By BW Online Bureau
Affle’s MAAS, a unified mobile advertising platform has released a Fintech report titled ‘Decrypting the fintech gold rush in the new normal’ in association with Adjust. It covers the scope of the overall Fintech industry in India and Southeast Asia (2022 & beyond) with key insights on developing user acquisition campaigns for the Fintech app marketers.
India and Southeast Asia have a low penetration of financial services beyond their urban population. This offers significant untapped opportunities for Fintech to expand its reach to Tier II, III markets & beyond, especially when the smartphone penetration is high across such markets.
This also provides an enhanced scope for Fintech to appeal to the needs of tech-savvy millennial and Gen Z populations who are craving for easier financial management across all financial categories – insurance, credit disbursals, buying/selling/ investing in financial assets, etc.
The eagerness to simplify and check off financial to-do lists in a few clicks has primed the Fintech industry to offer innovative new age digital solutions. We are also witnessing a surge in trading, cryptocurrency, non-fungible tokens (NFTs) and mutual funds. Moreover, governments in both regions are actively advocating for increased financial inclusion across all demographics. In India, Fintech is currently the world’s third largest ecosystem after the US and China.
Chief Data & Platforms Officer of Affle and Head of Business, MAAS Vipul Kedia says, “Today, cashless transactions dominate our purchases. For the younger generations, millennials and Gen Z, financial management is gradually becoming synonymous to Fintech apps.This year is set to be quite interesting for Fintech subverticals like alternative lending, digital asset management and neobanks in how they appeal to hopeful users and establish themselves as mainstream players in the sector.”
In 2020, the COVID-19 pandemic accelerated rapid digitalisation across business models, channels and touchpoints. The two critical pillars of the economy – Banking and Finance, have witnessed a major uptick in digital offerings and adoption. From 2019 to 2020, the overall rate of app installs jumped by 44 per cent.
India witnessed a noteworthy surge in app installs with 71 per cent in 2020 and another 32 per cent in 2021. Whereas, in 2020 Philippines and Vietnam witnessed an increase in app installs by 262 per cent and 137 per cent respectively. The top players in 2021 were Singapore at 152 per cent and Malaysia at 106 per cent.
Furthermore, at the country level, app sessions grew massively where India’s app session grew by 190 per cent while Vietnam managed 191 per cent. Indonesia, the Philippines and Thailand also saw sizable upticks at 170 per cent, 132 per cent, and 39 per cent, respectively.
