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Banking app user behaviour in 2020 report

What is the difference between Android and iOS digital banking user? What has changed in terms of user behaviour throughout this year?

Paying for acquisition doesn’t necessarily lead to loyal users. For banking apps, paid users on any device are more active than organic users, with Apple users slightly more likely to register a number of sessions 30 days after install.

This trend repeats itself among organic users, with Apple users slightly more active than Android users after a month of use.

In terms of payments, Android users, both paid and organic, are more active payment app users 30 days after install, registering slightly more sessions per user than users with Apple devices. On iOS, organic and paid users register an identical amount of sessions 30 days after install, whereas paid users are slightly more active on Android.

Not only have sessions and installs for apps in the finance vertical increased significantly in 2020, but the amount of time that users are spending in those apps is also on the rise. In the first half of 2019, users were spending an average of 7.7 minutes per session in-app, but by 2020 that rose to 8.35 minutes — an increase of 8.9%.


Forbes reports that the overall growth of fintech apps in Europe in 2020 is at 72% and that COVID-19 has been the driving factor. Adjust data confirms that the most significant growth for time spent in apps in the fintech sector occurred in Q2 of 2020, as lockdowns began worldwide — but also suggests that growth was already trending here.

The increase in time spent in-app correlates with recent findings in a DepositAccounts survey, which found that 91% of Americans banked virtually in August 2020. The survey also revealed that just over four in 10 consumers are using their bank’s mobile app more than they were before the COVID-19 pandemic.

Gen X showed the most significant growth, with 57% now using their bank’s mobile app more often. According to the same survey, more than half of Americans (52%) are visiting their bank’s branches less amid the pandemic, and 49% of respondents said that they would gladly never visit their bank’s branch again.

Adjust data shows that the country spending the most time in-app in 2020 is Russia, with users averaging 11.5 minutes per session in banking and payment apps. The average in Argentina is also significantly higher than the global average of 8.35 minutes at 11.3 minutes. Ukraine and Turkey are also high, at 10.6 minutes and 10 minutes respectively.


High time spent in-app tends to correlate with countries that have a relatively higher proportion of unbanked people, with figures from the World Bank finding that processes to digitize government payments have led to a surge in digital banking users in Russia and Ukraine. 25% of all bank account owners in Argentina, the Russian Federation, and Turkey opened a bank account for the first time to receive digital payments.

Countries with a more established legacy banking industry correlate with users spending less time in-app — likely because they still carry out more banking functions via desktop or in their local branch. Apps targeting unbanked users tend to offer a more educational approach to banking, which may mean users are in-app longer. For instance, Vicky Saputra, CEO of Indonesian FinTech Netzme, says “financial inclusion and financial literacy is quite a big issue |[in Indonesia], especially for people in small cities and rural areas.”

To combat this, the company uses a social approach, where users have access to all their banking needs — such as a scan-to-pay function and their transaction history — while also building networks, posting stories, and using hashtags to view and create trending topics. The app also has a discovery feed, group chats and entrepreneurial tools.


Argentina grew the most in terms of time spent in-app, when comparing 2019 to 2020, increasing by 72%, then Russia which increased by approximately 50%. Japan saw a 21% jump.

Check the full report here: https://www.adjust.com/resources/downloads/mobile-finance-report-2020/?download=%2Fresources%2Fdownloads%2Fmobile-finance-report-2020

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Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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