In this article we will be looking at some data on Personal Finance Android mobile applications in the US. And since Personal Finance does not really need much of an explanation here, we will cut the chase and get on with some of popular apps’ KPIs.
Out of customary, we will start with Monthly Active Users, one of the main indicators of an app’s success.
As seen above, Venmo, owned by PayPal, has by far more MAUs than its competitors such as Cash App or Chase Mobile. But this has not always been the case. Venmo, once a not very well-known app being in the bottom of rankings in 2018, has been able to attract users to its platform for the past two years, overtaking Cash App, which itself outnumbered PayPal’s MAUs in October 2019, in terms of monthly active users just before the turn of the year 2019.
Having said that, Daily Active Users (DAU) graph tells a different story; While Venmo may be topping the monthly ranking charts, it is Cash App that has been used most by the users on daily basis over the past couple of months.
One other important metric to keep in mind is the engagement rate of an app. App Ape defines engagement rate is the percentage of monthly active users divided by downloads. In this case, Chase, having 70.9% engagement rate, tops the chart, meaning almost 71% of people who have the app downloaded on their phone actually use it. This number stands at 61.8% and 42.9% for Venmo and PayPal respectively.
This is probably best presented in the following chart.
This week’s bonus metrics: Demographics!
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