4 Ways Super Apps Can Enhance Your Fintech Business
American Banker refers to it as “The rise of the invisible bank,” where new digital banking experiences become embedded into our daily activities.
But for customers, application-powered solutions to their personal and professional tasks are just a natural evolution of their embrace of digital technology. In fact, the digital banking platform market size is projected to reach $8.67 USD by 2027, up drastically from $3.17 billion USD in 2018.
This increase has been facilitated by the quick rise in customers moving from traditional banking to online and mobile solutions, seeking seamless, secure, and user-friendly experiences and products.
So, what do these trends mean for leaders of traditional banks, and how can new solutions, such as super apps, rebalance the playing field?
Introduction to Super Apps
One solution financial institutions have discovered to securely, effectively, and quickly broaden their digital customer engagement is the use of super apps.
The term super app was used by BlackBerry founder Mike Lazaridis during a 2010 conference. As the name suggests, these platforms offer what Lazaridis referred to as “a closed ecosystem of many apps” that could offer users a seamless, integrated, and efficient user experience.
In other words, through the use of one login, super apps give customers an all-in-one digital experience with their brand, its tools, and its products, ultimately tapping into their users’ desire for a secure, intuitive app experience.
What Super Apps Deliver for Fintech Businesses
Super apps go far beyond just offering a slick user interface, seamless brand experience, and digital presence for financial institutions. Super apps also offer companies the data, product integration, and access to new revenue sources they need to maintain their competitive advantage.
More specifically, super apps offer companies:
1. Enhanced Customer Engagement
Super apps give fintech businesses the ability to offer their customers the convenient, personalized, and digital experience they increasingly want. Giving customers the ability to bank how, when, and where they want is helpful to attract new customers and offer current users more ways to deepen their relationship with your brand.
2. Personalized Service Delivery
Super apps are designed to introduce additional ways to connect with customers while keeping a single, integrated experience. This connectivity provides new opportunities for both upselling and offering customer support, even in real time.
This capacity lays the foundation for what industry watchers believe will be the next evolution of customer engagement; within five years, banks will be able to give consumers more “in-the-moment advice” on their products, including “which payment mechanism to use, who to pay when, [and] how to split payments. Such small decisions can add up to financial wellness.”
3. New Revenue Streams
With the additional data collected from user actions and preferences within their super app, banks will have the increased ability to make data-driven decisions on:
- Uncovering opportunities to connect new services with existing products and app features to unlock new revenue streams and build value
- Streamlining the introduction of new innovations, products, and partners to help to move further beyond just interest and fees
- Leveraging application programming interfaces to share information with promising third-party partners that are win-win for customers and fintech businesses
4. Streamlined App Management and Growth
Modern super app platforms provide the secure and adaptable foundation that businesses need to introduce an engaging, multifaceted super app without the costly and time- intensive development and maintenance. Even better, these same platforms also make it easy to evolve their digital services and branding as their customers' behaviors do.
Learn More About Super Apps
Does your team want to learn more about how companies like yours are quickly and securely introducing their own all-in-one, multifaceted super apps?
Then take a moment to download KOBIL's latest comprehensive resource,2022 State of Global Super Apps 2022, today!