Finance applications hold the pride of having the highest retention rates among the other mobile app categories. According to a study, fintech mobile apps have a 90-day average of 58% in comparison with the benchmark of 48% for other applications. The annual retention of fintech apps stands at 38%. One of the reasons for this is the nature of fintech applications. Checking back balances and sending payments are things that users tend to do almost daily. So, naturally, fintech apps are used more often compared to other applications.
However, a major portion of the success of retention rates comes down to the features and strategies that the best fintech applications employ. So, in case, you intend to achieve similar results or if you wish to raise the bar even higher, here are a few user retention strategies you can follow:
Biometric Sign-in
One of the things that Fintech mobile apps should have to achieve better user retention is biometric sign-in. In Fintech apps, users should get a sense of security to use the application. The reason is that the money of users is at risk when they use your fintech app. They will stop using it. One of the best techniques to assure the security of any mobile app is biometric authentication. In comparison to traditional authentication methodologies like passwords, biometric login is more secure.
Voice-Assisted Banking
Voice-assisted banking is yet another feature that fintech mobile apps should have. With this feature, users can perform tasks related to the apps using their voice as the command. Right from the release of Google’s Alexa and Apple’s Siri, digital voice assistance has taken a new face. Studies show that there will be a multifold increase in the number of voice assistance technologies in mobile apps.
User-First Navigation
When it comes to app engagement, easy navigation is a key ingredient. Every app developer will be aware of the importance of easy navigation. However, many of them fail to remember that the goal of easy navigation is to bring down the time that a user spends within the application. However, it relies on the nature of the application. For instance, when it comes to gaming apps, you do not expect your users to get out of the application within a few minutes. Rather, you want them to play continuously for hours. However, in the context of a fintech app, you cannot expect users to spend hours together. If visitors are spending a lot of time within a fintech app, it is an indication that they find it hard to navigate the application.
Personalized User Experience or User Interface
There cannot be a better way to make users patronize mobile apps rather than making them feel that the app was made for them. This is why personalization is one of the key aspects to ensure user retention. In recent years, personalization has been one of the hottest trends. The reason is that it is an effective strategy. In addition to user engagement, personalization can improve long-term loyalty and brand reception.
