Talent & Technology: Two pitfalls on the road to the financial super app
The race for the financial super app in Europe has started. PayPal, Klarna and their ilk were quickly a nose ahead, but have by no means decided the race for themselves. The paths to the goal are different, but the requirements are the same: those who want to compete for the European financial super app need ambitious talent and the appropriate technology. And that's where the challenges begin.
Talent: War for Top Talent
Meanwhile, it is a challenge for every company, in every industry, to find the right employees. For the development of a financial super app, the majority of them must inevitably come from the STEM fields (science, technology, engineering, mathematics). But this is precisely where there is a shortage of graduates. Low birth rates and global competition for top talent further intensify the search for highly qualified employees. Those who still want to get in on the action need some pretty good arguments in their favour as an employer. If you want to make it easier for yourself, let others lead the war for talents and outsource tasks in this area to professionals. Why make the effort yourself when others can do it better anyway?
Technology: update required
What do banks know? That's right: banking. But banks that limit themselves to banking will be out of business in the future. Banking alone is not enough if you want to offer a financial super app. The possibilities of these super apps go far beyond traditional financial services. This expansion has two sides: On the one hand, banking apps enjoy a high level of trust among users. If a financial super app is created and additional applications from other areas are added, they benefit from the trust of the app users. They assume that a bank will only include trustworthy offers or applications in its own app. On the other hand, the banks have a lot at stake: they must not jeopardise the trust of their app users under any circumstances.
Cooperation with specialists
More offers in one's own banking app or more integration generally mean a higher security risk. It is therefore even more important to work with experienced and trustworthy partners. Certifications - especially in information security - are an important criterion when choosing a partner. Only professionals can combine security and user-friendliness. In general, innovative strength and experience are not mutually exclusive. Both should play an important role for banks when choosing a partner on the development path to Europe's financial super app. Those who understand this will cross the finish line as winners.
Merchants keep their business going with regular customers
Rarely has the existence of businesses been threatened as much as in the last two Corona-ridden years. Merchants whose regular customers have carried them through the crisis can count themselves lucky. Therefore, it is more important than ever to keep your business going with regular customers.