4. App Store Optimization Benchmarks

The data below examines user behavior on app store platforms as tracked during A/B testing experiments via SplitMetrics Optimize. Please note some metrics may differ from the official figures published by app stores.

Finance apps on iOS tend to outperform their Android counterparts on most key metrics, such as conversion rate, engagement rate, and direct installs. This may suggest that iOS finance apps often provide a more refined user experience.

When it comes to finance apps, conversion rates are highly influenced by the app’s reputation and its perceived security. To increase conversion rates, it is important to highlight security features, showcase social proof (such as media coverage or industry awards), and offer incentives for new users. Promoting entry bonuses or highlighting minimal fees for common app features can also be effective.

The relatively high read rate on iOS (14%) highlights the importance of app descriptions. The short description visible on the first view is critical for driving direct installs. Incorporating popular keywords that accurately reflect the app’s core functionalities in both the short and extended descriptions can help boost visibility and conversions.

In contrast, the lower read rate on Google Play (6%) can be attributed to its layout. Users are presented with up to four screenshots and a sizable portion of the app description at a glance, allowing them to absorb significant information without further interaction. As a result, fewer users explore additional details. It’s essential to ensure that screenshots are highly informative and effectively showcase the app’s features.Both platforms demonstrate minimal use of video content on product pages.

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