Many fintech companies that started around ten years ago have been seen promoting a single product that was a perfect fit for customers. Over time, trends have evolved and we have seen services develop into something much more.
Businesses were eager to expand and this is where we saw the evolution of super apps. But what exactly does the term indicate?
Experts describe them best as complete ecosystems where a range of tasks are performed within a limited environment. The whole idea is related to users getting close and personal access to exclusive services in this environment provided that the requested task is offered in this restricted space.
Well, it is better to explain the concept of banking. More and more consumers are spending time on their mobiles and their demand for all kinds of products continues to grow, leading to a reshuffle in finance-related services.
The growing demand is met by these great apps that want to improve the consumer experience while remaining relevant to the changing tastes of customers around the world. The concept is very popular in places like China and they don’t really exist in the United States.
We came up with the unique idea where a long range of services are mixed together in one particular app like WeChat.
As for the technical aspects, well, people often misunderstand the idea. These rely heavily on small programs running concurrently within a particular application. Moreover, there is no requirement for it to be downloaded or even upgraded from any particular app store.
Users can now stick to one app to get a whole range of services. And in case you’re wondering about the great benefits attached to it, well, for starters, high speed is worth raving about. With all the mini-programs enclosed in a confined space, they are faster to download than regular mobile apps.
Secondly, you don’t need to update it from App Store because the new version is updated by itself. Plus, it’s so compact and by that we mean you have access to over 60 different entry points. Finally, their price is cheaper because they are published in less time.
The trend first emerged in Asia as many consumers had underpowered phones and couldn’t manage 40-50 different apps on their devices. And that’s probably why we won’t see them making an entry into the US market today.
In America, people are very happy with an app like PayPal that manages their financial accounts rather than resorting to a super app that does the same. In other words, Americans do not like this one-stop-shop to access various financial services because it is too limited for them.
Recently, Insider Intelligence even confirmed that the model taking off in Asia won’t be seen in the US as the market is well-suited to phones and technology that don’t need the help of these apps.
America is more focused on solving bigger issues like data privacy and how to better protect consumer rights. Anyone who chooses to introduce the super app is likely to face resistance from different sides, including oligopolies.
Experts say the only exception is probably Walmart, thanks to its customer base you feel underserved. Apart from that, this integrated ecosystem has no place in the country.
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