Finance Super App

In the fast-paced changing world of today, technological advancements have been creating havoc around us. The influx of new gadgets, apps, software, programs and updated versions has created a huge market for developing new and advanced apps. This has led to the development of the Finance Super App concept. A Finance Super App can be rightly called the digital ecosystem of products and services which are operating under the umbrella of a single application in order to provide a unified user experience.

The core offering of a Finance Super App include payments, messaging, e-commerce and ride-sharing. They often are the hub of mini-apps, programs which are built by third-party developers which add specific functionality to the larger super apps.

It has been predicted by one-third of global executives that the future bulk of financial transactions will be taking place through the single Finance Super App within the next decade. Although its model might seem futuristic, banks have started to prepare for its advent.

Features

The key features of a Finance Super App are usually:

• Shared wallet
• Bill reminders
• Auto bill payments
• Managing subscriptions
• Investment options
• Savings accounts
• Budgeting tools

All of these operate to provide the best user experience as well as offer interconnectedness. Apart from enabling the users to avail features easily and efficiently it also allows users to manage and oversee their finance in a smart manner.

Role of open banking in finance super app revolution

Open banking is basically the core technology which enables finance super apps to collect financial data from multiple sources to design products and services that can help the end user in the best possible manner. It is known to help the super app in the following way:

• Personalization: The data which is gathered from user’s bank is helpful in picking up on tendencies, habits and trends. Also, the finance super app algorithms help to form patterns, recommendations, notifications and reminders based on the user’s experience.
• Centralization: Basically the concept is to provide everything under one roof. There is no more need to switch between apps and platforms for overseeing and managing finances. Open banking combines all data so users can make payments, check account balances, monitor transactions and much more.
• Open finance: To summarize, open finance is a mode of communication between different areas of different categories of finance such as mortgages, savings, pensions, insurance and credit. This implies that it will be creating a uniform financial footprint. Open banking and super apps are the foundational pillars in the creation and evolution of an open finance future.

Benefits for users

Finance Super Apps has brought a lot of value to consumers’ life. This has in turn made those aspects possible for end users which seemed impossible a few decades back. Previously the banking process was absolutely dated and rigid, with the consumer being on the receiving end and the bank controlling the action. With the advent of Finance Super Apps, the balance of power has transferred into the hands of the consumers totally making them in charge of their finance and feeling the power. Other main benefits are as follows:

Convenience

The best aspect of Finance Super Apps is that it has evolved to give consumers a one-stop shop for their finances. Instead of switching from different websites and platform apps to check account balances transfer money and pay bills, it has now become easier to perform all functions in one app. Apart from saving time and money, it has also allowed users to log in to the app while having total control and transparency over the finance world.

Make smarter decisions

In previous times consumers had to consult bankers, brokers, accountants and insurance advisors in order to see how their money is affected by investments, taxes and more. The consumer’s knowledge was fragmented and any decision-making could not be done without the help and input of an expert. But having said that it was difficult to judge the seriousness and consider customer’s benefits and could always remain questionable.

With the use of Finance Super App it has now become easier to take a clean and clear approach towards financial decision-making. It is now always enabling users to take make viable financial decisions.

Finance Super App benefits for banks and businesses

The fact that open banking is defying traditional banking is a misconception. Open banking is a plethora of opportunities and is going to benefit both banks and businesses in future.

Banks can focus on relationships

Finance Super Apps are here to transform the bureaucratic and boring aspect of a bank’s traditional role while also allowing banking institutions to focus on building meaningful relations with consumers. The stigma previously attached to financial institutions was that they were faceless and insensitive. This was because of the burden of managing the job which did not allow them to interact and create relations with customers.

Finance Super Apps has taken away transaction processing, compiling data, building risk profiles and other traditional banking functions. Since these areas have now become automated it has become easier to establish customer loyalty and maintain customer retention.

Increased opportunities for businesses

To maintain the diminishing span of consumers businesses are bombarding them with content and information making it difficult for consumers to focus on specific items. With the advent of the Finance Super Apps, it is possible to centralize attention and allow businesses to tailor campaigns for new products and services as well. Companies are now aware of customer presence and hence can focus on what customers are looking for.

Conclusion

Although Finance Super Apps are set to be a success in the future some important aspects which need to be considered are data management and servicing niche markets. Data Management is key because although these apps are operating on huge data sources they need to assess it carefully while also maintaining the data secrecy. Moreover, there are certain areas where work has to be done such as the area of insurance and portfolio investing which needs in-depth coverage and features in Finance Super Apps. Only that way it will be able to add value to end users and help them meet all their financial needs in the best possible manner.