Consumers’ growing time spent with mobile and their overwhelming choice of products and providers are driving demand for re-bundling in financial services. Super apps are emerging as the solution to meet this demand and improve the digital customer experience. Banks must start deciding today how to engage in the super apps trend to stay relevant to consumers.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
- How will super apps change the digital user experience in financial services?
- How will super apps’ rise change the banking industry’s customer relationships?
- How can different sized banks best monetize the super apps opportunity?
WHAT’S IN THIS REPORT? We explain how super apps will transform the digital customer experience, examine the disruptors banks will face when entering the super apps market, and lay out strategies banks can use to navigate the rise of super apps.
KEY STAT: Over a third of global executives believe it’s “highly likely” that the bulk of financial transactions will take place through a single super app within the next decade, per an October 2020 Economist Intelligence Unit survey. Though the model may seem futuristic, banks must start preparing for its advent today.
Here’s what’s in the full report
Table of Contents
- Executive Summary
- Key Points
- Banks Must Decide How, Not if, to Plunge Into Super Apps
- Banks Will Soon Play in a Super Apps World
- What Banks Stand to Win—and Lose—in the Super Apps Market
- Here’s How Banks Should Embrace Super Apps
- Insider Intelligence Interviews
Charts in the Report
- Likelihood that Majority of Financial Transactions Will Take Place Through a Single Super App According to Executives Worldwide, Sep 2020 (% of respondents)
- Ways in Which US Adults Have Used a Smartphone to Shop/Pay Before vs. During the Coronavirus Pandemic, March 2021 (% of respondents)
- Select Providers that US Digital Banking Users Would Trust to Provide Them with Banking Services, March 2021 (% of respondents)
- 5G Mobile Connections in North America, 2022-2026 (millions)
Interviewed for the Report
- Daniel Kornitzer, Paysafe, Chief Business Development Officer
- Amit Parikh, Green Dot, Executive Vice President, Banking Platform Services