In today’s digital age, the world of finance is rapidly evolving. Fintech apps have become a revolutionary tool for millions of users, offering convenience and accessibility like never before. But what sets apart a successful fintech app from the rest? One key metric that can determine the success of an app is the Monthly Active Users (MAU). In this article, we will dive into what MAU is, why it’s important, how to calculate it on fintech apps, and most importantly, we’ll explore 13 effective ways to increase MAU through the power of gamification.
What is MAU?
Before we delve deeper into the strategies to increase MAU, let’s first understand what it is. Monthly Active Users, or MAU, is a metric that measures the number of unique users who engage with an app within a 30-day period. It’s a crucial metric for fintech app developers and investors to assess user adoption and the overall success of an app. Essentially, MAU reveals the number of active users on a monthly basis, serving as a valuable performance indicator.
However, it’s important to note that not all users are created equal. While MAU provides a snapshot of active users, it doesn’t differentiate between occasional users, power users, or dormant users. For a comprehensive understanding of user engagement, other metrics such as Daily Active Users (DAU) and Stickiness Rate should also be considered.
Why is MAU important?
MAU is a vital metric for several reasons. Firstly, it helps app developers measure the scale of their user base and track user retention. By observing the monthly trends of MAU, developers can gauge whether their app is gaining or losing users over time. Furthermore, MAU is often used as a benchmark for financial performance. When seeking investments or partnerships, a high MAU can inspire confidence among potential stakeholders, demonstrating a strong user base and future growth potential.
To put it simply, MAU provides a snapshot of an app’s popularity and user engagement, making it an essential metric in the competitive fintech landscape.
How to calculate MAU on fintech apps?
Calculating MAU on fintech apps is a relatively straightforward process. Start by determining the number of unique users who have interacted with your app within a 30-day period. To exclude duplicate users, ensure that each user is only counted once, regardless of the number of interactions. Once you have this number, congratulations – you now have your MAU!
However, it’s important to remember that MAU is just one piece of the puzzle. To gain deeper insights into user behavior, it’s recommended to analyze additional metrics that complement MAU, such as user demographics, session length, and user churn rate. By analyzing these metrics alongside MAU, app developers can gain a holistic understanding of their user base and tailor their strategies accordingly.
13 ways to increase MAU on fintech with gamification
Now that we’ve touched on the importance of MAU and how to calculate it, let’s explore 13 proven strategies to increase MAU on fintech apps using the power of gamification.
- Personalized Onboarding: Make the onboarding process engaging and tailored to each user’s needs. Customize the experience according to their financial goals, providing a sense of personalization and relevance.
- Rewards and Incentives: Implement a system that rewards users for regular app usage and achieving specific milestones. Gamify the experience by offering virtual points, badges, or even real-life incentives to keep users coming back for more.
- Progress Tracking: Show users their progress in real-time. By allowing them to visualize their financial journey and goals, you create a sense of accomplishment and motivation to continue using the app.
- Competition and Challenges: Tap into users’ competitive nature by introducing challenges and leaderboards. Encourage healthy competition among users and foster a sense of community within the app.
- Education and Tutorials: Provide educational content and tutorials to empower users and enhance their financial literacy. By offering valuable insights and tips, you position your app as a trusted resource.
- Social Integration: Enable users to share their achievements and progress on social media platforms. This not only enhances the feeling of accomplishment but also acts as a form of word-of-mouth marketing, potentially attracting new users.
- Unlockable Features: Implement features that users can unlock as they progress within the app. This creates a feeling of exclusivity and encourages users to explore and engage with different sections of the app.
- In-App Challenges: Introduce mini-games and challenges within the app to provide a break from the routine while still keeping users engaged. Fintech apps can incorporate financial quizzes or interactive simulations to make learning fun.
- Social Interaction: Foster a sense of community within the app by integrating features that allow users to interact with each other. Whether through messaging capabilities or discussion boards, encourage users to share experiences, ask questions, and support one another.
- Push Notifications: Utilize push notifications strategically to remind users to engage with the app. Personalize the notifications to provide relevant updates, such as upcoming bill payments or investment opportunities, to keep users actively involved.
- User Feedback and Surveys: Actively seek feedback from users to understand their needs and pain points. By incorporating their suggestions and making continuous improvements, you show users that their opinions matter, fostering a sense of loyalty.
- Referral Programs: Encourage users to refer friends and family to your app by offering incentives or benefits for successful referrals. Capitalize on the power of word-of-mouth marketing to expand your user base organically.
- New Feature Updates: Regularly introduce new features and updates to keep the app fresh and exciting. Inform users about these updates with engaging communication, generating anticipation and encouraging them to explore the latest additions.
By leveraging these gamification strategies, fintech app developers can enhance user engagement, increase MAU, and ultimately create a loyal user base that keeps coming back for more. Remember, the key lies in creating an enjoyable and immersive app experience that empowers users in their financial journey.