Most downloaded apps: Is traditional finance management on its way out?

The end of the financial year is nearly upon us and Sensor Tower, the market intelligence firm, has lifted the lid on which apps Aussies are downloading to help get their finances in check.

The data has revealed it appears a new era of fintech is starting to shape Aussies’ personal finance management with crypto apps and BNPL apps consistently featuring in the top 10.

What were the findings of Sensor Tower’s study?

Analysing data from May 2022 it has revealed the following insights:

  • Crypto apps continue to rise in popularity, with Binance downloads increasing by 38% compared to April, as Aussies look beyond more traditional means of investing.
  • BNPL apps have increased in popularity, however as EOFY approaches, downloads have decreased with the likes of Klarna seeing a decline of 11% in the past month.
  • The research also found that the big four banks do still consistantly place in the top ten with NAB, Westpac and ANZ all seeing an increase in downloads in the past month. CommBank consistently places in the top two for most downloaded finance apps.

What were the executive’s thoughts on the study?

Eugene Du Plessis, Regional Director of Sensor Tower says, “We’ve come a long way from the days where Aussies had to desperately search through their crumpled receipts to manage their finances. Whilst banking app usage has been increasing for a while, it’s interesting to see Aussies tapping into the BNPL and crypto trends that are sweeping our nation.”

“Despite new fintech players consistently entering the market, the big four legacy banks continue to play a vital part, with CommBank consistently placing in the top two for most downloaded. At SensorTower, we’ll continue to keep a watchful eye on new entrants – perhaps this time next year we’ll even see tax return-specific apps making the cut.”