As new forms of banking are emerging, we see a number of apps, namely Coinbase, Cash App, Robinhood, crypto.com - Digital-only banking, investment, and crypto apps, rapidly changing the face of finance in the US, especially for young adults. Using Retro data, we summarise which platforms are being used the most on iOS devices.
Usage, not installs
This is a category in which install totals and app store ranking can be particularly misleading when analyzing value, thanks to Retro, we’re able to focus on active user percentage and total time used. What we do know is that download numbers are quite staggering, but what's yet to be fully understood is how much are these apps being used.
The Top 10 finance apps for young adults (29 and younger)
For those 29 and younger in the US, over 30% are using PayPal, and/or Cash App. The iOS wallet continues to be a utility for 20% of those in this cohort.
What becomes quite interesting is when viewing these apps by the amount of time they are actively used. This chart illustrates usage in terms of an index. For example, across the average of the category, individuals are spending nearly 2x the amount of time than the average, and apps such as the iOS wallet and Venmo are used for much shorter engagement which reflects the type of utility individuals get from them.
A few interesting takeways:
- Only three “traditional ‘ finance platforms made it into the top 10 (when ranked by active user percentage) - Chase, Capital One & Wells Fargo
- The Cash App popularity is clear, second in active usage and ranking above average for total time used
- Coinbase is winning the crypto.com Vs Coinbase crypto battle - Crypto.com missing out in 12th place
See more Retro insights in our mobile life report.
At the end of 2021, we also ran a survey asking individuals if they bought cryptocurrency and if so, what platforms did they use to buy them. We found that 41% said they own a cryptocurrency - of which 65% said they used Coinbase, 26% Robinhood, and 19% crypto.com to buy them. This resulted in a weekly active usage percentage of; 11% for Coinbase, 8% Robinhood, and 3% for crypto.com.
Will we see a NFT platform rise to the top?
With the current surge of activity around NFTs, we also asked the same question regarding NFT’s - and we ask ourselves whether an NFT 2022 platform like OpenSea break into the top apps?
This example illustrates the power of combing both behavioral data of actual usage and a survey to help provide context and detect new and upcoming trends. We will definitely be writing more on these in the weeks and months to come. Stay tuned.