TMT
to finance apps , Peruci predicts that the current climate will spur even greater advancements in the field .
“ Historically , as competition increases , tough economic times breed more innovation . After all , the previous global recession is known to have given birth to fintech as we know it today ,” Peruci adds .
“ So , it will be interesting to observe what innovations this new incoming recession will bring with it .”
According to App Radar ’ s analysis of finance app trends , the popularity of money management apps is continuing to soar .
Taking UK trends as an example , Peruci outlines that “ apps with money management functionality have gained 9 million Android users in the period 1 January to 31 August 2022 and experienced an average user growth of 22 % – a 40 % increase when compared to the same period in 2021 ”.
Adopting a gamification mindset One of the key factors fuelling the success of money management apps is the concept of gamification .
Gamification is the process of using game-like elements – such as reward badges , points , levels , user progression and so on – to encourage customers to use an app . Although the translation of this into financial apps might not seem immediately obvious , this approach is proving key to boosting customer engagement .
Lauren Berkemeyer , Vice President of Marketing at YuLife , explains how this insurance application platform is using gamification to drive engagement and promote regular , long-term app usage .
“ We ' re helping drive healthy habits through game mechanics ,” says Berkemeyer .
“ We play in the employee benefit space . We are providing group risk insurance , group
88 March 2023