Samsung is not only busy with the edges of releasing new software updates or debuting new Galaxy devices, but it is also looking forward to introducing a brand new super app for enhancing the mobile banking experience of its users.
The concept of super apps is not new, as China already debuted its WeChat app, which is the foremost example of this. Here, Super App stands for the term where users can access a vast variety of facilities and features all together in one application, such as messaging, social media, and noticeably mobile banking. In short, the idea of accepting the all-in-one approach is just to meet the mobile banking sector seamlessly.
Focusing on the development of super apps for mobile banking, a company under the Samsung Group named Samsung Financial Networks is looking to unite with a major South Korean bank to launch its super mobile banking application. Based on the existing financial services application named Monimo, Samsung Financial Network is planning to set up a mobile banking super app.
Back in April 2022, Monimo officially came into existence. This offers several functionalities, for instance, transferring money, foreign currency exchange, car search with price comparisons, and many more in South Korea. From this prospect, it appears that the new super application probably goes beyond just banking and possibly also includes other financial services.
However, Monimo has faced significant challenges in building a strong fan base and attracting a solid user base, particularly in the face of competition from similar apps from commercial banks and fintech platforms. The strictest banks in the country have already launched their banking applications.
The reports are saying that the Korean brand has also suggested growing a mobile banking super app based on Monimo to all of the top five banks in its home country, South Korea, which include KB Kookmin, Woori, Shinhan, Hana, and the online-only K Bank. It is reported that all five banks will make their business presentations today, with Samsung picking one for the partnership soon. This seems like a new opportunity for the Samsung Group in the mobile banking service sector.
