Earnin vs Even

Part
01
of two
Part
01

Earnin Data

Earnin currently has an estimated 1,080,000 total downloads across both platforms and an average review rating of 4.55 stars. The requested number of total downloads and average review rating has been entered into the attached spreadsheet. After exhaustive searching, we were able to determine that while the information needed to calculate an average review rating and an approximate total number of downloads was publicly available, information detailing both the number of daily active users and the number of monthly active users was not.

Methodology

In order to find the information needed to fill in the spreadsheet and answer this request, a search of Earnin's home page was conducted. Links to both Google Play and the iTunes App Store are provided on Earnin's website. The information needed to calculate the average review rating was available on both Google Play and the App Store. Google Play also provided an approximate number of total installs. While the App Store did not provide an approximate number of downloads, we were able to find one on Sensor Tower. After exhaustive searching, we determined that daily active users and monthly active users are not publicly available through either Google Play, the App Store, or external sources such as articles in the tech media or Earnin's press releases. Additional research led us to Mixpanel, which explains how daily active users and monthly active users can be determined and tracked by the owner of the app but not other individuals.

Total number of downloads

Google play provided the approximate total number of downloads/installs, 1,000,000+. Since the iTunes App Store does not provide the approximate total number of downloads we continued searching and were able to find an approximate number of total downloads through Sensor Tower. The number provided, 80,000, was used as a reasonable estimate in the calculation performed to determine to total number of downloads/installs across both platforms. To calculate the combined total number, we added 1,000,000+80,000=1,080,000. This number was added to the attached spreadsheet.

average reviewer rating

Both Google Play and the App store provide user reviews and ratings. The average review rating on Google Play is 4.4 stars and the average review rating on the App Store is 4.7 stars. To determine the overall average review rating for Earnin, I added the two provided ratings and divided them by two. So, 4.4+4.7=9.1 and 9.1 / 2 = 4.55 which the review rating that was entered into the attached spreadsheet.

Reviews

GOOGLE PLAY
Earnin is a primarily positively reviewed app. With an average review rating of 4.4 stars on Google Play, Earnin is viewed overwhelmingly more positive than negative. The adjectives most frequently used to describe the App on Google Play are "amazing", "convenient", "lightning speed", and "easy-to-use". Reviewers who are pleased with the app also describe it as a "life-saver" that is so much better than traditional payday loans, mainly because there are no service fees. Many users complimented the company's "responsive" and "great" customer service. As with any app, however, there are complaints and negative reviews. Complaints included in negative reviews referred to problems with the app recognizing direct deposits and accepting time sheets, unreliable service with "intermittent stoppages", repeatedly asking for the same information such as a picture of bank balances and deposits to be submitted, and customer service that is poor and unresponsive.

THE APP STORE
Unfortunately, the App Store does not provide full access to every review the way that Google Play does. Only three reviews that are shared on the app's App Store page are available to be read in their entirety. The remaining reviews are not accessible at all through the App Store page. These reviews include one 5-star, one 3-star, and one 2-star. They are in no way representative of the average rating. The only 5-star review shared calls the app a "game changer" and encourages everyone to give it a try. The other two reviews refer to problems with the app connecting to and working with credit unions and with the service provided being described as confusing. It was called confusing because the maximum daily amount and the weekly maximum amount were the same which meant the user could only use the service once during a pay period instead of daily as is advertised.

CONCLUSION

After exhaustive searching, we were able to determine that while the information needed to calculate an average review rating and an approximate total number of downloads was publicly available, information detailing both the number of daily active users and the number of monthly active users was not. Earnin currently has an estimated 1,080,000 total downloads across both platforms and an average review rating of 4.55 stars. The requested number of total downloads and average review rating have been entered into the attached spreadsheet.

Part
02
of two
Part
02

Even Data

Even provides a mobile app that automatically manages a user’s finances by helping in the areas of expense management, budget management, income tracking, and other financial management aspects. The app also features an Instapay functionality that allows users who need to pay urgent bills to take a portion of their salary in advance. In the major app stores, Even has gained around 140,000 downloads, 100,000 from the Play store and 40,000 from the iTunes store. It has an average rating of 4.85 as derived from its iTunes rating of 4.9 and Play store's rating of 4.8. The app was praised by users for the practical help that it provides in order for them to manage their finances better. Bugs and slow updates are the most common complaints. All the available information are in the linked spreadsheet.

