How do you turn a payment app into a super app?

The key to customer loyalty in digital banking no longer lies in traditional services - but in building an app that becomes indispensable because it goes far beyond banking. But how does a payment app become a super app that enables far more than just transactions? Banks are faced with the challenge of not only developing innovative features, but also integrating them seamlessly into an ecosystem that offers customers real added value. Success lies in the combination of technological progress, data-driven decisions and a clear vision: to create an app that shapes the everyday lives of its users - and thus survives the competition. In this article, we look at various functions that make a payment app an indispensable all-in-one solution, aka a super app.

1. identity and security services 

When it comes to finance, protecting personal data and ensuring seamless identification is crucial.Security features such as real-time transaction analysis to detect unusual activity and the integration of KYC (Know Your Customer) processes are important elements to minimise risks and guarantee a high level of user satisfaction.The integration of digital ID verification also enables fast and secure login to various services in the app - without users having to reconfirm their identity at every step.Identification, and therefore a clear customer relationship, is the basic building block for any super app. 
Users are usually offered different identification methods. The composition is determined by device type, geography, security level and convenience. 
 
A successful example of identification via eID is the ich.app we developed for Payment Services Austria GmbH. Users can use it to identify themselves, register, check in or confirm their age. User data does not have to be stored with acceptance partners and integration for companies on their own website or in the app is extremely simple. 

2. multifunctional payment services (P2P, QR code, NFC)

Payment functionality is at the core of every payment app.One means of payment is not enough to become a super app.The integration of peer-to-peer payments (P2P) for simple transfers between private individuals, cash or QR code scanning for contactless and fast transactions and/or NFC-based payment technologies ensure flexibility in every everyday situation.In this way, a wide range of payment needs can be covered - from settling a restaurant bill to making a quick payment at the weekly market.The first step towards a bank's super app is seamless, intuitive and flexible payment processing - this forms the foundation for all other functions.

3. personal finance management

Personal Finance Management expands the basis and brings the app a decisive step closer to becoming a super app.Functions such as expenditure analyses, cash flow tracking and individual budget planning help users to keep an eye on their income and expenditure.This creates transparency and promotes financial health.
A payment app that also acts as a personal financial advisor increases daily use and long-term benefits for customers.It is transformed from a mere tool into an indispensable companion in everyday financial life. Technologically, open banking sets a certain standard here, enabling a combination of internal data and external, connected third-party accounts. 

4. integrated financial services (insurance, loans, savings products)

A super app in the financial sector only becomes truly powerful when it offers a wide range of integrated financial services. 
Insurance, loans and savings products are among the basic building blocks that create a seamless and complete financial solution.By integrating these services into their app, banks can not only offer users a central point of contact for all financial matters, but also make personalised offers. For example, customers can automatically receive suitable insurance packages or tailored loan offers based on their financial goals and previous behaviour.For users, this means more convenience and less complexity: they no longer have to switch between multiple apps or platforms to manage their financial products.This increases both customer satisfaction and loyalty. 
At the same time, banks can increase their revenue through cross-selling and tapping into new sources of income by offering complementary services such as pension insurance, instalment loans or fixed-term deposits. The greatest opportunities to create additional touchpoints lie in this area - in linking services and, for example, regular updates via notifications on various products that have been concluded. 

5. Customer loyalty programmes and digital loyalty cards

It is obvious that integrating loyalty cards into a payment app makes shopping much easier for users. 
If you think about your own wallet, loyalty and bonus programme cards take up the most space. 
By storing them digitally, customers can use their cards directly in the app and activate personalised discounts and exclusive offers to benefit immediately.If you succeed in displaying the amounts saved in cooperation with retailers, the relevance of the solution for your users increases enormously.This is also the first building block for digital invoice receipts.Banks thus gain relevant data points to create customised offers based on user preferences and strengthen customer loyalty.Retailers benefit from increased visibility and targeted promotions that boost sales and encourage customer loyalty. 
The integration of customer loyalty programmes creates a win-win situation for all parties involved and boosts both the customer experience and the bottom line.

One solution that makes all this possible ‘out of the box’ is our mobile-pocket customer loyalty platform. By integrating an SDK, you not only gain access to a comprehensive customer card catalogue, but also to offers and promotions from customer loyalty programme operators. 
This turns your banking app into a hub for benefits and rewards and puts you well on the way to becoming a super app.

6. investment & digital assets

The integration of investment options and digital assets such as cryptocurrencies makes your app a one-stop shop for financial planning.With solutions such as Bitpanda Technology Solutions, users can invest in and manage shares, ETFs or digital assets directly in the app. This allows banks to expand their offering with innovative services, increase customer loyalty and tap into new sources of income.

7. environmental awareness

In a super app, functions to promote environmental awareness can make an important contribution to a more sustainable future. 
This can be done by integrating CO₂ tracking for everyday activities such as shopping or travelling. ecolytiq (LINK), a tool for measuring individual CO₂ footprints based on spending, shows users the impact of their consumption decisions. Partnerships can also be entered into with sustainable brands or environmentally friendly initiatives and users can be encouraged to adopt environmentally conscious behaviour through discounts or rewards. A super app that enables users to consume more consciously and make sustainable choices not only positions itself as innovative, but also as socially responsible.
 
This appeals to environmentally conscious customers in particular and strengthens brand perception.
Award Winning best practice: HSBC & ecolytiq Integration

Conclusion: The path to the super app

Turning a payment app into a super app requires far more than technical sophistication. 
The challenge also lies in choosing the right functions, complying with regulatory requirements and ensuring a high level of data security. 
 
For banks, however, there is an enormous opportunity: by creating a platform that combines core functionalities, convenience and added value, an ecosystem is created that not only inspires customers, but also opens up new business opportunities. The super app is the future and ideally complements your branch business - and it starts with the right functions.