Taking Advantage of the Super App Opportunity
The much anticipated introduction of Super Apps into Western economies continues to generate headlines and elicit bold predictions from commentators. Super Apps are set to fundamentally change consumers’ digital habits and preferences over the coming years, and this will have major implications for businesses in all consumer-facing industries.
Super Apps provide a more engaging, personalized and powerful experience for consumers. And this explains their huge popularity within Asian markets over recent years – for example: WeChat in China, Gojek in Indonesia and Paytm in India.
In the Western world, the rise of Super Apps has been much slower, primarily because banks and fintechs have dominated the digital market due to regulation and security concerns. However, the rapid momentum towards Open Banking in North America and Europe is shifting these dynamics and opening up opportunities for Super Apps to emerge in these markets. Open Banking is allowing service providers of all kinds to access and utilize real-time data to deliver mor relevant and personalized experiences to consumers.
Our research indicates that leaders within banks and payments companies firmly believe that Super Apps are coming, and that they represent a major opportunity for their organizations. Rather than being perceived as a threat to their brand equity and their existing apps, leaders instead view Super Apps as a vehicle to enter new markets, reach new audiences, diversify service offerings and open up new revenue streams.
Overall, there is a strong sense of optimism surrounding Super Apps, despite the ongoing market challenges that financial services organizations are encountering. Banking and payments leaders rightly see the exciting opportunities ahead and they are determined to do what it takes to get their businesses ready to take full advantage.