In many emerging markets, super apps are transforming how people access essential services. These multifunctional platforms, offering everything from transportation to financial services within a single ecosystem, are redefining daily life.
Stephen is chief technology and product officer at inDrive
At Gitex Dubai 2024, Mark Walker, the editorial director of The Fintech Times, sat down with Stephen Kruger, the chief technology and product officer of ride-hailing giant inDrive, to explore the transformative potential of super apps.
Kruger, a seasoned techpreneur with a background in computer science and biochemistry, has a fascinating career journey, which has taken him from research roles at Sun Microsystems and Xerox to leading engineering teams at industry giants like Grab and Careem.
“If you want to build a super app, I’m your guy, and I’ve built up a lot of ride hailing knowledge on that journey,” Kruger quipped, underscoring his extensive experience in navigating the complexities of transitioning ride-hailing businesses into comprehensive super apps.
Unique platforms
Reflecting on the rise of super apps, Kruger highlighted the unique advantages these platforms offer in emerging markets, where a ‘leapfrog effect’ can propel innovation.
“Emerging markets seem to be where it is at for innovation at the moment, and especially in the realm of super apps, given the fact that you can take advantage in these emerging colonies where apps can grow,” he explained.
Kruger delved into the cultural transformation required for a company to successfully transition into a super app, explaining the need to shift from a single-product focus to a multi-faceted growth strategy.
“This is not just adding another button on the app. There’s this whole cultural transformation that has to happen, where your growth now comes from multiple areas, and how you drive it,” he said.
Strategic acquisitions
Our discussion also explored the strategic decisions behind the acquisition of ride-hailing apps in different markets, a common trend among super app pioneers.
Kruger shed light on Careem’s unique position, being fully owned by Uber and serving as an experimental platform for the super app model. “Uber basically took over Careem, and now we’re competing with Uber in all our markets. It’s a strange situation, and I didn’t really understand why,” he revealed.
Tackling regulatory issues, particularly the challenges posed by know your customer (KYC) requirements, also emerged as a key focus. Kruger highlighted ride-hailing companies’ advantages, having already established robust KYC processes for their drivers.
“We generally KYC our drivers just on the safety end. So half of our customers are already ready for these financial services. So it’s on the customer side where the big challenge exists,” he explained.
Gig economy
The conversation then turned to the opportunities for super apps to cater to the specific needs of the gig economy, leveraging their existing infrastructure and customer relationships.
Kruger touched on the potential to provide tailored financial services to this underserved segment, such as loans and remittances.
“The opportunities are there for this whole class of gig economy workers, the banks will wake up at some point in time, but they won’t open them a bank account and don’t even start asking for a mortgage. They ask for traditional things like payslips and bank statement that this modern world just doesn’t do,” he said.
Moving forward
Looking ahead, Kruger envisions a future where AI-powered personas replace traditional apps, allowing users to interact with digital services in a more seamless and intuitive way. He explained how this shift could eliminate the need for user interfaces entirely, with smart agents handling routine tasks effortlessly.
“I believe the future is agents. I mean, it’s smart agents interacting with each other. So I won’t have an inDrive app, I’ll have a personal assistant that knows things about me – my credit card numbers, my home address. After work, I typically get a taxi home, and it will talk to the inDrive agent, and the taxi will just be there when I need it,” Kruger explained.
He expanded on the potential of these AI-driven personas: “These agents would know everything – vehicle classes, points of interest, pricing – and they would figure out my preferences, like whether I want comfort or economy. And if I’m hungry, I could say, ‘I want my usual poke bowl by the time I’m at the hotel,’ and the agents would handle it.”
Kruger described user interfaces as a ‘compromise’ of current technology. “Our UIs are the best we can do today, but ultimately, smart agents will free us from interacting with technology in the way we do now. The future of AI is smart agents, not apps,” he said.
The post Unlocking the Super App Potential: inDrive’s Kruger Shares Insights on the Future of Fintech appeared first on The Fintech Times.
{Categories} _Category: Takes{/Categories}
{URL}https://thefintechtimes.com/unlocking-the-super-app-potential-indrives-ctp-cpo-shares-insights-on-the-future-of-fintech/{/URL}
{Author}Mark Walker{/Author}
{Image}https://thefintechtimes.com/wp-content/uploads/2024/10/kruger.jpg{/Image}
{Keywords}Industry voices,Middle East & Africa,Trending{/Keywords}
{Source}POV{/Source}
{Thumb}{/Thumb}