The keys to launching a super application better than your competitors (VB On-Demand)

Presented by Envestnet | Yodlee

Super apps aren't yet on the radar of many US consumers, which means there's a huge opportunity for banks and fintechs to come to the forefront of this emerging trend. Find out what's at stake and how to exploit the possibilities of this VB Live event.

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WeChat and Alipay, the super apps of the East, demonstrate the power of a mobile app that can serve as a one-stop-shop for services spanning the gamut from dinner reservations to social media, shopping or carpooling, or even filing for divorce and doing online banking. WeChat has billions of users and has been around for over a decade; the super app movement on the Western side of the world has some catching up to do. But businesses in the United States are beginning to realize the opportunities that building a super app or joining a super app platform can bring.

Giants like Google and Apple have jumped into the space, with the multitude of services available in their marketplace. But there's plenty of room for new entrants to the space, like Halen Technologies, which currently offers food delivery, grocery delivery, ride-sharing, vacation rentals and flight bookings.

"Financial institutions and fintechs have an opportunity because of consumer demand," says Dr. Anthony Rhem, owner, CEO and principal consultant, A J Rhem & Associates and advisor to Halen. "It's about providing ease of use and convenience for customers. That's why super apps are going to make a lot of inroads and make companies think more about some of their future apps and releases."

Businesses can often become stagnant, Rhem says, when their market share in those one or two services is strong, and the smart strategy seems to evolve that platform to make it more efficient in delivering those services, and never look beyond. limited footprint. However, competition and consumer needs are causing companies to rethink this.

The first step to breaking down barriers to scaling is understanding what their particular segment of consumers want and need. That means going out and communicating with them, and turning that customer wish list into a to-do list for the platform. So, instead of having to jump from app to app to meet all their financial needs, customers will stay engaged, with all these services at their fingertips under one reliable and solid umbrella.

But it's not just about selling a bunch of services in front of a client, Rhem explains. You need to know your market and not try to be everything to everyone.

“Understand, in your space, what is important and what services are needed,” he says. “Services must be meaningful to the consumer. They must put the consumer first."

Securing data is one of them: privacy is a pressing concern for most consumers, and a strong data security strategy also helps ensure their trust. On top of that, make sure the customer experience, no matter what side of the platform you're on, is exceptional. AI and machine learning are key to optimizing experiences across every value stream.

He talks about the Halen Technologies strategy, which uses AI to help rideshare drivers maximize revenue, and personalizes the customer experience by delivering the localized products and services that best meet a customer's needs at a particular time, such as an anniversary sale. or an agreement on the services they use the most.

Part of the lag for US companies stems from the most important piece of the super app puzzle: the underlying framework of a platform, which may not be suitable for integrating the technologies including a super app. application needs.

As more businesses rethink their digital strategies and move into the platform or super app category, they need to embrace open architecture. Extensible architecture lets you plug and play your services, without having to re-architect each time. This greatly reduces the time and cost involved, as well as the time to market.

Once an organization has identified its customer needs, the next step is to develop a roadmap for rolling out these new services. From there, the question is whether the current infrastructure can accommodate the next stops of the journey or if changes to the infrastructure will be necessary to adapt to the new roadmap.

"These things don't operate in a vacuum - they come and go...