The concept of a superapp, super app, or super-app has changed the way users interact with digital services. A super app creates a mini app ecosystem that integrates various functionalities into a cohesive platform. By leveraging its platform’s unique capabilities, it can offer a seamless, integrated experience, creating a consistent and personalized app experience.

According to a Gartner report, over 50% of the world’s population will use multiple super apps by 2027. A survey by Statista in Australia, Germany, the UK, and the US also suggests that 66% of users favor super apps for convenience, 61% for security benefits, and 54% for better coordination between services.

Super apps are designed to deliver various services within a single application, providing an ecosystem that will address the multiple requirements of the consumer. In the BFSI sector, super apps integrate payments, investments, insurance, and other financial services, creating a digital financial ecosystem that enhances customer convenience and banking engagement.

Unlike mono applications, which provide one functionality most conveniently and understandably, the super app has the advantage of building an ecosystem capable of providing a single solution for different consumer requirements as an organic user flow. Such a platform will collect a large amount of data about customers and, based on that, increase personalization and the speed of customer engagement.

So, what is the Banking Super-App? A banking super app is a mobile application that provides various financial-related services in a single, convenient place, such as banking, payments, investments, insurance, and more. In other words, it is a digital ecosystem with a wide range of features and services tailored to help users manage their finances and use additional services to make the user experience and seamless flow significant. The superapp comes with the features like account management, online shopping, mobile payments, and the ability to track expenses and investments.

These Super apps provide a wide range of opportunities for financial institutions and banks to strengthen their position in the growing digital financial market and tap into new business areas:

  • Improved efficiency: Super apps will help enable more efficient use of first-party data, which leads to targeted cross-selling and up-selling opportunities.
  • Service diversification: Banks or FIs can diversify their service offerings by combining financial services with other services like e-commerce, insurance, etc.
  • Innovation: Banks and FIs can position themselves as innovation leaders in the market by leveraging the technologies that will be seamlessly integrated with their customers’ daily lives.
  • Improve customer loyalty: By combining personalized offers and services in one central app, banks and FIs can strengthen customer loyalty and deliver a comprehensive financial experience.
  • Competitive Advantage: By introducing a super-app, banks can set themselves ahead of their competitors and strengthen their market position in the dynamic BFSI sector.

 

Essential Features of Super App for Banking

A super app should incorporate various features to offer comprehensive financial services and address the diverse needs of users. Here are some of these functionalities:

  • Facilitating Digital Payments—The app should provide secure and convenient digital payment options like mobile wallets, peer-to-peer transactions, and QR code payments. Additionally, it should seamlessly integrate with popular platforms.
  • Promoting Mobile Banking- Users should be able to access their bank accounts, check balances, and manage their finances. They should be able to perform transactions such as fund transfers and bill payments directly from the app.
  • Investment and Wealth Management—Accommodate your clients’ interests in investing in stocks, bonds, mutual funds, or digital assets. The financial super app features portfolio tracking and live market data. You can also add investment analysis and personalized recommendations there.
  • Personal Financial Management- Integrate budgeting tools, expense tracking, goal setting, and alerts for bill payments and financial milestones to help users manage their finances.
  • Insurance Services—Your clients may also need life, health, auto, and property insurance. Provide them with policy details, premium calculations, claim management, and renewal reminders.
  • Credit Solutions and Lending Options—Given the uncertain global financial situation, credit and lending services are still very important. So, including features like loan calculators and eligibility assessments in the super app is crucial. You must also add credit cards and peer-to-peer lending options.
  • Financial Insights through AI/ML- Using AI and ML technologies, personalized insights and suggestions can be provided based on user data. These insights highlight areas for improvement and offer customized financial strategies.
  • Security and Confidentiality- Incorporate dependable security protocols, like two-factor authentication, encryption, and biometric authentication. It ensures the integrity and confidentiality of client information and transactions.
  • Integration with External Services- Enable your super app to synchronize with e-commerce portals, on-demand transportation services, utility billing entities, and loyalty schemes, fostering a frictionless user experience. Integration with Stripe and PayPal is also vital.
  • Customer Service—Use AI-powered chatbots to answer common questions instantly and automatically. This will help users find solutions to their questions faster. Consider employing in-app messaging, a ticketing system, or specialized support staff.

The super app will work like an app where users can access a range of discrete services through an ecosystem where a bank and Modefin will build and deploy modular micro apps to the super app. This ecosystem will also amplify the super app’s value by providing convenient access to a broader range of services.