How FinTechs can navigate the rise of the super app

How FinTechs can navigate the rise of the super app

14 March 2022
In a nutshell

The next challenge for European FinTechs is to adapt or risk being left behind as the market increasingly shifts towards the use of super apps, according to a group of experts gathered by Qover on Thursday, 10 March.

What is a super app? A one-stop-shop for users to manage their everyday lives:  super apps allow people to communicate, bank, book and more within a single app, no matter the sector. 


But in an increasingly crowded financial sector, what does the future look like for FinTechs looking to expand into this space? 

Qover gathered three financial services experts to give their vision on what the future of super apps will look like and how businesses can leverage them within the European FinTech sphere.

“In the long run, there will only be a handful of financial super apps. My prediction is that there will first be an increase in  the number of players, but ultimately the competition will consolidate down to two or three players globally – similar to big tech," explained Balázs Gáti, Global Head of Insurance at Revolut. 

“The other trend I see is that the boundary between financial and non-financial services will diminish over time. More and more financial platforms or super apps will integrate non-financial services,” Gáti added. “At Revolut, we introduced an ecommerce proposition – Uber, Bolt and other platforms are also increasingly integrating embedded services like credit and insurance.” 

“Over time, the ultimate race will be determined by whether you can serve your customer base with constant innovation and ensure that the customer experience remains consistent.”

“I don’t think we’ve even seen the tip of the iceberg, but there’s enormous potential,” added Louisa Murray, COO, UK and Europe, at Railsbank. “We want to do everything quickly, easily and without thinking about it. If we can do that through one app and engage with a brand that we love, then I think there’s huge potential.” 

“It’s all about creating a seamless, transparent user experience. So it’s not about spinning people off to other websites – it’s putting everything into one place,” she added.

“In five years time, everybody will have the tools that Alipay and WeChat offer today,” explained Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies. 

“The noble purpose behind all of this – if we think about financial services and insurance –  there are huge numbers of people that are under protected and underserved. The movement in embedded finance will allow us to connect the right types of solutions to the right people in a much more efficient way, such that we’re able to retire comfortably and we’re able to be protected without it costing a fortune.”

To hear the rest of this discussion and further insights from these experts, watch the replay now.

If you would like more information, please contact the press team.


About the speakers

Balázs Gáti, Global Head of Insurance at Revolut

As the Global Head of Insurance at Revolut – one of Europe’s biggest financial super apps – Balázs is bringing insurance to the forefront of the FinTech sphere. 

He has advised financial services companies around the world on strategy, sales and risk management. 

Louisa Murray, COO, UK and Europe, at Railsbank

A financial services pioneer, Louisa was one of CIBC and Barclays Bank’s first female traders. Now a highly experienced cryptocurrency specialist, she was named on the 2020 ‘Rising Women in Crypto’ list published by Wirex and The Fintech Times.

Louisa uses her keen eye for profitability to support Railsbank through its rapid international growth. 


Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies

Simon is a senior independent advisor to boards and leadership teams on business model transformation; platform and ecosystem strategy; corporate innovation; and venture building.

He is the author of ‘New Growth Playbook’ and ‘Fightback – how to win in the digital economy’, a member of the World Economic Forum’s ‘Accelerating Digital Transformation’ executive working group and a guest lecturer at Singularity University.

Back

The next challenge for European FinTechs is to adapt or risk being left behind as the market increasingly shifts towards the use of super apps, according to a group of experts gathered by Qover on Thursday, 10 March.

What is a super app? A one-stop-shop for users to manage their everyday lives:  super apps allow people to communicate, bank, book and more within a single app, no matter the sector. 


But in an increasingly crowded financial sector, what does the future look like for FinTechs looking to expand into this space? 

Qover gathered three financial services experts to give their vision on what the future of super apps will look like and how businesses can leverage them within the European FinTech sphere.

“In the long run, there will only be a handful of financial super apps. My prediction is that there will first be an increase in  the number of players, but ultimately the competition will consolidate down to two or three players globally – similar to big tech," explained Balázs Gáti, Global Head of Insurance at Revolut. 

“The other trend I see is that the boundary between financial and non-financial services will diminish over time. More and more financial platforms or super apps will integrate non-financial services,” Gáti added. “At Revolut, we introduced an ecommerce proposition – Uber, Bolt and other platforms are also increasingly integrating embedded services like credit and insurance.” 

“Over time, the ultimate race will be determined by whether you can serve your customer base with constant innovation and ensure that the customer experience remains consistent.”

“I don’t think we’ve even seen the tip of the iceberg, but there’s enormous potential,” added Louisa Murray, COO, UK and Europe, at Railsbank. “We want to do everything quickly, easily and without thinking about it. If we can do that through one app and engage with a brand that we love, then I think there’s huge potential.” 

