Super Applications: A Design Beyond Delight

“Do you have GPay/PayTM?” 

Sounds familiar?

If we saved a penny every time we asked this question, or just talked about online payment, we'd be clearing our wishlists faster.

Gone are the days when people used to hesitate while making financial decisions, digitally. Today, roughly 91% of Indian consumers utilize online banking for day-to-day expenses or big business transactions. 

What is the secret to this (magical) fluctuation in the market? Fintech applications/websites.

The widespread availability of any fintech app or website simplifies financial transactions purely with easy accessibility, putting the user at the center of the experience. You no longer have to go to a bank to transfer money, a simple app/website does that job.

However, accessibility is no longer confined to just finance and banking. Thanks to the constant innovation of the digital world, the super app has emerged as another user-centric tool in the fintech landscape.

Imagine super apps as digital life assistants, available at one bell/click to answer all your possible needs. No more juggling a dozen different apps for banking, budgeting, investments, or financial guidance. Think of them as the Amazon of finance—a one-stop shop for all your financial needs.

To make it simpler, let’s take an example. 

ICICI, one of India’s leading finance companies, has numerous subsidiaries catering to various financial requirements. 

ICICI Prulife offers life insurance and asset management, while ICICI Securities tackles retail trading and investment. ICICI Lombard provides insurance solutions, besides many other ICICI groups like ICICI Venture, ICICI Home Finance, ICICI Securities and ICICI Direct. 

Imagine being an ICICI customer. While the company does cater to all your financial needs, you still have  to juggle between multiple websites to keep a track of your investments, insurances, SIPs, and other financial commitments. 

Wouldn’t a user-centric approach be a master (super) application that houses all these ICICI babies? While the entities remain distinct, a unified super application would significantly enhance user experience. 

This is just a glimpse into the vast potential of super applications in the fintech ecosystem. In reality, PayTM demonstrates this concept aptly. This financial powerhouse keeps the user engaged through its comprehensive service suite, all accessible within one click! 

From mobile top-ups, bill payments, EMI installments, travel & entertainment bookings, to financial calculators - PayTM has it all. This one-stop approach of super application keeps the users glued to the brand when it comes to expense management, fostering a trust-worthy user experience. 

Other fintech players in the industry who are also trying to bring all diverse services in one roof with the help of this convenient system called account aggregation. Account aggregation is an RBI-approved mechanism, which allows brands to fetch all your portfolio data securely in place. Brands like Fi, Fold, and Jupiter are leading this charge, each taking the concept to a different level. 

This innovation is the result of a powerful collaboration between design and development. Here’s how: 

• UX and UI designers streamline and simplify all the intricate and extensive details of the application into an understandable navigation system.
• UX ensures that the application performs smoothly and caters to the user’s multiple needs on various screens and devices by making it responsive.
• Since a risky amount of data is revealed on such applications, a good development ensures implementation of privacy and security configurations.
• Through quality tests every now and then, one can easily introduce new features and keep improving to survive in the competitive waters.

In conclusion, prioritizing user experience (UX) and user interface (UI) design emerges as a powerful differentiator in the fintech industry.

The success of popular super apps, like WhatsApp, My Jio, GPay, and PayTM, throws light on this impact. These applications have offered a high level of comfort and ease to the users. As a result, fintech applications with unidirectional designs, lacking in user-centric features, will likely struggle to compete in the evolving landscape.

Technical feasibility and regulations considered, super apps can provide a convenient way for both brands and users to have a seamless, all-encompassing customer experience.

Don Norman's quote, "If you want to create a great product, you have to start by understanding the people who will use it," perfectly highlights the importance of UI/UX design in fintech super apps. By prioritizing user experience, these applications drive user adoption, underlining the critical role of UI/UX in achieving success. 

And who does not want to succeed?