How superwallets move banks from the background to the front of the value chain

by: Dobromir Piekarski

Twitter: @Dobry365

The more payment choices in the industry, the weaker relationships between banks and their customers. Just think about Apple Pay — “the middleman”. How can banks engage customers again?

As Mark Zuckerberg said: “mobile is different”, mobility creates new needs that banks can fulfill in order to build a new, innovative kind of relations — beyond banking and payments. Consumers would definitely use a service that integrates their finance and shopping needs in one place.

I believe that the next generation of mobile banking will be superwallets. They provide customers with an access not only to banking and payments, but also — and this the most innovative part — very useful remote services people use every day, like: bus tickets, parking fees, everyday grocery shopping, take-out food, event tickets and many others. All in one banking mobile app.

People use various remote services provided by various startups and find them useful. But customers would be happier to use those services from within a bank app not only because it is safer and simplify payment process, but also because it is more convenient — people don’t have to download many different apps and type in sensitive data dozen of times in each.

For banks superwallets are missing element in big data and entry to new business model. Look at Google — it is a gateway to content it doesn’t own, Uber is the biggest taxi company in the world, but doesn’t have one cab, and doesn’t have even one hotel. They are all winners because they are in the front of the value chain.

Superwallets are such a gateway for banks to the world of m-commerce and will change entire banking industry.

Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.

The FINTECH Book is due to be released in April 2016 and is available for Pre-Order on Amazon.

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