Super Apps: What are they? How can you use them?

We talk a lot about adapting to change and how change is an inevitable factor when running a business. One of the biggest changes to ever hit businesses and the world as a whole is the integration of technology which we have to remember has not been around for that long in retrospect. People are still finding new ways to utilize technology at its maximum potential which does not come without its unique demands. 

Applications are a great example when considering the changes technology makes in people's lives on a day-to-day basis. A good user experience is the focal point of any application or website which means variety in your product or service has to be a staple. When it comes to customer retention in the digital market, having a platform that is multi-function is a huge bonus. These are known as Super Apps, which essentially act as a hub for companies to interconnect various applications in one spot.

The term “Super App” was originally coined by the founder of Blackberry Mike Lazaridis. Lazaridis saw this as a way to enhance the user experience of applications and it has since become a viable option for many businesses globally.

A Few Reasons Companies Might Use a Super App Include:  

• Branding: When organizations have a wide variety of products and services that are delivered through one app, their credibility and recognition grow among consumers. 

• Access to a bigger audience: When using a Super App, the types of offers a business provides can easily be catered to a variety of consumer niches. In contrast to a singular focused application, this provides more of an opportunity to have a diverse audience.

• Revenue streams: Thanks to APIs and savvy software engineering, the amount of services a business can offer is seemingly endless in a Super App. In addition, the cost of customer acquisition is next to nothing. 

• Increased engagement: Super Apps provide touch points and lots of them. This helps the interactive aspect of your application and will increase the duration of user visits.

• Low costs: Taking one solution and using it as an umbrella to add more services are going to save companies in the long run. This is because one app is more inexpensive and easy to manage than multiple applications (which would become pits to throw money into and a headache for software developers).

Software innovation and engineering are always centered around the consumer. For brands to make a name for themselves today, they understand application programming and functionality are crucial to creating a great user experience. 

How it Works:

So what kind of services would a Super App help a business deliver in one singular application? Financial services are the best place to look if you want a glimpse of Super App technology in action. A financial Super App will let users view account balances, make transactions, make investments, track/manage subscriptions, and much more. All of these functions in a Super App are now in one place as opposed to users having to go to different websites or platforms for different services. 

Developing a Super App

Since a system like this is highly complex, there’s a variety of components you’ll want to ensure go into the application:

Service interaction: Since there are numerous channels of service and users bouncing from one to another, their effectiveness and operating speed have to be consistent. What this means for software developers of the Super App is that performance should be high even with spotty internet, screen transition must be seamless, and no errors should impact users from accessing multiple services at a time.

Promote data sharing: Unlike your typical mobile app, the user's data such as delivery address and ID should be easily accessible to them across all in-app services. Additionally, prior actions and sessions should carry over from service to service to have consistent performance.

Exceptional UI/UX: This is a focal point for Super App development. The visual landscape and experience of using the Super App have to be consistent regardless of how many actions it’s performing.

Security: The convenience aspect of having access to multiple services in one spot is great, but it puts Super Apps in a position of major liability since they are now in possession of sensitive information on their users.

This becomes tricky for Super Apps since there is no margin for error in this area. In comparison to traditional mobile applications, this process is far more complicated. However, this merely puts more of an emphasis on security for software developers which means it’s a good starting point to sort out logistics during the planning process.

The Market for Super Apps 

The amount of internet users has grown to over 5 billion people and last year around 230 billion mobile apps were downloaded. The demand for technology that enhances the efficiency and experience of using applications is growing with these numbers and boosting revenues for companies making it work. 

Think about your day-to-day; there’s likely less than a handful of apps you use regularly. How do these apps help you? How do you think they help others? Would it be easier to have all of them in one application?

Of course, Super Apps aren’t going to put TikTok, Instagram, FaceTime, and your mobile banking apps in one, but you get the idea.