Even - Automatic Money Manager app

Even - Automatic Money Manager is a mobile app that can help users manage their finances automatically. The app can help manage a user’s income in order to ensure that there will be allotments for incoming bills. It can also show how much can still be spent by the user for other items after deducting mandatory expenses. The app can also automatically set aside a part of a user’s income if the amount earned is higher than the usual figure. Even has also launched a feature called Instapay that can allow users to get an advance from their future earnings in order to pay for urgent obligations without worrying about overdrafts, late fees, and loans. Instapay is currently available only for a few employers but there are already plans to roll the feature out for all companies.
Even can be downloaded from iTunes and the Play store and can be used for free within sixty days. After this period elapsed, users need to pay a $2.99 monthly subscription. Even’s services can work with 18,000 banks but users need to watch out for slow interactions with smaller banks.

USER ENGAGEMENT STATISTICS

Even has around 140,000 total downloads as summed up from the 100,000 downloads coming from the Play Store plus 40,000 from the iTunes store where the app is available for download.

Total user downloads: iTunes' 40,000 downloads + Play store's 100,000 downloads = 140,000 total user downloads.

iTunes actually do not publicly display the app's download data but there is another report that shows this.

With regard to the number of active users, a comprehensive search of app databases, technical reports, and other freely available sites did not yield any information on the daily and monthly number of active users’ data. These data are usually available only to the app’s owners and not available publicly. Other sources for the information can be paid app analytics services but these require business emails and subscription fees.
Given the lack of information on the number of monthly and daily users, we took a look at how the app functions in order to infer the frequency of usage. Since the app relies on continuous inputs from employees, banks, and employers in order to effectively manage budgeting, expense tracking, cash advance processing, forecasting, and other financial transactions, users have to spend some time in the app daily to handle the required information. The rough hypothesis derived here given the absence of additional data points is that all those who have downloaded the app need to more or less view or perform a transaction within the app to gain its promised benefits. We have concluded then that the 140,000 users who have downloaded the app -- 100,000 from the Play store and 40,000 from the iTunes store -- can also be considered as the number of daily users. The same set of daily users can also be counted as the number of users that are also using the service if we consider the monthly users' data.

EVEN — RATINGS AND REVIEWS

Even currently has a 4.8 rating in the iTunes store and a 4.9 rating in the Play store, giving it an average rating from both stores of around 4.85. Average: (iTunes 4.9 rating + Play store's 4.8 rating)/2 =4.85.

User reviews are mostly praising the app for the insightful information and practical benefits that it provides. There was also feedback from a user that the app helped her monitor her expenses and budget. The users are also praising the Instapay feature which lets them borrow" their salary in advance to be able to pay urgent expenses. The app helped another user gauge more precisely how far he is from his target budget. Users also praised the app for its fast installation feature. There are also comments on how a user was able to avoid loan interests by using the Instapay feature.
Other comments commended the app for the great support offered to the users. Users also loved the flexibility provided when they have an emergency situation. They have mentioned also that the app helped them in improving their financial behaviors.
Negative reviews are mostly about the bugs and slow update times that were encountered when synchronizing transactions. There were also comments on transparency as the pricing structure is not fully shown on the app’s page.

All the available information are summarized in the linked spreadsheet.

CONCLUSION

Even is a mobile app that helps users to automatically manage their finances by providing intuitive budgeting, forecasting, and expense tracking features. Its newest functionality, Instapay, allows users to get their salary in advance to be able to deal with urgent expenses. The app currently has an estimated 140,000 downloads from major app stores, 100,000 from the Play store plus 40,000 from the iTunes store. It earned a 4.85 average rating, 4.9 from the iTunes store and 4.8 from the Play store. Most user reviews praised its effective financial management features. Negative reviews are mostly about the bugs and delays encountered.

Sources
Sources