Need to do something in your daily life? Chances are you’ve ‘got an app for that’! Messenger, WhatsApp, Uber, Mr Delivery (and any number of banking apps) have become an integral part of our daily lives. There are 24 places for apps on your home screen – and chances are you’re using most of them.
But a rapidly growing breed of all-in-one apps wants to change all that. These apps want to help you simplify your life, clear the clutter and reduce the overload.
Right now, each of your apps offers a specific kind of service or product: imagine one lifestyle app that you can use for practically everything. Pay for shopping, whether online or in store, with a card or by scanning a QR code. Buy airtime and electricity. Pay your bills. Manage shared expenses. Pay a friend. Shop around for the best deals on insurance or loans. Earn rewards when you shop. And more.
These lifestyle apps are already huge in Asia, says Andre Hugo, CEO of South Africa’s newest digital banking platform, Spot Money. With apps like Tencent’s WeChat and Alibaba, consumers can use a range of transport and mobility services, do shopping, indulge in some gaming, watch video, plan and book travel, watch cinema, buy micro-insurance and access financial services on a single app.
Spot Money sees three big reasons why all-in-one apps are going to take off in South Africa.
Give me simple, because most things in life aren’t!
“As a consumer, I’m looking to reduce the friction in my life. I don’t want to have to open 15 different apps to do the things that are important in my life. I want one app that meets my lifestyle needs. Shopping, loans, insurance, rewards, the ability to send my kids money securely. Three or four clicks, and I want to be done,” says Hugo.
And he is not alone in wanting to get back to simple: there’s a growing body of research showing that more people than ever are craving greater simplicity in their lives.
The demand for hyper convenience is understandable, given the fast paced, busy lives that most people live. People want what they want, and they want it now! And it’s even better if they don’t have to leave their couch to get it. An app that combines transactional banking functionality and a lifestyle marketplace is a ‘one stop shop’ that delivers the hyper convenience they crave.
Trust and safety
Another major benefit of these all-in-one apps is the trust and safety of transactions. Because all the services are connected to a single platform, you don’t ever have to run the risk of entering bank or credit card details online to pay for goods and services. You can simply give permission to transact. Nobody can steal your bank details or PIN, because they’re never exposed.
“Lifestyle apps are the future. They’re going to be a big part of how we interact with the world, from morning until night. One app, one sign-in, one user experience, for any product or service you may want or need? Sign me up,” says Hugo.