In two words: super apps. Super apps combine social, financial, services and entertainment functions in one app. They wrap a connected universe around their target audience on demand, revealing opportunities to up- and cross-sell services and improve customer stickiness in the platform. They're often fairly difficult to create because they require a large mobile customer base and need to aggregate a set of compelling and frequently used services. Super apps also need to integrate well into the lives of the customers, so people will use them regularly.
Some of the best-known super apps are China’s WeChat and Alipay. According to KPMG, super apps like these combine everything from messaging to shopping to services, all with a single sign-on and user experience. They provide a glimpse at a truly holistic customer experience, since users can use chats to make plans, toggle to add lunch reservations, order a gift and hail a ride to and from in one connected, personalized experience.
If you relate that kind of experience to banking, your FI would use customer data, predictive analytics, machine learning and AI to make your customer experience, offers, messages and services relevant to your users as they go about their daily lives.
Imagine you’re that auto loan customer from earlier. Now imagine you drove past a dealership that partners with your bank. What would it feel like to get a push notification alerting you to a great rate on auto loans at that preferred dealer because you drove through a geo-fence? And when you open your app you can immediately select a live chat option to talk to your banker—who’s ready to help without a bunch of repetitive questions—because they can see in your profile that you’d recently engaged with auto-loan content. Pretty personal, right?)
So while it may not be feasible for your IT staff, budget and resources to create an end-to-end super app, you can still offer a deeper, more innovative experience using an open banking architecture and APIs to pull additional experiences and services into your app.
And super apps are just one mobile disruption changing how consumers value end-to-end personalization and 1:1 service. Mobile-only banks, like Monzo and Starling, are also offering connected services, from splitting the restaurant check, transfer money in real time and transact in other countries without fees. They also enable users to track spending, get fraud protection, receive push notifications when payments happen—showing the true power of personalization in all kinds of daily interactions.