Independent Banker - December 2022 - 18

PORTFOLIO
◎FOCUS RETAIL BANKING
The rise of super apps
Convenience is a growing desire from consumers everywhere. Across the
world, people are using super apps to send messages, purchase tickets
and, of course, bank online. What are they, and how can community banks
stay on top of this trend? By Colleen Morrison
uper apps, or apps that
aggregate online or mobile
user experiences into one central
location, have taken off globally.
WeChat, a Chinese mobile messaging
app that offers voice, text and group
messaging; payments; games and
more, boasts 1.29 billion users.
India's Paytm-advertised as a
payments app that also allows
consumers and merchants to
pay bills, book flights and movie
tickets, open a savings account,
S
invest in stocks and mutual funds,
acquire loans and beyond-reports
300 million users.
And now the trend is gaining
traction in the U.S. According to
a recent PYMNTS report, 72% of
consumers have indicated their
interest in a super app offering.
These aggregators have piqued
consumer interest and grown
exponentially around the globe
precisely because they provide what
users want: convenience. When asked
about the benefits of a super app,
66% of consumers noted convenience
as a top advantage, with another
54% emphasizing the apps' ability to
coordinate disparate topical areas,
says the PYMNTS report.
But with these benefits come
newfound threats, chiefly in the form
of data privacy and security. While
nearly 40% of consumers also have
concerns about the amount of data
they might have to share with a super
app, overall, they feel the benefits
outweigh those concerns: 70% of
those who are highly interested in
using a super app indicate that the
advantages are worth the risk of
revealing personal data.
Community bank considerations
So, what does this intersection
of regulation and technology
competition mean for community
banks? For starters, they will need
to institute a strategy for managing
the emergence of super apps.
18 Q ICBA Independent Banker Q December 2022
Artwork by ra2 studio/Adobe

Independent Banker - December 2022

Table of Contents for the Digital Edition of Independent Banker - December 2022

Table of Contents
Independent Banker - December 2022 - Cover1
Independent Banker - December 2022 - Cover2
Independent Banker - December 2022 - Table of Contents
Independent Banker - December 2022 - 2
Independent Banker - December 2022 - 3
Independent Banker - December 2022 - 4
Independent Banker - December 2022 - 5
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Independent Banker - December 2022 - Cover3
Independent Banker - December 2022 - Cover4
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