Today, leading FinTech companies focus on developing a centralized portal or single platform for every service. They focus on developing services to be accessed and executed from one source. This has led to the rise of ‘super apps.’
A super-app is an umbrella application, covering inclusive services that can be customized to user demands and personal needs using a single platform.
Here are the offerings of super apps for financial companies:
- Personalized financial services: Super apps are designed to provide customers with an integrated experience. These could be integrated banking services like payments, transactions, and platforms to use easily and faster. Customers may also get personalized financial suggestions to make critical decisions and manage their online money efficiently.
- Enhanced customer engagement: FinTech businesses can offer their customers the convenience of using apps and products for their financial needs. It gives the ability to banks from anywhere and anytime, which becomes useful for customers. Super apps thus boost customer experiences and attract new customers, which is a boon for the current FinTech businesses.
- Revenue generation: Super apps help banks generate new revenue streams using additional data from users’ preferences and activities. This allows banks to make data-driven decisions. Banks can also do a lot more through super apps like:
- They can uncover opportunities to connect new services and products with existing ones using super apps.
- Streamline new products and services for users by adding features and updates under one roof.
- Collaborate with partners to offer additional financial services with the apps to boost financial activities among customers.
Also Read: Top 10 Digital Payment Apps in the USA
These pointers can help FinTech businesses, banks, and financial organizations to collate their services and products under one roof and encourage customers to use them efficiently. This will reduce the usage of different apps for different financial requirements.