The cost-of-living crisis will see an increasing number of consumers needing to track their spending more closely and make cutbacks. Money management apps can play a significant role in helping consumers navigate the difficult economic environment. Usage is low, so there is a strong opportunity for growth in the financial apps market. Our UK Money Management Apps Market Report analyses the current market landscape and addresses how businesses can harness opportunities to drive growth. Read on to find out more.
The rise in popularity of digital-only banks has driven innovation in the market. Use of money management apps is now the norm, with 60% of people using financial apps at least once a day. There is likely to be an increase in use of these apps as consumers’ financial confidence declines. As a result, there is a strong opportunity for financial service providers to embrace apps and boost engagement.
Younger consumers are using more financial apps for a wide range of purposes. The cost-of-living crisis will place a greater emphasis on budgeting tools. This is an area within digital banking that currently scores relatively low in terms of satisfaction and engagement. Only 14% of consumers currently use money management apps to budget. In the eyes of many consumers, there is room for improvement in savings and budgeting tools.
The widespread use of apps by younger consumers provides an opportunity for financial services to boost engagement with demographics they have struggled to attract in the past. In particular, areas such as insurance and investments could significantly boost interest by focusing more on app-based accounts. To find out more about how your business can engage with consumers and identify growth opportunities, purchase our complete UK Money Management Apps Market Report.
Read on to discover more about our report. If you’re looking for something else in UK Financial Services, take a look at our UK Deposit and Savings Account Market Report, or explore our extensive financial services market research.
Starling Bank, Chase, Monzo, Revolut, NatWest, Santander, Lloyds.
This report, written by Adrian Reynolds, a leading analyst in the financial services industry, delivers in-depth commentary and analysis to highlight current trends in the UK money management apps market and add expert context to the numbers.
Younger consumers are using more financial apps, more frequently and for a wider range of purposes. The cost of living crisis could see use increase across demographics as people look to budgeting tools and Open Banking apps to help highlight opportunities for savings. Financial services markets that have struggled to engage younger consumers, such as insurance and investments, have an opportunity to boost engagement with innovative app-based platforms.
Adrian Reynolds
Principal Analyst, Financial Services
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