Investment Trends released its 2022 Digital Wealth Report this week which found a surge in the usage of digital wealth applications by Australian retail consumers in recent years.
The research – which was conducted through analysis of 866 digital wealth applications and services – noted factors such as mobile adoption and open banking, while the apps have a clear focus on the next generation of Australia, primarily in the 15 to 35 age bracket, who are engaging in money management, investing and trading.
“The best performing platforms tend to be those with a clearly defined target audience, with Zoomers and Millennials the priority age segments,” Investment Trends’ head of research, Irene Guiamatsia, said.
“Apps are offering a range of features such as account transaction aggregation, spending insights, credit scores, service switching recommendations, debt consolidation and online communities to reach these end users.”
Ms Guiamatsia added that the apps are striving to provide a “more holistic personal finance experience” and are giving more control to the consumer.