Leveraging Consumer Fintech Apps for Effective Distribution
28 Jul 2024We were fortunate to discover a highly effective distribution channel for Hire Rewards, our cash back job searching platform: consumer fintech apps.
Consumer fintech apps make excellent partners for apps that help users earn or save money. These fintech apps often feature an “offer wall” presenting various opportunities for user engagement. By helping users save or earn money, these offers enhance user retention, increase bank balances (boosting revenue for the fintech app), and improve overall user satisfaction.
Cost Structures and Benefits
Fintech apps typically charge partners that want to be featured in their app on a CPC (cost-per-click) or CPA (cost-per-activation/signup) basis. Industry-standard CPCs range from $0.30 to $1. You can take your signup rate, and figure out what the CPA would be. While CPCs on Meta/Google/others can be similar or slightly higher, fintech apps offer a distinct advantage over other ad platforms.
- Targeted Audience: Users on fintech apps actively seek out ads related to earning or saving money. They engage with your product with an open mind, unlike users on platforms like Instagram who often scroll past ads without interest.
- Trust Factor: Users trust their financial institutions. If a fintech app that holds their money advertises your service, it is perceived as more trustworthy. This trust is not as prevalent with ads on social media or search engines. We saw that click -> signup rates via fintech apps were much higher than on other forms of digital advertising.
Seamless Integration
As a cash back app, we also benefited from the ability to closely collaborate with fintech apps to transfer money directly from our app into the users’ fintech app wallets. This tight integration enhances the user experience and adds significant value for the fintech app.
Scalability and Fast Partnership
The largest fintech apps have millions or even tens of millions of users. While this does not match the scale of Meta or Google, it still allows you to add hundreds of thousands of users to your app affordably. Fintech partners are typically quick to form partnerships and are financially motivated. If the partnership drives real revenue, they are eager to deepen or expand the collaboration.
There are at least 10-20 large fintech apps worth pursuing, making this channel a lucrative opportunity for distribution.
Partnering with consumer fintech apps proved to be a game-changer for Hire Rewards. By leveraging their user base, trust factor, and willingness to integrate closely, we were able to effectively distribute our product and achieve significant growth. For any app aimed at helping users earn or save money, fintech apps are a distribution channel well worth exploring.