Today’s world is digitally-driven and super-apps aren't just a passing trend. They’re here to stay and there's a good reason why. Think of them like an all-encompassing app, offering a range of services including ecommerce and financial services. They’re versatile and efficient.

But while they’ve been very popular in regions across Asia, in the Western market they’re yet to take force. One such reason for this could be because of nuances in the market. Either way, if you're a company looking to embrace modern technology, it’s essential to understand the varying markets in which you wish to operate as this guide sets out.

The super-app essentials

China’s WeChat is a great example of a super-app - a comprehensive platform that offers messaging, social media, marketplaces, financial services and more. The idea is that they make a user’s life easier by simplifying transactions and daily activities. As well as this, they open up lots of opportunities for businesses including those in fintech.

The western reluctance

Elon Musk attempted to launch a Western version of the Chinese WeChat when he set about transforming Twitter. But, it can’t be denied that it fell at the first hurdle which begs the question: why aren’t super-apps popular in the Western world? Experts predict that it's a combination of cultural preferences, regulations, fierce competition, and technological infrastructure. Not to mention, clear apprehension over the issue of sharing data.

A fintech potential

Of course, where super-apps have flourished, it’s clear that they have the ability to connect diverse sectors. Just imagine the ease of getting a loan while booking tickets to your favourite gig at the same time. This transformative power is none more apparent than in the fintech sector whereby it offers a myriad of opportunities despite existing challenges.

To realise the super-app dream within fintech, a few important steps must be taken. Integration, user engagement and data-driven decisions are key. At the same time, fintechs need to leverage user data provided by the super-apps to ensure appropriate decisions. And above all, transparency and regulatory compliance is paramount in the West.

It can’t be denied that super-apps promise plenty of opportunities for fintech. Not only making existing financial operations easier but becoming of interest to additional customers and markets. Insights into financial trends could be provided, loan applications could be redefined and user behaviour can be used to present even more specific and tailored solutions. This is just the start for super-apps within the fintech realm. In fact, the triple powerhouse of super-apps, fintech lending and data analytics could really transform the world around us.