As the Philippines navigates the digital age, the financial technology sector is witnessing a major transformation. Recent studies indicated a surge in the adoption of financial mobile apps among consumers.
For many Filipinos, the shift to digital finance has made managing money more convenient. Lara Flores, a nurse from Alabang, shared her experience: “Using financial apps has changed how I save. I can track my spending and set savings goals. It makes me feel good to have control over my money.”
Lara is not alone. As digital wallets and banking platforms become more user-friendly, ordinary consumers are embracing these technologies. “I used to be hesitant about online transactions, but now I find it so easy to pay bills and transfer money. It saves me so much time,” she added.
According to Finance App Insights Report by analytics firm Adjust, Filipinos are increasingly relying on digital financial services, with average session lengths on finance apps reaching nearly 15 minutes—well above the global average of 6.38 minutes.
The report also revealed a 22 percent increase in finance app installations from the first quarter to the second quarter of 2024, underscoring the rising demand for these services.
This evolution was a central theme at the recent “Shaping the Future of App Growth in 2024 and Beyond” event, where industry experts discussed the future of mobile applications and the role of data in enhancing user experiences.
April Tayson, Regional Vice President for Southeast Asia, South Asia, and ANZ at Adjust, remarked, “The rapid adoption of financial apps in the Philippines has reshaped how Filipinos manage their finances.”
“It underscores growing consumer trust in digital platforms and presents a critical opportunity for the financial industry to double down on delivering seamless, accessible digital solutions to maintain a competitive edge,” she added.
Data-driven approach
A pivotal theme of the event was the importance of data analytics in the competitive landscape of app marketing. Kapil Bonde, Head of Market Insights at Adjust, emphasized the necessity for marketers to focus on key performance indicators (KPIs) that drive business success.
He discussed the value of accurate attribution models and advanced measurement techniques like incrementality, which help businesses make informed decisions.
Bonded added that precise measurement goes beyond merely tracking data; it involves translating that data into actionable insights that can drive growth and optimize user acquisition strategies.
Following his presentation, a panel of industry leaders—including Matteo Gancayco (Marketing Head, Pick Up Coffee), Erville Magtubo (Vice President, Customer Care Group, Meralco), and Pavan Powar (Director, Strategy, Investor Relations, and Marketplace, Sarisuki)—examined the evolving landscape of app adoption in the country.
They highlighted how leveraging marketing KPIs and MarTech tools can distinguish companies in a crowded market, stressing the importance of personalized and engaging user experiences for promoting customer loyalty and sustained growth.
Another panel discussion included Geli Angeles (Head of Growth Marketing, GoTyme Bank), Sheila Paul (CMO, Home Credit), Lawrence Ferrer (President & CEO, Bayad), and Kristian Melquiades (FVP, Business Transformation, Insular Life).
They discussed the vital role of data and analytics in enhancing and optimizing organic user acquisition strategies. The speakers also highlighted that fintech companies should focus on differentiation through personalized, data-driven customer experiences.
Innovation and adoption
Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC, also shared insights into the impact of emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT) on mobile financial applications.
His observations underscored the necessity of innovation in ensuring the continued success of fintech in the region.