Affle’s MAAS Platform Kickstarts FY23 With INSEA FinTech Industry Report in Partnership with Adjust

Affle’s MAAS, a unified mobile advertising platform has released a Fintech Industry 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.

  • Projected Fintech market at $150-160 Billion (by 2025) for India and $1 Trillion (by 2025) for Southeast Asia
  • India’s Fintech app install growth was noteworthy, with 71% in 2020 and another 32% in 2021
  • India’s UPI banking interface recorded transactions worth $68 billion in Q2 2021
  • India has the youngest user base in the region via both Google Play and App store, at 28 years for female users and 24 years for male users, approximately
  • Millennials and Gen Z are thinking beyond what traditional financial institutions can offer with gaining traction for trading, cryptocurrency, NFTs and mutual funds

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.

Speaking about the findings of the report, Vipul Kedia, Chief Data & Platforms Officer of Affle and Head of Business (India) at MAAS says, “Just a few years back, carrying cash in our wallets was a regular practice. Today, cashless transactions dominate our purchases. For the younger generations, millennials and Gen Z, financial management is gradually becoming synonymous to Fintech apps.

Youngsters are demanding ease and convenience to manage their finances and are quite eager to break away from traditional models. The rising demand for easy finance management is boosting the industry in terms of innovation and competitive offerings. 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.”

Other key highlights:

  • App installs up by 41% in INSEA (2021 vs. 2020)
  • Indians are clocking in the most minutes in-app per session, averaging at 17.38 minutes
  • Cryptocurrency apps make up for 12% of overall Fintech app sessions, indicating higher user engagement for the new-age investment model
  • Neobanking apps in southeast Asia recorded about 3X higher Daily Active Users (DAU) and approximately 4X higher Monthly Active Users (MAU) growth as compared to traditional banking apps in 2021

In 2020, the COVID-19 pandemic accelerated rapid digitalization 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%. India witnessed a noteworthy surge in app installs with 71% in 2020 and another 32% in 2021. Whereas, in 2020 Philippines and Vietnam witnessed an increase in app installs by 262% and 137% respectively. The top players in 2021 were Singapore at 152% and Malaysia at 106%. Furthermore, at the country level, app sessions grew massively where India’s app session grew by 190% while Vietnam managed 191%. Indonesia, the Philippines and Thailand also saw sizable upticks at 170%, 132%, and 39%, respectively.

The ongoing Fintech evolution is helping educate and spread awareness among the general public, with a continuous growing market opportunity for the industry. The community of app marketers can leverage this situation to reach out to Tier II and III markets with a diversified channel approach and foster brand loyalty, video ads for orientation of Fintech apps, vernacularisation of messages and promote influencer and social marketing. The upcoming years will challenge Fintech brands to target the right audience for the right product, while keeping User Acquisition (UA) costs low and establishing a high Lifetime Value (LTV) user base.

*Affle’s MAAS is a unified audience platform that enables mobile advertisers to acquire quality users at scale, across directly integrated publishers, programmatic platforms, and relevant app recommendations.
*Adjust, headquartered in Germany, provides solutions to measure and optimize campaigns through their mobile marketing analytics platform.
*About the Survey: To map the key user behavior trends, MAAS and Adjust analyzed data collected
from various sub-verticals of popular Fintech apps across the two regions: India and SEA. The report also looks at data before, during, and after the pandemic to understand its impact on the Fintech industry and how it is contributing to the overall growth of the sector.
A mix of Adjust’s top 2,000 apps and the total dataset of all apps tracked by Adjust. Our data comes from two sources, one including a list of 45 countries and one with approximately 250 based on the ISO 3166-1 standard. Date: 01.01.2020 – 31.12.2021
This article was shared with Prittle Prattle News as a Press Release.
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