The Takeaway

Super Apps still have a ways to go before they can dominate North American markets. Right now, they are dominating markets, particularly in South America and Asia where the market size for mobile service is still hundreds of billions of dollars. Soon enough, we can expect this technology to enter the western markets, and when that time comes, businesses will be preparing to dominate with it.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

The Benefits of API Development for Businesses

How has the internet supported your life? Is it how you can run your business? Stay in touch with friends and family? Maybe you use the internet in your leisure time. No matter what the case may be, the internet you know today doesn’t exist without Application Programming Interfaces (APIs). This term may seem intimidating if you are unfamiliar with the concept, so we’re going to have to break it down.

In simple terms, imagine trying to talk to someone in another country without any method for transmitting messages (video calls, phone calls, instant messaging, pen and paper, etc). You’d just be talking to yourself. The API would, in this case, be the devices that make this communication possible. It is software that lets applications communicate. You ask the API for it, and the API goes and gets it for you. 

How do APIs help businesses?

Imagine you want a website for your business that’s going to provide an amazing and unique experience for your users, lightyears from what your competitors are using. You’ll need software that can materialize the concepts through various features in your website and allow it to perform at a high level. For this reason, you’ll look for a web developer who can create an API for your website.

You’re likely seeing the pattern here. APIs expand the potential that businesses can tap into when it comes to scaling the business. Disparate systems are holding back the worthwhile investment for businesses that are currently spending nearly $600 billion annually trying to crack the code. 

Create and Innovate 

So with the idea of innovation in mind, let’s consider the ways that API technology makes expansion possible. When it comes to change in an organization, especially digital transformation, APIs allow people to contribute more and more to the success of the organization by breaking the barriers instilled by traditional methods. As well, monetization is far easier to implement by allowing companies to own real estate on multiple platforms (where more ad space can be sold). 

For services that are driven by advertising or that are “transactional”, having various interfaces will continue to enhance that exposure. With that in mind, have your APIs directed towards a variety of platforms such as browser extensions, Meta, iPhone, and more. 

How can you prepare?

What kind of API is your business developing? Is it meant for developers? Or is this something that’s going to help the third party? Like any software implementation, you need to identify the important aspects that will cover logistics. In the case of APIs, these areas include: 

• The functionalities you want your API to perform and how many. Is there anything you can automate to assist with maintenance and use? 

• How will the API be accessed and who will access it? Are you going to integrate it through an already-established platform? Will it only be available to partners or the public?

• Is your API going to offer support? If so, how much? (This will dictate some of the decisions you make with development so ensure it is taken care of beforehand).

What to do during execution

There’s an abundance of tools to assist in your API development journey, but before you search for them, you need to know your app. The type of data and information you plan to use in the API is fundamental, which means the developer will need to know it or else they’ll be overwhelmed by the app's requirements upon release.

How APIs have helped businesses you know

APIs give businesses the chance to expand into new markets. There are strategic partnership opportunities and technology changes that can bring businesses to the next level. Take Uber for example. Rather than going through the process of creating their own communication, navigation, and transaction methods, they took the top programs for all those aspects and used APIs to link them. 

Also, if you recall the start of Twitter, you’ll remember that it wasn’t perfect. Specifically, their user interface (UI) was not up to standard which required attention. TweetDeck came in and created a far better UI than Twitter's original engine which led to a much more smooth user experience.

What to expect in the next decade

You’ve heard it over and over again: “technology is the future”. This article has certainly spoken plenty of its potential in overtaking traditional methods. Businesses need to be pragmatic when it comes to changes like API technology. Traditional methods involve paperwork, a big sales staff, and many other outlets where companies will invest time and money while seeing little to no reciprocity from today.

The Takeaway

Software solutions is a broad term, but APIs are a very good example to consider when evaluating what it will mean for your business. There’s a variety of opinions on how to “future-proof'' your company, but the fact of the matter is that every business is different. 

At this point, there is almost no business that operates without digital solutions and everyone would’ve had to evaluate and identify their own needs and logistics. This is important, but you’ll need to consult with professionals at some point to get ahead of the competition.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

FinTech and ESG Tech: The Financial Tool Investors Need

Change is an inevitable aspect of running a business. Changes will be good and bad, but the long-term results of change depend on how it’s managed. When it comes to finance, this is something industry professionals have ingrained in their mindset which is what allows them to keep up with the world and market of today.

