Super-apps Will Serve as Central Hubs for SEA Consumers
Krisna Parahita, Vice President of Products at LinkAja, Indonesia, discusses the agile nature of digital-first and neo banks that allows them to quickly adapt to market demands, launch new features, and collaborate with fintech partners.
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In the age of convenience, customers are looking for faster service. Solution: Super-apps. But customers aren’t very responsive to this new trend in all regions across the globe. One of the possible challenges, says Krisna Parahita, Vice President of Products at LinkAja, lies in demonstrating the added value and benefits of the app experience. The brand must successfully answer why a customer must download yet another app on their devices.
“Addressing concerns regarding app permissions, data privacy, and security is crucial to gaining user trust and overcoming their hesitations. Offering exclusive features, enhanced personalisation, and a seamless user interface within the app can incentivise web users to make the switch.”
Martechvibe spoke with Parahita about the disruption that the financial sector is witnessing with the onset of new technologies such as super-apps and the evolving consumer needs. With the consolidation of services becoming organisations’ new purpose, the payment platforms must work in parallel to see eye-to-eye with the final outcome.
Excerpts from the interview:
How are digital-first and neo banks disrupting the banking sector?
Digital-first and neo banks are revolutionising the banking sector by leveraging technology to offer innovative financial products and services that cater to the evolving needs of customers. These banks prioritise user-centric design and seamless digital experiences, challenging traditional banks to improve their digital offerings. By operating primarily through digital channels, they provide convenience, accessibility, and 24/7 banking services, attracting tech-savvy customers who value flexibility and convenience in their financial interactions. The agile nature of digital-first and neo banks allows them to quickly adapt to market demands, launch new features, and collaborate with fintech partners, enabling faster innovation and product iterations.
How does the ease of digital payments influence customers' willingness to pay and buy?
The ease of digital payments has significantly influenced customers’ willingness to make purchases and payments in the Southeast-Asian financial landscape. Digital payments offer a hassle-free and secure way to transact, eliminating the need for carrying cash or visiting physical branches. By leveraging user-friendly mobile apps and seamless integrations with ecommerce platforms, digital payments enable quick and convenient transactions, encouraging customers to embrace online shopping and ecommerce. The availability of diverse digital payment options, such as e-wallets and mobile banking apps, empowers users to choose their preferred method, further enhancing their willingness to adopt digital payments and engage in cashless transactions.
What does the future of payments look like with the retail industry moving towards super apps?
Super apps will serve as central hubs for consumers, integrating various services to provide a seamless and comprehensive user experience. Consolidation of services within these super apps will simplify and streamline the payment process, eliminating the need for multiple apps or platforms. The future payment landscape will likely see increased interoperability between financial institutions, enabling users to make payments and transfers seamlessly across different accounts and platforms. Moreover, emerging technologies like QR code payments, contactless transactions, and biometric authentication will become more prevalent, offering secure and efficient payment options.
What is the most common hurdle in converting web users to app adoption?
The primary challenge in transitioning web users to adopt a dedicated app lies in demonstrating the added value and benefits of the app experience. Web users may perceive downloading and using an app as an extra step, requiring them to allocate device storage and navigate the app installation process. Addressing concerns regarding app permissions, data privacy, and security is crucial to gaining user trust and overcoming their hesitations. Offering exclusive features, enhanced personalisation, and a seamless user interface within the app can incentivise web users to make the switch. Additionally, effective communication highlighting the advantages of the app, such as real-time notifications, personalised recommendations, and faster transactions, can encourage web users to embrace app adoption.
What is the role of artificial intelligence (AI) in enhancing customer service functions?
AI plays a pivotal role in elevating customer service functions. AI-powered chatbots and virtual assistants provide immediate and personalised customer support, resolving common queries and issues without human intervention. Natural language processing enables AI systems to understand customer inquiries accurately, responding in a human-like manner and improving the overall customer experience.
