As fintechs develop 'super apps,' are banks partners or rivals? - PaymentsSource
Building a stronger and more engaged client base through a super app is a driver for fintech expansion into new product sareas, according to Celent Senior Analyst Kieran Hines.
“The more services you offer customers, the more likely they are to remain your customer and, with payments, being top-of-wallet is very important,” Hines said.
Another driver for super apps is revenue growth, since the wider the range of efficient and competitive products a company can offer its customers, the better it can reach its growth targets.
“Fintechs such as PayPal are looking to emulate the success of Alipay and WeChat Pay, which have created one-stop shops for financial services in Asia,” said Hines. “If you’re at the heart of the financial relationship with the customer, it’s far easier to be the organization that generates the financial benefit of that.”