Dapio Blog

Super Fintechs: the rise of the ‘all in one’ finance solution

In an industry prone to superlatives, the era of embedded finance has produced characteristic terminology to describe the limitless ambitions of financial providers. Hot off the heels of the ‘Super App’ comes its younger sibling - the ‘Super Fintech’. With the aim of providing a holistic consumer experience, such companies harness emerging innovations and regulatory freedoms to provide a one-stop-shop for money services. 

So what is a Super Fintech? And what is their role within the wider financial ecosystem?

For starters, it might help to explain what is meant by ‘super’. While the word is often used to describe something that is quantitatively better than its competition, eg - Dapio’s app is ‘super convenient’, its actual usage is a bit different here. Rather, we’re talking about a qualitative difference that enables financial providers to transcend their status as a native platform service. Essentially, ‘Super Fintechs’ act as enablers for financial institutions (FIs), enterprises, and other fintechs, producing second-hand efficiencies wherever their products and services are used. 

The emergence of Super Fintech arrives alongside that of the Banking-as-a-Service model, which in turn falls under the umbrella of Open Banking. These recent innovations describe the way that technologically adept companies can improve the way people can manage their money, whether spending, saving, borrowing, or investing. Such improvements are typically adopted by other banks and ecommerce providers through the use of APIs, which is a fancy way of getting two programs to ‘talk to each other’. 

The benefits are widespread, not only for other businesses, but for consumers as well. If you’ve shopped online before, there’s a good chance you would have encountered these yourself.
Typical examples include: 

  • Aggregating all your bank accounts to maintain a more holistic financial overview.
  • Using budgeting apps to monitor outgoings and establish savings goals. 
  • Allowing comparison sites to suggest better deals for your home insurance. 

The age of proliferation

Faced with an increasing array of options, modern consumers want businesses to fulfill their expectations, not the other way around. These days, the power rests with the customer, while companies that steadfastly maintain a ‘one size fits all’ are due a rude awakening. Because of this, there’s mounting pressure for ecommerce providers as well as traditional FIs to expand their offering, fast. 

For the many businesses incapable of delivering such solutions in-house, the embedded finance options offered by Super Fintechs allow these demands to be met with minimum effort, and minimal risk. In fact, due to the many data points available through the use of such technologies, services including lending decisions can be performed with a greater degree of accuracy. For instance, small businesses hoping for a favourable loan decision can now be reviewed on a dynamic basis, rather than needing to adhere to inflexible criteria. 

It works with payments, too

As another great example of how Super Fintechs are changing the game in the financial industry, Dapio’s own Payment Link technology is powering simpler and safer transactions for consumers and businesses alike.  

This recently released feature streamlines the payments process to create a smoother experience for both buyer and seller. A payment link is a unique URL that directs buyers to a customised webpage, hosted by Dapio. Here, clients can view an itemised list of goods and services rendered, and can complete transactions using the secure payment methods provided. To receive a payment, sellers simply need to send this link over, with all the transactional data included in the process. 

By reducing the steps required to make and receive payments, Dapio Payment Links are designed to operate within an increasingly interconnected commercial industry.