COVID-19 Drove Financial App Growth in 2020

  • The COVID-19 pandemic has accelerated the rate at which customers are switching to mobile devices and apps for their banking and financial needs. Between quarantines, stay-at-home orders, and the closures (temporary or permanent) of brick-and-mortar institutions, most people simply didn’t have a choice in the matter. While many places are now regaining some measure of normalcy, customers have realized that mobile apps offer the greatest level of convenience when it comes to finance management, and so they’ve made their shifts permanent. 
  • The sheer volume and diversity of apps ensures that users can engage in a variety of financial activities via their mobile devices. Banking apps — both those from traditional bank chains and those from online-only banks — allow users to make deposits, check balances, and pay bills remotely. Mobile payment apps let users send and request money. Trading apps offer users a convenient way to invest in stocks and other financial products. Finally, educational and budgeting apps help money-minded users plan for the future and learn more about their financial needs. 

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