The world of fintech is always evolving.
64% of consumers worldwide have already used one or more fintech platforms, and more businesses than ever are realising the value of investing in financial technology to meet increasing consumer demand.
This means that new, exciting solutions and services are constantly emerging to meet the needs of businesses and consumers. One of the latest trends in fintech is the super app.
But what exactly is a super app? And how can creating one benefit your business and its consumers?
This article breaks down everything you need to know.
What is a super app?
A super app is a mobile application that provides a wide range of services, including but not limited to e-commerce, food delivery, transportation, and payments. In other words, super apps are platforms that allow users to access multiple services within one app.
Some of the most popular super apps in the world include WeChat in China and Gojek, an Indonesian on-demand multi-service platform.
Despite their growing popularity in South-East Asia, there’s still a big gap in the market in other locations around the world, including Europe.
What features are typically included in a super app?
The features of super apps vary depending on the needs of the target market. However, there are some common features that are often included:
- E-commerce: Users can buy and sell products and services within the app
- Food delivery: Users can order food from restaurants and have it delivered to their doorsteps
- Transportation: Users can book transportation services like taxis and cars within the app
- Payments: Users can make in-app payments for goods and services
- Other financial services: Users can potentially access banking products like loans
The financial aspects of this are achieved through the unbundling of banking services, which continues to transform how businesses and consumers interact with the financial system.
What are the consumer benefits?
The main benefit of super apps for consumers is that it provides them with the convenience they’re craving.
Instead of having to download and use multiple apps to access different services, they can do everything they need within one app.
This creates a seamless customer experience that saves time and effort and makes it easier for users to get what they need.
And the demand is already there.
In fact, 60% of consumers reportedly want to transact with financial institutions that provide a single platform, such as social media or mobile banking apps.
What are the business benefits?
When you look at your phone, how many apps do you have compared to how many you actually use?
If you’re like the majority of us, you’ll have around 80 apps installed on your phone but will only make use of around 9 of them a day.
That’s a problem for businesses: when there is so much noise and so many distractions, it’s difficult to keep customers engaged in their brand.
Despite this, consumers spend an average of 4.2 hours per day on their apps. What if you could leverage this level of engagement to benefit your business?
That’s where a super app can help.
The beauty of super apps is that they provide businesses with a captive audience. Because users need to use the app to access multiple services, businesses have more opportunities to market their products and services, as well as collect user data.
This data can then be used to improve the customer experience and make targeted marketing efforts to further improve brand engagement and loyalty.
Could your business build the next super app?
If you’re a medium or large business owner, you may be wondering how you can get in on the super app trend.
However, building a super app can take a lot of resources, and many businesses are forced to invest in expensive research snd development and increase implementation overheads.
The good news? With the right supplier, it’s easier to get started than you might think.
This is where Orenda comes in. Using our platform, you can create a “no code super app” without having to take on the hassle of developing your own software.
The process is pretty simple.
Our team will work with your vision and ideas and provide a convenient, no code, fully customisable solution. All you need to do is tell us what features and functions you want to include.
By choosing Orenda, you’ll also have access to our in-house design team for assistance and advice.
The result? Your customers can benefit from a fully embedded, streamlined experience while you create new revenue streams that maximise customer engagement, satisfaction, and loyalty.
If you want to find out more about what it takes to create a super app, get in touch.