The company behind the world’s highest-rated CI/CD automation tool, powering unicorns like TransferWise and countless others, shares valuable insights on industry success criteria and fintech best practice.
Bitrise, the market-leading mobile CI/CD platform, released a report covering digital transformation in finance and banking. The paper provides business-, product-, and technology leaders with the key trends to consider when crafting strategies aimed at winning the mobile consumer.
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Modern banking and fintech apps are rapidly growing in number and popularity; currently, the top 7 most downloaded finance apps (like Venmo, Stripe and Transferwise) in the US are built by mobile-first companies with a streamlined release strategy and unique value proposition. The report explores how and why these apps are winning the hearts and wallets of mobile end-users, based on market data, interviews and platform data generated on Bitrise.
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The report reveals that modern wallet apps had 52 times more sessions per user per year compared to banks’ wallet apps. These sessions translate to millions of transactions and a massive revenue opportunity. Additionally, the report explores how determining the right release frequency is crucial when it comes to apps’ ratings. The business implications of this correlation cannot be understated: a 2-star drop in ratings on average will result in a 50% lower conversion rate, which means user acquisition efforts are half as effective or twice as expensive.
Building on their success story of helping TransferWise transition to the cloud, Bitrise examines how and why fintech companies have leveraged technology to edge out incumbent competitors. The report dives into product learnings, as well as the processes, infrastructure, and culture that separate the industry’s fastest risers from those lagging behind.
