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Sensor Tower · Abraham Yousef · August 2024
Credit Management Apps in the UK
Rising interest rates led to a decline in credit management app downloads in the UK, with Experian increasing ad spend and utilizing an aggressive ASA bid strategy to bid on competitor brand names to buck the trend. Experian saw a 16% YoY increase in downloads in 2023, outperforming competitors such as ClearScore and Credit Karma according to Sensor Tower estimates.
Key Takeaways:
Rising interest rates significantly impacted credit management app cohort downloads in the UK, resulting in a 13% YoY decline in 4Q22 and a 12% YoY decline in 2023. This trend reflects a cooling property buying market and reduced need for credit profiles.
A recent 0.25 percentage point cut in interest rates in Aug’24 could stimulate growth as borrowing conditions improve
Despite the decline in cohort downloads, Experian bucked the trend by ramping up its ad spend during a period of rising interest rates. Between Sep'22-Dec'22 – when rates began to rise – Experian achieved ~1.5bn impressions in the UK, significantly above its peers
Elevated ad spending throughout 2023 may have also helped Experian achieve a 16% YoY increase in downloads during the year, ahead of ClearScore (-13%) and Credit Karma (-54%)
Sensor Tower data shows that the share of organic downloads for ClearScore and Credit Karma rose by over 10 ppts in YTD 2024 compared to 2023. However, both apps saw a decline in MAUs in YTD 2024 versus the previous year, indicating a need for improved retention and engagement strategies
Experian aggressively bid on competitor brand names in ASA, achieving a 32% share of voice for 'Credit Karma' and 18% for 'ClearScore' in 2Q24, drawing users searching for competitor apps
For more information, request the full report from reports@sensortower.com.
