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More Than 95 Million Users Eager for a Fintech Super App - Everly.eu
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Friday, April 19, 2024
Home Fintechs More Than 95 Million Users Eager for a Fintech Super App

More Than 95 Million Users Eager for a Fintech Super App

Consumers are suffering from app fatigue due to the proliferation of apps, leading to a rising interest in an all-in-one platform for shopping, banking, and daily digital activities called an “everyday app.” 

A study conducted by PYMNTS and PayPal reveals that 35% of U.S. consumers are highly interested in such an app, with 95 million consumers in the U.S. and Australia expressing a strong desire for it. Notably, convenience-focused consumers in the U.S. (71%) and Australia (50%) are particularly enthusiastic about the concept. 

The findings are part of the “Consumer Interest in an Everyday App” report, which surveyed 3,320 consumers in both countries between March 2 and March 20, exploring the growing demand for a comprehensive finance and shopping app.

Here are some of the highlights of the report:

  1. Banking, shopping and bill tracking are key to everyday apps

Consumers in the US and Australia would combine bill tracking, supermarket shopping, and digital retail into one app for nearly 7 out of 10 consumers. Customers who prioritize convenience tend to manage their banking, investing, and numerous buying activities through a regular app.

  1. Convenience and security drive appeal for everyday apps

Customers anticipate that an everyday app will provide the desired convenience: 59% of Americans and 37% of their Australian counterparts list smooth payment integration as one of the top advantages of using an all-in-one app. Significant portions of consumers in both areas also think that a common app could help to allay their app-related security worries.

  1. The adoption of an everyday app hinges on robust security

Security concerns are a major obstacle to consumer adoption of everyday apps, with 64% of respondents in the United States and Australia expressing worries about security issues. This concern is even more pronounced among consumers focused on shopping, with over two-thirds of them feeling uneasy. Two-factor authentication and data encryption are identified as crucial security features that can boost trust in these apps. 

As consumer demand for all-in-one finance and shopping apps grows, providers must prioritize incorporating desired features. 

For more insights on how security features and trust impact the demand for everyday app providers, you can download the full report.

Banking Needs, Digital Banking Trends, and Consumer Priorities

Customers prioritize various aspects when choosing a bank. Americans value digital banking, security and fraud protection, customer service, and mobile/online access the most. Low fees on accounts are also important. Wealth plays a role, as those with a net worth over $1 million prioritize access less than those with lower net worth. 

Generational differences exist, with Gen Z and millennials valuing sustainability, while baby boomers focus more on convenient branch locations. 

Savings account interest rates are crucial for consumers, with younger generations emphasizing them more. Importantly, 79% of respondents are willing to switch banks to find a better fit for their needs, with younger generations more likely to do so. 

To satisfy customers, banks must excel in multiple areas, including low fees, competitive interest rates, security, accessibility, customer service, and social responsibility.

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