Monkee, estemeed portfolio company of the European Super Angels Club (ESAC), has built an impressive user base, with around 80% of its users being women. But what is the secret behind this success? Why is the app especially popular with women? Sophie Deistler wrote in the German publication Payment & Banking about the reasons behind Monkee’s high percentage of female users and the factors contributing to this dominance. The answer lies not only in marketing but also in the product’s design and user experience, which are tailored to meet the needs of its users. 

An App for Everyone – But Especially for Women 

Monkee was originally not  designed as a solution specifically for women but as a simple and user-friendly app for short- and medium-term savings. Over time, however, it has become clear that the app resonates particularly well with women. According to co-founder Martin Granig, Monkee’s features cater to the needs of women, and this is reflected in the app’s user base. 

One of the aspects that makes the app popular with women is its focus on security and debt-free living. Studies suggest that women tend to prefer risk-free investments, such as savings accounts and daily deposit accounts, over speculative investments like stocks. Monkee offers exactly that – a safe and straightforward way to save money, with the added benefit of earning interest on the savings. Since March, users have been able to earn 1.4% interest on their savings, which is an attractive option in the current market. 

Gender-Specific Differences in Saving Behavior 

Interestingly, there are also gender differences in user behavior. For example, while women tend to make smaller, more frequent deposits into the app, men typically deposit their weekly goal all at once and then don’t open the app again until the following week. Women open the app on average four times more often than men and tend to save for more practical goals, such as an emergency fund, a vacation, or furniture. In contrast, men are more likely to save for luxury items like a Rolex or a sports car. 

These differences are also reflected in the types of expenses users are saving for. Women are more focused on everyday needs, while men tend to save for luxury purchases. This shows that Monkee is not just a simple savings app but is specifically designed to meet the needs of its users without relying on gendered marketing messages. 

What Banks and Fintechs Can Learn from Monkee 

The success of Monkee shows that it’s not just about targeting women through marketing campaigns. Instead, banks and fintechs should focus on offering products that align with the specific needs of their various users. This means offering traditional savings products like daily deposit accounts with interest, which are especially important for a user base that values security and debt-free living. 

The design of the app is another key factor in its success. Monkee uses elements of gamification to encourage users to save in a fun and engaging way. For example, users who participate in the savings challenge receive a digital “high-five” when they reach their weekly goal – a simple yet effective method for maintaining motivation. 

A Solution That Works 

Monkee has successfully created a saving app that resonates particularly well with women, not through targeted marketing campaigns but by consistently aligning its product with user needs. Security, ease of use, and the integration of gamification elements make saving not only effective but also motivating. Banks and fintechs can learn a lot from this approach to make their products more user-friendly and better tailored to the needs of their customers. 

Monkee is an excellent example of how thoughtful product design, and a well-crafted user experience can make finance more accessible to everyone, particularly women who are looking for practical and secure savings solutions.