Overview
The Growth of Super Apps Provides Opportunities for Financial Services
Some app providers are extoling the multitude of features their solution offers and have proclaimed that their particular app has achieved “super app” status. Because there aren’t any requirements or a common definition to acquire this title, any app provider can claim this status, and many do. This is the case for ride-hailing, person-to-person (P2P), and financial services apps in the U.S. But these apps are hardly equal to apps found in Asia, such as Alipay, Gojek, and WeChat, that offer a single digital door to mini apps that can be used for nearly every product and service available and can facilitate activity for every facet of life.
This report presents a view of the components of a true super app, outlines the features and functionality of some widely used U.S. apps that claim to be “super,” discusses where the payments industry fits within the ecosystem, and assesses the threats and opportunities that they represent to the financial services industry.
"The topic of super apps has been top of mind for bankers trying to determine the effect that some apps with a broad following could have on traditional financial services providers’ ability to attract and retain consumer customers and members. Recently, several app providers proclaiming their solution to be “super” have signaled increased focus on their app capabilities," comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.
This report has 21 pages and 6 exhibits.
Companies mentioned in this report include: Affirm, Alibaba, Amazon, American Express, Apple, Block, Capital One, Consumer Financial Protection Bureau (CFPB), Even, FDIC, Fiserv, Gojek, Goldman Sachs, Google, J.P. Morgan Chase, Mastercard, Meta, One, Paypal, Ribbit Capital, Synchrony Bank, Tencent, Tidal, Visa, Walmart, Whole Foods.
One of the exhibits included in this report:
Highlights of the report include:
- What Is and What Isn’t a Super App
- Examining U.S. Contenders
- Why Asia-Style Apps Don’t Exist in the U.S.
- What Will Spark or Depress the Development in the U.S.
- Developing a Single, Universal, and Unifying UX
- Why Financial Institutions Should Care About the Development of Super Apps
Learn More About This Report & Javelin
Related content
Three Steps to Improve the Bill Pay Function
Biller direct payments are preferred by consumers over payments initiated through bank bill pay platforms. Closing the gap and engaging more customers will require financial instit...
U.S. Real-time Payments: Full Speed Ahead After Year 1 of FedNow
One year after the introduction of the FedNow instant payment service, participation by financial institutions is soaring and transaction volumes and values are up across the faste...
Cultivating Financial Savvy and Customer Loyalty: Debit Products for Kids and Teens
Debit products aimed at kids and teenagers are highly useful financial services: They allow parents to help their kids build strong financial habits and offer a pathway to deeper r...
Make informed decisions in a digital financial world