Highest Scoring in Female Population for Monkee
In the ever-evolving world of fintech, one app is making waves by catering to a largely female user base: Monkee. The app, co-founded by Martin Granig, incorporates gamification elements, financial education, and personalized features to encourage saving in a fun and engaging way.
One unique aspect of Monkee is its digital high-fives, which users receive when they meet their weekly savings goals. The app's 80% female user base suggests that this approach resonates with women, who tend to save smaller amounts throughout the week more frequently than men, who often deposit their weekly savings all at once.
Granig, however, emphasizes that Monkee was not developed specifically for women but as a solution for short- and medium-term savings. He suspects that the app's focus on themes of security and debt freedom appeals to the needs of women.
Monkee users save for practical things like electronics, furniture, and mobility, while men tend to save for luxury consumption goods. This trend is reflected in wider industry statistics, such as the 2024 data showing that 42% of men owned stocks compared to 25% of women, indicating underrepresentation of women in financial markets.
Christine Laudenbach, head of the Household Finance department at the Leibniz Institute for Financial Research (SAFE), attributes differences in investment behavior between genders to socialization, knowledge gaps, subjective financial assessments, and higher earnings among men. She finds apps like Monkee useful for preventing impulse purchases on credit and promoting conscious consumption, but cautions against neglecting long-term retirement savings.
Since March, Monkee offers a 1.4% interest rate on savings, making it an attractive option for those looking to save and grow their funds. The app also partners with over 600 companies to offer cashback on purchases, further incentivizing users to save and spend wisely.
Sophie Deistler, a freelance journalist specializing in financial topics, reports on the strategies and factors behind Monkee's success. She highlights the importance of financial literacy and education, inclusive product design, community building, safety and privacy, partnerships, and targeted marketing in engaging female users.
Other fintech companies can learn from Monkee's approach by investing in user research, personalization, transparency and trust, education and empowerment, inclusive marketing, and feedback loops. By understanding their users, building trust, and offering features that resonate with women's real-life financial experiences, these companies can replicate Monkee's success and attract a more diverse user base.
Laudenbach believes that better financial education is key, as many women think they need to regularly read stock market news and actively monitor stocks to participate in the financial market. As fintech continues to evolve, apps like Monkee could play a crucial role in bridging the gender gap in financial markets by making saving and investing more accessible and engaging for all.
Of which business sector does Monkee fall into? - The fintech industryWhat specific area of personal-finance does Monkee's focus lie on? - Short- and medium-term savings