“It’s all about creating a seamless, transparent user experience. So it’s not about spinning people off to other websites – it’s putting everything into one place,” she added.

“In five years time, everybody will have the tools that Alipay and WeChat offer today,” explained Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies. 

“The noble purpose behind all of this – if we think about financial services and insurance –  there are huge numbers of people that are under protected and underserved. The movement in embedded finance will allow us to connect the right types of solutions to the right people in a much more efficient way, such that we’re able to retire comfortably and we’re able to be protected without it costing a fortune.”

To hear the rest of this discussion and further insights from these experts, watch the replay now.

If you would like more information, please contact the press team.


About the speakers

Balázs Gáti, Global Head of Insurance at Revolut

As the Global Head of Insurance at Revolut – one of Europe’s biggest financial super apps – Balázs is bringing insurance to the forefront of the FinTech sphere. 

He has advised financial services companies around the world on strategy, sales and risk management. 

Louisa Murray, COO, UK and Europe, at Railsbank

A financial services pioneer, Louisa was one of CIBC and Barclays Bank’s first female traders. Now a highly experienced cryptocurrency specialist, she was named on the 2020 ‘Rising Women in Crypto’ list published by Wirex and The Fintech Times.

Louisa uses her keen eye for profitability to support Railsbank through its rapid international growth. 


Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies

Simon is a senior independent advisor to boards and leadership teams on business model transformation; platform and ecosystem strategy; corporate innovation; and venture building.

He is the author of ‘New Growth Playbook’ and ‘Fightback – how to win in the digital economy’, a member of the World Economic Forum’s ‘Accelerating Digital Transformation’ executive working group and a guest lecturer at Singularity University.

Back

The next challenge for European FinTechs is to adapt or risk being left behind as the market increasingly shifts towards the use of super apps, according to a group of experts gathered by Qover on Thursday, 10 March.

What is a super app? A one-stop-shop for users to manage their everyday lives:  super apps allow people to communicate, bank, book and more within a single app, no matter the sector. 


But in an increasingly crowded financial sector, what does the future look like for FinTechs looking to expand into this space? 

Qover gathered three financial services experts to give their vision on what the future of super apps will look like and how businesses can leverage them within the European FinTech sphere.

“In the long run, there will only be a handful of financial super apps. My prediction is that there will first be an increase in  the number of players, but ultimately the competition will consolidate down to two or three players globally – similar to big tech," explained Balázs Gáti, Global Head of Insurance at Revolut. 

“The other trend I see is that the boundary between financial and non-financial services will diminish over time. More and more financial platforms or super apps will integrate non-financial services,” Gáti added. “At Revolut, we introduced an ecommerce proposition – Uber, Bolt and other platforms are also increasingly integrating embedded services like credit and insurance.” 

“Over time, the ultimate race will be determined by whether you can serve your customer base with constant innovation and ensure that the customer experience remains consistent.”

“I don’t think we’ve even seen the tip of the iceberg, but there’s enormous potential,” added Louisa Murray, COO, UK and Europe, at Railsbank. “We want to do everything quickly, easily and without thinking about it. If we can do that through one app and engage with a brand that we love, then I think there’s huge potential.” 

“It’s all about creating a seamless, transparent user experience. So it’s not about spinning people off to other websites – it’s putting everything into one place,” she added.

“In five years time, everybody will have the tools that Alipay and WeChat offer today,” explained Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies. 

“The noble purpose behind all of this – if we think about financial services and insurance –  there are huge numbers of people that are under protected and underserved. The movement in embedded finance will allow us to connect the right types of solutions to the right people in a much more efficient way, such that we’re able to retire comfortably and we’re able to be protected without it costing a fortune.”

To hear the rest of this discussion and further insights from these experts, watch the replay now.

If you would like more information, please contact the press team.


About the speakers

Balázs Gáti, Global Head of Insurance at Revolut

As the Global Head of Insurance at Revolut – one of Europe’s biggest financial super apps – Balázs is bringing insurance to the forefront of the FinTech sphere. 

He has advised financial services companies around the world on strategy, sales and risk management. 

Louisa Murray, COO, UK and Europe, at Railsbank

A financial services pioneer, Louisa was one of CIBC and Barclays Bank’s first female traders. Now a highly experienced cryptocurrency specialist, she was named on the 2020 ‘Rising Women in Crypto’ list published by Wirex and The Fintech Times.

Louisa uses her keen eye for profitability to support Railsbank through its rapid international growth. 


Simon Torrance, ​​Founder of Embedded Finance & Super App Strategies

Simon is a senior independent advisor to boards and leadership teams on business model transformation; platform and ecosystem strategy; corporate innovation; and venture building.

He is the author of ‘New Growth Playbook’ and ‘Fightback – how to win in the digital economy’, a member of the World Economic Forum’s ‘Accelerating Digital Transformation’ executive working group and a guest lecturer at Singularity University.

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