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Super Apps Are Shaking Up the Banking Industry

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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 to Ride the Super App Wave - Infographic

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.  

Tags: Digital, App Development