With the world and culture being interconnected in the way they are presently, there’s been plenty of changes in technology needed for businesses to keep up. Notably, this has brought forth ESG attention which stands for environmental, social, and governance. 

ESG is not reserved for those associated with fossil fuels; companies from a wide variety of industries are finding ways to implement these strategies. Among them is FinTech.

Defining ESG

You can think of ESG as a method of regulating a company's operations in the best interest of the environment. The guidelines associated with ESG are essentially a screening process for how a business is operating, what investments they’re looking to make, the kind of materials being used, etc. Deforestation, carbon emissions, and air pollution, for example, all contribute to a company's performance. Why is that?

Public relation is a factor in financial institutions adopting ESG, but it is not the only motivator. The market is hot and highly competitive for these institutions, which means that the operation and performance of companies are not dictated solely by their brand image. How does the company function internally? How do they plan to be in business for the next 30 years? It comes down to these three guidelines:

Environmental: Green initiatives are a major draw today. Companies need to evaluate how their actions are impacting the planet.

Social: How does the organization impact people? This applies to everyone from employees, to the community, and clients. 

Governance: Who runs the organization? How do they run it? Transparency is an extremely important factor in operating an organization and it extends beyond the needs of your staff.

How ESG Tech works

As we saw earlier this month, green FinTech is big. It is only continuing to grow and though it’s great to see, this kind of consciousness is branching to other areas for companies. Your business isn’t going to attract growth by simply stating your environmental initiatives. This is about running your organization like a well-oiled machine whose operations are balanced. Here is how software can enhance this for FinTechs:

• Creating modules that track the organization's impact on the environment.

• Releasing ESG reports based on the institutions' economic activity (this demonstrates transparency).

• Offering feedback utilizing IoT technology.

• Building platforms that oversee how a business is meeting the ESG criteria.

• Evaluating investment risks based on depletion of resources, hazards to the environment, social issues, etc.

FinTech opens businesses to endless opportunities when it comes to ways they can focus on the client side. However, the point we’ve been getting at here is that organizations need to practice what they preach. The front end can be enticing but it isn’t sustainable if the back end isn’t just as well organized. This is why ESG criteria are so beneficial to financial organizations from both ends. 

Commonly, this topic is referred to as a business's “corporate social responsibility” (CSR). The simplest way to understand this term is that businesses adjust to the market, not the other way around. At the moment, the market is demanding initiatives aligned with all three pillars, which is why the technology is in such high demand.

Benefits for FinTechs

The most notable benefit when it comes to ESG tech is how it positions businesses in the eyes of investors which is especially helpful for ​​startups. The start of this year alone saw almost $380 billion worth of ESG assets worldwide. In the tagged article, you’ll see that investors called 2022 “the year of ESG investing”. 

Customers are the real focal point for FinTechs incorporating ESG tech. Again, it’s all about the internal and external governance of the organization. Research is finding that over 75% of consumers are ready to boycott businesses that fail to treat employees or the environment in the right way.

Where are we now?

ESG tech is by no means without faults for organizations at this point. There is still plenty of work to be done for international markets to have efficient identification methods and avoid disinformation regarding the environment (greenwashing) and PR. 

ESG reporting is meant to provide investors and other participants in the market with the necessary information to guide their investment decisions. Ultimately, it is the standardization of these ESG reports that needs work, or they will lose all value.

Methods for measuring performance such as key performance indicators (KPIs) are needed to make these accurate evaluations. It's going to be the organizations that dominate this facet that succeed in using ESG.

What’s next?

ESG guidelines present opportunities for growth in both investors' portfolios and companies' consumer base. ESG technology has still not fully been tapped into in terms of the potential value it can deliver. Like any new technology, it's all about how businesses can integrate it into their platforms. As always, you’ll need a software development team with the skills and experience to bring this to life. 

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.