The banking app as a super app - 3 good reasons

First things first: it's hard to imagine today's world without super apps. They are here to stay. They have come to revolutionize the financial sector and shake up e-commerce. Forecasts suggest that around 50% of the population will use more than one super app by 2027 (Gartner). Millennials in particular are showing great interest. 

In this article, we have summarized 3 good reasons why a banking app can be successful as a super app. 

1. Banks are the most trusted providers of super apps

Super apps often have their origins in messaging applications. With the addition of matching services, they have evolved into well-functioning ecosystems. Rappi, Tata New, Uber, PhonePe, Paytm, Gojek, Grab, Revolut, Alipay and WeChat offer not only communication services, but also e-commerce, ride-sharing and social networks. Their success speaks for itself. 

As different as their services are, they all have a payment function. Some offer online and offline payments, others also work together with financial companies to offer banking services. And rightly so, as the demand for banking apps integrated into super apps is increasing (Adjust). 

Users also increasingly expect their own bank to provide a super app (Adjust). Banks enjoy a good reputation as guardians of financial assets with robust systems to protect sensitive data. This is invaluable and makes banks the most trusted providers of super apps, as the study by PayPal and PYMNTS shows.

2. Suitable prerequisites

A large user base and proven payment infrastructure are not only the greatest strengths of banking apps, but also two of the most important components of super apps. 

Millions of existing customers not only promise advantages in terms of customer acquisition and retention. They also ensure a corresponding acceptance of value-added services when they are introduced. From insurance products and investment opportunities to e-commerce, there are many complementary areas that fit perfectly into a banking super app. In particular, the combination of shopping and payment is obvious: creating wish lists, managing digital receipts, processing refunds and making profitable use of loyalty cards and loyalty programs - each of us uses one of these options several times a day. 

In addition, the regulatory and security requirements surrounding financial services are very complex. With their already established infrastructure, including secure payment gateways and regulatory compliance, banks have a solid foundation for seamlessly integrating and scaling new functionalities.

3. Valuable insights for personalized recommendations

By analyzing existing data, recommendations tailored to users' needs can be derived. Whether real-time analysis of spending, suggestions for savings opportunities or products that match their lifestyle - users are offered unparalleled added value. This creates countless touchpoints and creates lasting user loyalty to the app. 

Banks are therefore not just a provider of financial transactions. They become a trusted advisor for the entire financial journey.  

Becoming a super app - but how? 

With their customer base, their existing infrastructure and frameworks such as Open Banking, as well as their existing data, banks have an enormous starting advantage to enter the super app economy. But how can banking apps integrate new value-added services as quickly as possible and thus take a step towards becoming a super app? 

By integrating our mobile-pocket platform. Its services contribute to a holistic shopping experience and give customers the added value they want. The customized features offer flexibility in the start-up phase and numerous options to gradually expand the super app according to user habits. As an experienced app developer for banks & insurance companies, we are at your side with help and advice. 

Do you want your banking app to become a super app? We have the necessary expertise and our Managing Partner Martin Sprengseis will be happy to talk to you. Get in touch with us.

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