Home-bound Americans stepped up in-app purchases during COVID-19, says a report.

Digital banking apps saw a surge in revenue of 17% over the past two weeks. Digital banking app downloads shot up 60% as more and more U.S. citizens resorted to online banking. The social distancing norms and lockdowns discouraged Americans from visiting banks’ physical branches, according to a study by mobile attribution and marketing analytics firm AppsFlyer. (MOBILE MARKETER)

Fintech and banking apps make their mark

Appsflyer shared the report with MOBILE MARKETER.

The previous edition of the report had identified fintech as the fastest growing app category in the U.S.

The growth in digital banking, therefore, mirrors the rising trend in fintech usage.

Across all apps, purchase revenue zoomed 22% in the U.S. over the past two weeks, substantially outperforming the 7% growth seen globally. About 73% of app verticals in the U.S. boosted revenue, much more than the 64% observed worldwide, the AppsFlyer report said.

April was the first full month of lockdowns in the U.S., and the previous, strong usage trends in the earlier part of the year were reinforced.

Fintech trends for 2020

In their biannual Pulse of FinTech H2’19 report, KPMG predicted that 2020 would another big year for fintech. It said fintech products and services were pushing the envelope in scope and innovation. While regulatory clarity was improving in many jurisdictions, new technologies such as blockchain and AI were showing promise.

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