Rise of Financial Apps Opportunity or Threat | Article by Mr. Ankit Agarwal - Managing Director, Alankit Ltd. | Alankit.com
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Rise of Financial Apps Opportunity or Threat

MD Article June 2022 Jun 27, 2022

India has come a long way from being a cash-concentrated economy to an economy with the second-highest fintech adoption rate in the world. As a result, finance apps have been in high demand across the globe, with COVID-19 playing a pivotal role in shaping the trends in the surging FinTech industry to access and disburse funds. As a result, the Indian fintech market saw an unprecedented surge in demand for finance apps and spent billions on user acquisition.

Despite a global drop in demand during the 1st lockdowns, when financial activity decreased, and uncertainty increased, Finance app installs pointed up during the onset of the same. Moreover, the rewards of digital acceleration started to bear fruit with a surge in downloads in the following categories:

Payment Apps: Social distancing led to fewer face-to-face interactions where cash is exchanged. More have avoided cash and have moved to contactless payment methods.

Investment Apps: Heightened interest and activity in the booming stock markets, significant demand for trading apps driven by upcoming apps, and the massive growth of cryptocurrencies led consumers to invest and trade on the go.

Banking Apps: Account owners expect a seamless financial digital experience, mainly with their phones, driving innovation among digital players and traditional banks adopting (or acquiring) new technologies and services.

In a country as big as India, the consumption base is huge apart from a largely untapped market. Pandemic-induced economic uncertainty is one of the contributing factors behind this fascinating growth observed by the financial app vertical. As more and more users hunker down on their finance apps, prioritising wealth generation and management, a conscientious effort is to improve seamless and uncomplicated financial apps during an economically turbulent time.

About The Author
Ankit Agarwal Managing Director Alankit Limited

Mr. Ankit Agarwal, the Managing Director of Alankit Limited, is a qualified Chartered Accountant and an Associate Member of the Institute of Chartered Accountants of India. Mr. Ankit has an exceptional track record in the field of Finance, Accounting, Process Enhancement, Liaising, and Coordination, as well as Research activities.

Under his leadership, Alankit has become a globally recognised organisation. With more than 13 years of experience as a market analyst and visionary entrepreneur, Mr. Ankit has led business operations across multiple sectors, from high Tech to Government and Fintech sectors.

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