How Super Apps are Shaping Digital Banking and Consumer Experience in Europe

As Europe continues to embrace digital transformation, super apps are emerging as a solution to integrate a range of financial and lifestyle services, from banking and payments to transportation, into a single platform. With a combined GDP of over EUR 14.5 trillion in 2021, Europe’s economic strength and diverse population make it a promising market for super apps to expand. Super apps have the potential to meet the evolving digital needs of European consumers, offering a secure and convenient way to access a range of services.  

In our previous blog, “How Super Apps are Transforming Financial Innovation and Inclusion in Asia-Pacific,” we explored the rise of e-wallets and their dominance in the Asia-Pacific market. Now, we shift our focus to Europe, a region with unique regulatory standards, a diverse digital environment, and significant economic potential for super apps. The digital landscape in Europe offers opportunities for innovation and tailored digital solutions. 

The Rise of Super Apps in Europe  

Globally, super apps like Uber have transformed daily lives by combining a variety of services into a single experience. In Europe, super apps are gaining popularity as consumers seek simplified digital experiences that eliminate the need to juggle multiple apps. Super apps enable users to complete a range of tasks, from paying bills to booking transportation, all within one platform. This approach is being embraced as mobile banking, digital wallets, and e-commerce continue to grow. 

E-wallets allow users to make quick, secure payments within the app for different services. In Europe, the adoption of e-wallets is increasing as consumers move away from cash and traditional banking. With a smartphone adoption rate of approximately 82% in Europe (Source: Statista), there is a significant opportunity for super apps to capture a large user base, with e-wallets becoming an essential part of the digital wallet ecosystem. 

Opportunity for Super Apps in Europe  

The European banking landscape is evolving rapidly, with global trends reshaping customer experience and setting new standards for daily services. Europe’s financial services sector has experienced a significant shift in recent years, driven by evolving consumer behavior and technological advancements. Europe’s robust innovation and technological infrastructure, coupled with major hubs like London, Berlin, Stockholm, and Paris, have accelerated digital banking adoption, making Europe an attractive market for super apps. 

Opportunities for fintechs in the European market are growing, especially as collaborations with technology providers become more important to drive the growth of super apps. Platforms such as Revolut and Lydia offer multifunctional digital solutions that cater to a market moving towards integrated services. Fintechs can leverage partnerships with industry leaders like BPC to create an integrated platform that meets the changing needs of consumers seeking different services on one app.

Strategic alliances are key to capturing a market ready for simplified digital solutions. With a rising number of fintechs in the EMEA region, reaching nearly 11,000 as of 2024, and physical branches continuing to close, this shift towards digital-first is positioning super apps as essential to customers' everyday financial and lifestyle needs. 

The graph below shows a decline in the number of traditional credit institutions in the EU, reflecting a broader shift towards online and mobile banking. As physical branches become less common, the need for digital platforms, like super apps, continues to grow. This shift opens an opportunity for super apps to provide a convenient, integrated platform.  

Number of credit institutions in EU from 2007 to 2023.  

(Source: Statistica)  

This change in consumer behavior toward digital-first experiences across various sectors creates an opportunity for integrated platforms to streamline access to multiple services. Super apps have the potential to meet this demand by offering users a single digital platform that enhances convenience and efficiency.   

Regulatory Landscape   

Europe’s regulatory landscape, especially the General Data Protection Regulation (GDPR), has set a global standard for data privacy and consumer protection. This framework ensures that consumer data is protected with the highlights level of security measures to prevent data breaches, which increases customer confidence. For super apps, operating within this regulation is an opportunity to prioritize privacy and transparency, turning compliance into a competitive advantage.   

Europe’s advanced digital banking markets support regulatory frameworks such as PSD1 and PSD2, encouraging open banking and financial institutions to share data securely. Now, PSD3, an evolution of PSD2, aims at updating security protocols and enhancing customer protection. It introduces specific requirements for data handling and improves customer authentication to reduce fraud.

For banks and service providers, PSD3 emphasizes the enhancement of the open banking framework, ensuring that data sharing with third-party providers is secure and that these providers meet higher security standards. This means banks and service providers need to invest in new technologies and processes to comply with the enhanced security measures. In addition, PSD3 aims to protect customer information by improving customer authentication methods that reduce fraud and requires banks to update their authentication processes. To meet the new standards, the need to adapt and innovate is vital to remain competitive in an increasingly digital market.  

Examples of Super Apps in Europe 

Companies are beginning to expand their services to offer a more integrated experience.  

• Revolut: Europe’s largest digital bank with 25.5 million customers across 35 countries, now offers services beyond financial product and management, including travel booking and expense tracking, moving closer to a super app model. 

• Lydia: With over 5.5 million customers, this financial super app, recently launched crypto trading and savings functions and is planning new credit and investment products.  

• Bolt: Europe’s leading mobility platform and first super app offers services in ride-hailing, scooter rental, car sharing, and food and grocery delivery. 

• N26: Neobank, with over 8 million customers, has been expanding its services beyond banking, offering features like investment, insurance, even crypto aiming to become a full financial platform. 
• Monzo: Originally from the UK, Monzo has been enhancing its app with features like bill splitting, savings pots, investments, business accounts.  

In Europe’s evolving banking sector, super apps play a pivotal role in transforming customer engagement by providing a single platform for financial services and daily lifestyle activities. This integrated approach simplifies the user experience and opens up new opportunities for cross-selling and customer loyalty. As the demand for digital solutions grows, super apps could become essential in reshaping the future of European banking.