The race to become a financial services super app

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What to read today: Banque Nationale Mobile App Spotlight 2021: The ranks of new smartphone banking users in Canada will slow to a trickle in 2021, forcing financial institutions (FIs) to enhance their offerings on the primary user acquisition battlefront that is their mobile apps. This report highlights the growth areas of Banque Nationale's mobile banking app that it should strengthen to compete for prospective users. This report focuses on the Banque Nationale-specific findings from our inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 advanced mobile banking emerging features. .
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October 30, 2021
Insider Intelligence
Who's leading, who's gaining, and who's the dark horse in the sprint to become a financial services super app
Insider Intelligence defines a super app as digital ecosystems of products and services housed under a single application and user experience. In short, they provide users with everything, in one place.

The super app business model first emerged in the Asia Pacific (APAC) region—and China specifically—during the mid-2010s. Recently, a growing list of Western companies, such as Revolut and PayPal, have been trying to emulate the framework—but with a very different spin.

Venture capitalist and Internet pioneer Marc Andreessen has claimed business consists of a series of cycles of bundling and unbundling. If true, then financial service providers and other entities will pivot from deconstruction to rebundling as they build out robust ecosystems.

By offering every convenience, super apps will attract consumers who value having everything at one place—creating a familiar, unified experience that feels like home.

Insider Intelligence's Sherry Fairchok has the full story.
BRIEFING HIGHLIGHTS
Deal for lender, Ally's latest try at credit cards, would diversify its revenue streams
Ally Financial is making a new attempt at being a credit-card player through its $750 million acquisition of Fair Square Financial (FSF).
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Fintech partnerships are critical to community bank innovation
Before technology can transform banking, banks must overcome the challenge of the legacy infrastructure that "they are stuck with," said Jesse Wedler, a partner at CapitalG, in a session at Money 20/20.
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UK neobanks must maintain focus on richness of mobile functionality amid profitability push
We forecast that UK digital-only banks will have 14.0 million customers in 2021, up from 9.1 million in 2019.
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Why trucking payments are critical to the health of the economy
Insider Intelligence recaps a session at this year's Money 20/20 event about why trucking payments are critical to the health of the economy.
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Q&A: r/WallStreetBets founder on the convergence of trading and social media
Insider Intelligence spoke with the founder of r/WallStreetBets, Jaime Rogozinski, about the role the forum played in the meme stock mania and how he plans to integrate social media components into the retail investing experience with blockchain.
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Brex raises $300M to bolster position as one-stop shop for SMB financial needs
The US-based corporate credit card fintech is now valued at $12.3 billion, up from $7.4 billion at its last mega-round in April.
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Robinhood Q3 earnings brought down by crypto trading drop
The trading app's revenues fell sharply in Q3 2021 due to its oversized reliance on crypto trading, as we predicted earlier this year.
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Amex posts impressive Q3 volume growth, moves further into business solutions
In Q3, American Express's total network volume surged 29% year over year (YoY) and 4% compared with Q3 2019 (Yo2Y)—reflecting positive growth from pre-pandemic levels for the first time.
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Wells Fargo's mobile app revamp, new virtual assistant give it a shot at catching up to biggest competitors
Wells Fargo announced that it will revamp its mobile app and add an AI-powered virtual assistant next year. The revamped app will be deployed in phases beginning in Q1 2022, while the assistant, called Fargo, will be available later.
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Why credit card issuance needs a makeover
Insider Intelligence recaps a session at this year's Money 20/20 event about modernizing credit card issuance.
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RESEARCH IN FOCUS
Banque Nationale Mobile App Spotlight 2021
The ranks of new smartphone banking users in Canada will slow to a trickle in 2021, forcing financial institutions (FIs) to enhance their offerings on the primary user acquisition battlefront that is their mobile apps. This report highlights the growth areas of Banque Nationale's mobile banking app that it should strengthen to compete for prospective users. This report focuses on the Banque Nationale-specific findings from our inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 advanced mobile banking emerging features.
Get the full report →
The US Wealth Management Ecosystem
Digital transformation is vital for wealth managers, as consumer expectations are changing, fiscal pressures are tightening, and competition is stiffening. This report details the drivers of digital transformation within wealth management and how incumbent wealth managers can overhaul their front, middle, and back offices to upgrade their offerings and meet customer demands.
Get the full report →
The Co-Brand Credit Card Report
Co-brand card issuers and brand partners have an opportunity to reimagine their offerings in the pandemic's wake. Insider Intelligence zooms in on the state of co-brand credit cards and sketches the industry's post-pandemic future. We size the market and examine how co-brands drive loyalty, confront competition, and attract volume within the retail, airline, hotel, and digital cards sectors. We then discuss best practices that keep issuers and program partners at the industry's cutting edge.
Get the full report →
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