention and revenue
objectives.

5. 5 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#1 Install to Sign-Up Rate
Speed, ease, and convenience are top motivators for consumers
to download fintech apps. So, it’s a good bet most consumers
downloading your fintech app have high intent. They’re looking for the
easy button to help solve a problem or ease a pain point, and they want
to feel empowered by having your app at their fingertips. However, their
high intent isn’t likely to endure if the onboarding process for your app
is lacking.
Our research shows just over a fifth (21%) of users register within
a week of installing an app. Clearly, there’s ample opportunity for
marketers in the industry to drive up their registrations rates. They can
do this with an onboarding process that includes contextually relevant
marketing messages and customer education to drive user interest and
engagement beyond the initial download.
Measures the percentage of users who have
installed an app and also created an account.
New users who
sign up within a
week of installing
the app

6. 6 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#2 Average Time to Sign Up
Speaking of high intent, our analysis of user behavior within fintech
apps found that 70% of the users that sign up do so within 75 seconds
of the first app launch. This is a signal that the user sees value in your
app and is eager to get started immediately after downloading the app
… right?
Maybe. The install-to-registration process might also be a factor.
So, with that in mind, here are two questions for marketers to consider:
΅
How can you make it easier for the users who aren’t signing up
within the first few minutes of downloading your fintech app?
΅
How can you improve how you communicate the features and
benefits of using your app so they will be motivated to sign up
sooner rather than later?
The next metric, average user engagement, is likely a better indicator
of the value a new user sees in your app than the time to sign up.
Measures how long it takes for a new user
to sign up and log in to your app.
Newly signed up users
take only 75 seconds
after first app launch to
get started

7. 7 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#3 Sign-Up to Conversion
Almost every user who signs up completes at least one financial
transaction in the first month — for example, adding money to their
wallet or buying a stock. This indicates that effective onboarding is a
crucial first step in the new user journey.
If you’re at or below the industry average, try to identify the potential
issue(s) preventing your registered users from engaging with and
seeing value in your app. For example, you may discover:
΅ Your current engagement strategy is off the mark
΅ The level of personalization you offer isn’t sufficient
΅ The initial customer journey needs to be reworked
΅
The app itself falls short when it comes to usability, features or
overall UX
If you find your average rate is higher than the industry average,
examine what you’re doing to delight your users and deepen
relationships with them — then amplify it.
Measures how many new users complete
at least one financial transaction in the
first month.
Newly signed-up
users complete
a financial
transaction in the
first month

8. 8 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#4 Average Time to Convert
A conversion rate of 76% within seven days for newly signed-up users
is at the high end of the scale.
While this is a healthy metric, marketers can still improve this rate by
using the insights they gain from analyzing the data. Constant A/B
testing will also highlight specific factors driving up or dragging down
the app engagement rate.
If you’re not achieving a similar rate, examine the user journey,
audience analytics, and how the user experience itself may be the root
cause of low conversion rates. Is a feature not working well? Or is it
more confusing than helpful? Drawing from behavioral data to pinpoint
drop-off points will help you focus efforts and resources. Bringing
together the product and marketing teams to problem-solve can help
surface issues and generate fixes.
Measures the average time it takes users
to move from onboarding to deeper-in-the-
funnel engagement.
Newly signed-
up users convert
within an average
of 7 days

9. 9 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#5 Average CTR Push
Notifications
At 9%, the average CTR for Android is 50% higher than that of iOS (6%).
This may be because iOS requires the user to give explicit permission
to receive push notifications. The Android operating system defaults to
receiving these notifications.
Marketers who want to connect with users using push notifications
might want to focus on Android users first. But even though these
notifications will appear on the screen, it doesn’t mean users are
seeing and clicking on them. Marketers should therefore take care not
to overwhelm Android users with irrelevant messages or noise, as this
could drive them to disable these notifications altogether.
Measures the percentage of users who
clicked on and interacted with your
messages, a key indicator of marketing
effectiveness

10. 10 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#6 Average CTR for In-App
Notifications
At 24%, the average CTR stands out as the highest for the three
channels (push, in-app, and email). This may be linked to context.
A user already in your app when a notification arrives is also more likely
to engage with it at that precise moment.
Marketers should make good use of this opportunity and ensure they’re
creating very effective in-app notifications because conversions here
have the highest rates. One way to do this is by creating contextual,
hyper-personalized notifications — sending the right message to the
right person at the right time. This is a proven way to ensure you’re
maximizing the CTRs for in-app notifications.
Average click-
through rate

