The Advent of the Super App in Banking – How should Banks approach it?
“Gartner expects that by 2027, more than 50% of the global population will be daily active users of multiple super apps. The super app concept will also expand to include enterprise mobile and desktop experiences, such as workflow, collaboration, and messaging platforms.”
So how should the bank be approaching the journey from app to super app? Taking a phase-wise approach is the best approach with right mix of investment with agile methodology implementation:
- Bank should first be focusing on increasing their revenue by introducing prelogin features for everyone. Prelog in features can be a major source of prospective clients for banks as now they can target them with personalized offers on cards, loans, and other financial products. Innovative use of push notifications can also nudge prospects in accessing the mobile app. Integrating digital onboarding journeys for these prospects for accounts, loans or cards will further enhance the user experience for the new customers.
- In the second phase they can target their own customers with the personalised offers providing push notification to the customers leveraging data and analytics from the platform. With 360-degree view of their customers by using account aggregation, they can target other bank customers with services and functionalities better than what other banks are offering. Providing budgeting, goal management, personal financial management and savings, banks can nudge their customers on applying for financial products like FD’s, insurance, or mutual funds. This will increase the customer stickiness.
- In the third phase bank can look at providing lifestyle features to their customers so that their needs can be met from a single app. These include cab booking, flight booking, hotel booking, bus booking, gift cards, ordering food, buying groceries, wealth management, insurance. Other lifestyle features like airport lounge access, redemption of loyalty points, offers available at merchants etc. can be offered as a marketplace in the application The more connected and frictionless these user journeys are, probability of customers sticking to the bank will increase.
Read our Case Study on how we helped build a super app for AU Small Finance Bank
With Tagit’s solution, we can now offer a more tailored experience across all platforms while striving towards greater customer loyalty and satisfaction. The solution has helped us achieve our vision of reaching out to the unbanked and underserved sections of the society on a modern, secure, and scalable platform
– AU Small Finance Bank