Financial apps are a booming industry, and China is one great example of this trend. These apps grew in China by 230 % during 2016, according to the analytics company App Annie. The growth was driven in large part by Alipay and WeChat Pay.
As the App Annie report said, “Apps have paved the way for fintech players, who can both complement and disrupt established banks through innovative services. Banks must keep pace with the constant introduction of new technologies and consumer expectations to ensure a best-in-class app experience. Those who fail to adapt find themselves left behind.”