How Super Apps are Transforming the Banking Landscape

IOL News

a day ago

The 2008 financial crisis was a pivotal moment for the global banking sector. The blow was so massive that it shattered people's trust in the traditional banking system. This created a fertile ground for digital or neobanks like NuBank, Revolut, Monzo, Starling, and digital banks like BankPro.
Popping up a dime a dozen, these new players were perceived as game-changers. The enhanced transparency and convenience that they provided quickly won the hearts and minds of global consumers.
Promoting a customer-centric approach to finance, these ambitious industry players have arguably reimagined the way we engage with finance - from savings to payments and investing.
Often referred to as 'super apps' due to their mobile-based model, mobile banking apps have increased accessibility to financial services, giving users full control of their finances at any time and from anywhere.
Global trends toward regulatory simplification and streamlined licensing frameworks have created a fertile environment for the growth of digital banks. These measures have supported innovation worldwide, even amid tighter financial oversight following the 2008 crisis.
In addition, the rapid evolution of financial technology supporting the online banking infrastructure helped the industry move forward. This, coupled with the general economic climate and the widespread dissatisfaction with how traditional banks operated, nurtured the spectacular growth of super app operators.
According to estimates by Fincog, a FinTech consultancy group, in 2019, approximately 150 digital banks around the world had collectively amassed a user base of 200 million. The Fincog Challenger Bank Index, which tracks the performance of the top 100 largest digital banks in the world month-on-month, based on search frequency, recorded a 55% increase per annum since 2015.
This growth trend shows no signs of slowing down. Statista estimated the market volume of global neobanks to reach US$4.96 trillion in 2023, marking a notable increase compared to a year earlier. The data provider also projects that the total value of transactions carried out through digital banks will reach US$10.44 billion by 2028.
A fast-growing customer base is the key indicator of a digital bank's success. For example, Revolut reached 50 million users in November 2024 - a huge milestone and a nod to its efforts to uphold a high standard of service. Chime is yet another neobank that has grabbed a few headlines over the past years. With an active user base of 21 million in 2023 alone, Chime is the largest neobank in the US by customer number.
BankPro: a powerful alternative to traditional banking
As it continues to grow, the neobanking sector provides consumers with a broader choice of service providers. BankPro is one such private digital bank. Entering the digital banking space in 2018, BankPro is authorized and regulated by the Central Bank of The Bahamas.
According to its website, the digital bank provides a diverse selection of 'secure, private banking alongside global investment and trading solutions,' including:
Private banking services
for both individual and corporate clients, supporting day-to-day business operations and investment activities through a single account. Clients can send and receive funds through
various available methods
.
Investing and trading
on a broad range of exchange-listed asset classes and instruments, alongside over-the-counter products such as contracts for difference.
A competitive subscription fee provides access to more than 2,500 stocks and ETFs listed on major exchanges, including but not limited to NYSE, LSE, NASDAQ, XETRA, SIX, and Euronext. As an added benefit, real-time market pricing from NASDAQ and LSE is included in the monthly subscription.
Subscribers can also diversify their market exposure with over 200 CFDs based on Forex, commodities, metals, stocks, cryptocurrencies, and ETFs.
Recently, the digital bank has also introduced multi-currency accounts based on 24+ currencies, which provide a viable alternative to traditional banking and investing options existing on the market.
The service is already available with the sleek Visa Platinum debit card, which ensures global acceptance and enhanced security. The competitive exchange rates make it appealing to an increasing number of retail and institutional clients worldwide.
Additionally, the digital bank offers instant virtual cards, which, alongside the Visa Platinum debit card, further expand its range of products and services to match the preferences of a broader audience.
These services come with a set of advantages that benefit individual and corporate users in equal measure. For example, account holders can easily customize their spending limits in-app according to their needs. For corporate users, BankPro comes with a set of customizable features and functionalities, allowing them to streamline their treasury, FX exchanges, salary payments, transfers, and cards.
Comprehensive financial reports and institutional-grade expense and treasury management tools enable BankPro clients to access a single view of their financial operations and effectively balance out costs against capital inflows.
With a declared commitment to cost-efficiency, BankPro offers arguably some of the most competitive flat-fee structures in the industry. This ensures increased transparency and cost predictability, which is an essential benefit to institutional and retail users handling high-value transactions.
The high spending limit and convenient access to investing and OTC trading options allow institutional actors to broaden their financial horizons and generate new income streams.
In line with its strict compliance requirements, BankPro also holds client funds in segregated accounts, separated from its capital. This is not only a safety precaution but also a guarantee that account holders have instant access to their funds.
To further safeguard its clients' sensitive data and capital, BankPro employs sophisticated data security and anti-fraud protocols that tamper-proof its platform against a wide spectrum of cyberattacks, ensuring maximum uptime.
Other developments of the bank include last April's introduction of dual interface debit cards in the Caribbean, made possible by BankPro's strategic partnership with US-based fintech firm Arroweye Solutions.
From novelty to necessity
What began as a digital dalliance – apps promising frictionless finance – has quietly become the scaffolding of modern banking. Super apps, once the rebels at the gates of traditional finance, are now reshaping its foundation.
The future won't hinge on hype, but on something less glamorous: profitability, resilience, and market dominance. As Revolut scales, Chime adapts, and BankPro positions itself, the story shifts – not from boom to bust, but from noise to nuance.