New fintech customers onboard via mobile apps at half price on Android compared to iOS, according to a new report. Despite that, they’re twice as likely to register an account in the app.
The average cost to acquire a new app user in the fintech space via advertising dropped from $2.45 last year to $2.33 this year: $4.35 on iOS, $2.09 on Android.
Of course, getting an app install is the easy part. Converting that app install into an actual sign-up is harder, and activating that sign-up into a customer who deposits money, purchases insurance, or transfers crypto is much more expensive. According to the report by app marketing company Liftoff, only about 20% of app installers actually sign up, and only about 11% actually activate their account (full disclosure, I co-host Liftoff’s Mobile Heroes Uncensored podcast).