Share this
Super Apps Are Shaking Up the Banking Industry
With 85% of adults in the US owning a smartphone, having the world in our pocket is nothing new. What is new is a rise in creating fluid, supportive experiences to everyday life through a singular brand name.
Take Uber, for example. From one app, Uber provides their consumer-base with ride-hailing, food delivery, alternative travel (like electric scooters), traveler recommendations, the ability to purchase transit tickets and -- yes, there’s more -- banking services. It’s all part of a streamlined business model, and it supports their consumers’ everyday lives.
Now let's think about the average mobile banking app. For many, it provides a general outlook of a consumer’s account, such as their balances. It may have the ability to deposit checks available. In 2011, when only 35% of all US adults had a smartphone in their pocket, this kind of tech was useful and revolutionary.
Today? Mobile banking apps need to deliver on a ‘super’ level.
What Are Super Apps?
Super apps aren’t new. Companies, like Uber, have been creating a supportive, all-in-one environment for some time. TenCent, a Chinese multinational technology conglomerate holding company, has been a frontrunner for years. They started as something as simple as a messaging app (WeChat). Then, they built their billion-plus user app into an ecosystem of services, such as taxi rides, payments/virtual wallets, hotel reservations, games, medical consultations and more.
There are three main components of super apps:
- Inclusivity
- Social Responsibility
- Data Privacy
This foundation is built from the idea that apps shouldn’t take your consumers away from the lives they live. Instead, it should enhance and support their lives by being inclusive and showcasing a certain amount of care for their future through social responsibility.
The third component, data privacy, comes down to protection and enabling a safe environment for your consumers. Data can be leveraged to create automated interactions within your application, but it needs to be leveraged responsibly.
How Can Financial Institutions Make the Most of the Super App Future?
Super apps are a roadmap for the future of all technology-driven industries. Whether a bank or a credit union, now is the time to strategically envision your future, especially in the app development space.
The first step is to open your banking solutions. Expand your services and make the most of consumer data. Doing so can help you create an app with a personalized experience that follows the best design principles and Agile methodologies. It can also help you audit your current tech and figure out which makes more sense for the future landscape.
Share this
- 2024 March (1)
- 2024 February (1)
- 2023 December (1)
- 2023 October (3)
- 2023 September (1)
- 2023 August (3)
- 2023 July (2)
- 2023 June (2)
- 2023 May (2)
- 2023 April (1)
- 2023 March (2)
- 2023 February (1)
- 2023 January (2)
- 2022 December (4)
- 2022 November (5)
- 2022 October (1)
- 2022 September (5)
- 2022 August (3)
- 2022 July (1)
- 2022 May (1)
- 2022 April (2)
- 2022 March (1)
- 2022 January (1)
- 2021 October (4)
- 2021 September (2)
- 2021 August (2)
- 2021 June (1)
- 2021 May (1)
- 2021 April (2)
- 2020 December (1)
- 2020 October (1)
- 2020 May (2)
- 2020 March (3)
- 2020 February (1)
- 2020 January (1)
- 2019 October (1)
- 2019 September (1)
- 2019 May (1)
- 2019 March (2)
- 2019 January (3)
- 2018 November (2)
- 2018 August (1)
- 2018 July (2)
- 2018 June (1)
- 2018 May (1)
- 2018 April (2)
- 2018 March (1)
- 2018 January (1)
- 2017 December (1)
- 2017 November (2)
- 2017 October (2)
- 2017 September (1)
- 2017 August (2)
- 2017 June (2)
- 2017 May (3)
- 2017 April (1)
- 2017 March (2)
- 2017 February (3)
- 2017 January (1)
- 2016 December (2)
- 2016 November (1)
- 2016 October (3)
- 2016 September (2)
- 2016 August (2)
- 2016 July (2)
- 2016 June (2)
- 2016 May (2)
- 2016 April (2)
- 2016 March (3)
- 2016 February (3)
- 2016 January (4)
- 2015 December (1)
- 2015 November (2)
- 2015 October (4)
- 2015 September (3)
- 2015 August (1)
- 2015 July (2)
- 2015 June (3)
- 2015 May (4)
- 2015 April (4)
- 2015 March (2)