Global payment leader BPC and strategy consultancy firm Fincog today announced the launch of a new report to give banking providers key insights on Super Apps and the critical factors that could make them a future threat to traditional banking providers.
Super Apps are a growing trend that originated in Asia, achieving widespread diffusion and adoption thanks to the characteristic of comprising many services in a single, convenient digital interface. In recent times Super Apps have also been on the rise in western countries.
To offer a better understanding of what Super Apps really are, we created the Definitive Guide to Super Apps.
Here are the key findings of the report:
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Super Apps are distancing banks from their customers. Those that have entered the financial services space, such as WeChat and Alipay in China, are starting to offer customers a range of essential products.
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A great superpower of Super Apps is to leverage their data richness to enhance services and processes. By gaining significantly more knowledge about their users compared to standard apps due to the extensive collection of customer data, they can use this data to refine their propositions and deliver a superior customer experience.
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Super Apps are building trust and reputation in financial services. While currently, most of these financial services, such as payments, are still flowing through traditional banking and card infrastructure, Super Apps are embedding them into their convenient and carefully designed user experience, allowing them to build trust and a reputation also in the financial services space.
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Newcomers and smaller fintechs should know that building a fully-fledged financial Super App incorporating sophisticated functions, such as lending on top of a basic wallet proposition, involves significant risk.
However, established institutions could see Super Apps as an opportunity to improve customer engagement, while opening new growth and revenue streams. To stay relevant in the evolving market, established financial institutions could either partner with Super Apps, providing the back end for all embedded financial services or could develop their own to improve customer engagement, while opening new potential growth and revenue streams.
Access your free copy of the report here: The Definitive Guide to Super Apps
