According to a latest comprehensive study by Fact.MR, over the next decade, transaction value of personal finance apps is presumed to grow 3X on the back of investing services.
Increasing penetration of smartphones and the Internet across the globe is likely to augment demand over the coming years.
By January 2021, it is been reported that more than 4.5 Bn of active Internet users were across the globe, which is almost 60% of the total world’s population. Among these, more than 92% access the Internet through mobile phones, which is roughly 4.3 Bn. As such, increasing number of Internet users on mobile phones will lend further impetus to the demand for personal finance mobile apps.
Integration of artificial intelligence and blockchain are likely to propel demand owing to increased efficiency and personalized service experiences. Blockchain is employed to store data, whereas, artificial intelligence is used for data analysis. Artificial intelligence is the core factor for personalized experience, and AI tracks the spending behavior and income of particular individuals. Then these, in accordance, provide personalized advice or solutions to users.
Prominent players providing personal finance mobile apps are inclined towards the integration of a wide horizon of services, including investments, peer payments, budgeting, and more. This aids in cornering a significant chunk of the consumer base, which may uphold the growth trajectory of the market in the medium- and long-term period.
Moreover, partnerships and collaborations are set to increase the regional presence of players across the globe.
According to a Senior Research Analyst “Personal finance apps will register exponential growth over the next decade, owing to mounting global economic curve and increasing financial awareness”.