11. 11 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#7 Average Email
Open Rate
CleverTap data suggests email can be a strong communication channel
for fintech apps, especially when the messages intended for users
are complex and need more words than a push notification could ever
accommodate.
Messages about property mortgages, insurance, investment
opportunities, or bill-paying are just some examples of the offers and
assistance marketers provide that are much better suited for delivery
via email. The more complex the message, the more copy (and detail)
required.
The open rate indicates that one-third of fintech app users are taking
time to educate themselves about the complex topics communicated to
them through email and will convert later — when they’re ready.
Average email
open rate

12. 12 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#8 Session Frequency
How often users come back to your app speaks volumes about their
engagement and the effectiveness of your communications.
We found that, on average, fintech app users launch these apps about
11 times per month. That’s 11 more times every month that you can
communicate with users to increase their engagement.
Each touch point is a chance to be relevant and personal, demonstrating
that you understand the context and drivers of each engagement. Each
touch point is also a chance to use journeys to guide the user through
the funnel.
It’s 11 opportunities for you to win. But it’s also potentially 11 chances for
you to fail if you don’t understand your users and the context of their
visits. So, make an effort to understand user behavior and requirements
in real time to make every interaction count.
Measures the average number of app
launches for active users over a month.
Times per month users
launch these apps

13. 13 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#9 Average Repeat
Transaction Rate for
New Users (Week 1) – 15%
At 15%, the rate of new users signing up and making a repeat
transaction in the first week is a vote of confidence in your app
and the value it provides.
Nurture these high-intent users with relevant campaigns that engage,
and educate them to rely on your app to do more and make it part of
their daily routine. These users can potentially become your brand
ambassadors and help spread the word about the benefits of your app.
Measures the percentage of new users
who complete more than one transaction
in Week 1.

14. 14 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
#10 Average
Stickiness Quotient
We wrap up our top ten need-to-know metrics on a high note — or
more specifically, a sticky one. According to CleverTap’s research,
the average stickiness quotient for fintech apps is 22%, which is high
compared to other app genres. This indicates that nearly one-quarter of
monthly active users consistently return to their fintech apps.
If you want to increase your fintech app’s stickiness quotient, you’ll
need to provide the glue. Creating relevant, well-timed and targeted
marketing messages is vital to deepening relationships with users so
they’ll keep coming back for more — and more often. Product marketers
as well should continue to create compelling reasons for users to keep
coming back and using the app.
Harnessing the data in this report can help you understand all the ways
you can step up efforts to create a user experience and journey that is
personal, relevant, and ultra-sticky.
Measures ongoing interaction with your
app by dividing Daily Active Users (DAUs)
by Monthly Active Users (MAUs).

15. 15 FINTECH APP ENGAGEMENT BENCHMARK REPORT: 2022
24 Billion
Notifications sent every day
4 Billion
Devices reached
5 Billion
Monthly Active Users engaged
2.6 Million
Campaigns created every month
A complete platform that helps personalize
and optimize all customer touch points,
both inside and outside the app
CleverTap is the World’s #1 Retention Cloud that empowers digital consumer
brands to optimize all consumer touch points, improve user engagement,
increase customer retention and grow lifetime value.
It’s the only solution built to address the needs of retention and growth teams,
with audience analytics, deep-segmentation, multi-channel engagement,
product recommendations, and automation in one unified product.
The platform is powered by TesseractDB™ - the world’s first purpose-built
database for customer engagement, offering both speed and economies of scale.
CleverTap is trusted by 1,500 customers, including Gojek, ShopX, Electronic
Arts, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John’s,
and Tesco.
Backed by leading investors such as Sequoia India, Tiger Global, Accel, and
CDPQ, the company is headquartered in Mountain View, California, with offices
in San Francisco, New York, São Paulo, Bogota, London, Amsterdam, Sofia,
Dubai, Mumbai, Singapore, and Jakarta.
CleverTap partners with over 1900 of the best fintech apps. Please get in
touch with our retention experts to learn from industry best practices.
For more information, visit clevertap.com or follow on LinkedIn and Twitter.

16. 16
Talk to our customer retention experts
Write to marketing@clevertap.com
or visit www.clevertap.com for more information