from the demand for fintech applications As a result, marketers in Thailand have to invest 25% more in advertising spending to achieve a 56% increase in non organic installers even under the COVID-19 situation. Thailand is the only country in Southeast Asia. The demand for fintech apps has not declined in the past 2020.
In addition, the main app that Thai people install is an investment app. and borrowing apps, of which these two categories account for more than half of the total number of downloads. Overall, the internet fraud rate in Southeast Asia has dropped 20% due to highly developed anti-fraud solutions.
AppsFlyer has released its 2021 annual report on the State of Finance App Marketing report in Thailand, where non-organic app installs (NOI) are disproportionate to marketing expenses By comparison, from the first quarter of 2020 to the first quarter of 2021, there was a 25% increase in marketing spend, but double the 56% increase in installs of non-organic finance apps.
The figure is driven by the demand for fintech apps in Thailand. which has skyrocketed 64% over the same period. In addition An interesting point is that during the lockdown period in Q2 2020, Thailand is the only country in Southeast Asia where consumer demand has not declined. But demand for fintech apps increased by 9%.
AppsFlyer’s 2021 Financial Apps Marketplace Report captures 2.7 billion application installs in Asia Pacific. Between the first quarter of 2017 and the first quarter of 2021, there were 4.7 billion installs worldwide. The report analyzed 600 million non-organic installs from 1,230 apps in Southeast Asia, including Indonesia, the Philippines, Thailand and Vietnam.
The financial app is divided into several categories, including Digital Banks, Traditional Banks, Financial Services, Loans, and Investments.
Although generally higher marketing costs drive the user base from Non-organic. But this is not the case during the lockdown in Thailand. According to the report, Thailand saw a 32% increase in non-organic users (from 13.9% to 18.3%).
In the period between the second quarter and the third quarter of 2020, even though marketing expenses have dropped during the same period, marketers in Thailand are also more cautious. and choose to do more remarketing and find new users After closing the lockdown To keep up with the growing demand for fintech apps, Thai marketers have increased their overall marketing spend to 94%.
Ronine Mains, Managing Director and President of AppsFlyer, said, “2020 is a year of change. affect the way of doing business and how consumers respond and act. The fintech sector has adapted to the rapidly changing environment and is accelerating digital transformation. This is especially true in developing markets where many are unbanked customer bases. or no evidence for the loan
Although Thailand has been successful throughout the global pandemic But marketers should focus on meeting this growing demand. By doing remarketing campaigns and building a user base to succeed in the midst of all-around competition.”
Overall, marketers in Southeast Asia spent $244 million. (Or equivalent to approximately 7,320 million baht in Thai baht) invest in FinTech apps To get new customers in the past 2020, which accounted for 8% spending compared to the world market
The report also outlines the reasons why financial apps are in high demand in Thailand. Because Thai consumers enter the FinTech lifestyle. Run a wide variety of mobile finance apps. Investment apps are the most popular (31%) borrowing apps. and financial services which includes mobile payment apps and credit card apps with similar proportions at 25% and 24%, respectively.
When it comes to cyber fraud The ratio in Southeast Asia remains high. Although the numbers have improved over the past few years, cyber fraud dropped 20% during the first quarter of 2020-2021, a significant result of anti-fraud solutions. Regional markets are also trying to combat this threat.
The AppsFlyer report shows that the percentage of fraudulent use of Fintech apps in Thailand is declining. Financial services apps fell 48%, investment apps dropped 36%, while loan apps dropped 33%.
If interested, read the full report. can be downloaded at https://www.appsflyer.com/state-of-finance-2021/
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