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

Presented by Envestnet | Yodlee


Super apps are not yet on the radar for many US consumers, which means there is a huge opportunity for banks and fintechs to enter the ground floor of this emerging trend. Find out what’s at stake and how to capitalize on the possibilities of this VB Live event.

Watch for free on demand now!


WeChat and Alipay, the super apps of the East, demonstrate the power of a mobile app that can act as a one-stop-shop for services that run the gamut from dinner reservations to social media, shopping or carpooling , or even file for divorce and do 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 creating a super app or joining a super app platform can bring.

Giants like Google and Apple have moved into the space, with the multitude of services available on 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, AJ Rhem & Associates and advisor to Halen. “It’s about providing customers with ease of use and convenience. That’s why super apps are going to make a lot of breakthroughs 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 at delivering those services, and never look beyond this limited footprint. However, competition and consumer needs are causing companies to rethink this.

Switch to the superapp

The first step towards removing barriers to evolution is to understand what their particular segment of consumers wants and needs. 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 switch between apps to meet all their financial needs, customers will stay engaged, with all these services at their fingertips under one reliable and robust umbrella.

But it’s not just about throwing a bunch of services in front of a client, Rhem says. 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.

Part of that is keeping data secure – 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 enabling experiences across every value stream.

It highlights the Halen Technologies strategy, which uses AI to help rideshare drivers optimize revenue and personalizes the consumer experience by offering the localized products and services that best meet a customer’s needs at any given time. , such as an anniversary sale or an offer. about the services they use the most.

Is your architecture ready?

Part of the delay for US companies stems from the most important piece of the super app puzzle: the underlying framework of a platform, which might not be suited to integrate the technologies a super app needs. .

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

Once an organization has identified the needs of its customer base, 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 on the journey or if changes to the infrastructure will be required to accommodate the new roadmap.

“These things don’t operate in a vacuum – they come and go from each other,” he says. “Your roadmap, your understanding of your customers, and how your technology is going to integrate with your platform all work together to ensure that you meet your customers’ needs in a way that creates an engaging and user-friendly experience. .”

This requires a headless architecture, which allows plug-and-play best-of-breed applications that will support the services you want to include in your environment. Part of that is having strong policies and technologies in place to ensure that financial rules and regulations, data policies, and the ethical use of AI are all supported.

Begin

But don’t try to do it all at once, says Rhem. Prioritize services based on customer needs, upgrade or implement an extensible platform architecture for your services, then ensure you have an iterative and agile process to start building one service at a time.

“If you start with these basics and build on them, then you’ll have a solid foundation to work from,” he says.


Watch for free on demand here.

Agenda

  • What potential exists for super apps in the United States
  • The Secrets of Successful Super Apps
  • Use data to power your awesome app
  • How to Meet Customer Expectations for Digital Self-Service
  • Ways to Leverage APIs and Open Data Architecture
  • Opportunities to launch or partner in an ecosystem of great apps

Presenters

  • Aria Sium Vice President of Product, FinGoal
  • Dr. Anthony Rhem, CEO/Principal Consultant – Owner, AJ Rhem & Associates; Halen super app advisor and investor
  • Sam JohnsonMarketing Director, Empire Ecommerce
  • Rachel KaserTechnology Editor, VentureBeat (moderator)


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