Market Trends of Global Personal Finance Tools and Industry
This section covers the major market trends shaping the Personal Finance Tools & Market according to our research experts:
The Increasing Adoption of Smartphone has Significant Growth Potential on the Market
- The personal finance industry has been witnessing shifts in trends every year, especially as technology and its applications continue to develop. But the pandemic has put a spotlight on personal finance. It gained higher priority as people realized the importance of financial planning and protection, leading to many experimenting with digital offerings when physical interactions were restricted.
- Mobile banking app statistics show that the mobile app market is projected to generate USD 693 billion from downloads in 2021. Mobile applications have become an integral part of life for tech-savvy generations. Finances Online statistics show that 244.2 billion apps were downloaded in 2020 - 7,727 installations per second. ( Source- Dataprot)
- The rise of personal finance apps, the uptake of digitization by the millennials and Gen-Z, and lower entry barriers in terms of investment have democratized the private finance industry.
- The increased awareness of one's finances and the rapid adoption of technology will continue to impact the industry and influence the trends one can expect during the next year and beyond.
- According to AppsFlyer's State of Finance App Marketing report, India emerged at the top of the global market for finance app downloads last year with 149 crore downloads.
- The increasing adoption of smartphones has significant growth potential in the market because smartphone penetration is still lower than 70% in many densely populated countries, particularly China and India. Despite stagnant unit sales, the global personal finance tool market's revenue has increased in recent years, owing to an increasing average selling price of smartphones and the use of net banking applications.
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Asia Pacific is Expected to be Fastest Growing Region
- The increase in demand for self-service and the personalization of products and services has fueled the growth of the mobile banking market. Technological advancements have resulted in various useful features in mobile banking: real-time customer assistance, user-friendly interfaces, and immediate transactions. But mobile banking usage statistics over the years show a significant lack of secure network infrastructure in some parts of the world, which has slowed down the expansion of the mobile banking market.
- Online and mobile banking use is expected to increase steadily between 2021 and 2024, with the Asian market being the largest. In 2020, the Far East and China accounted for over 805 million active online banking users. This figure is predicted to reach nearly one billion by 2024. Although Asia was the largest market for online banking in 2020, the countries with the largest online banking penetration rate were all European. South Korea ranked sixth, with a penetration rate of 74 percent.
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