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Huawei’s AppGallery Achieves 160% Growth Rate of Financial Apps in 3 Months

In the past three months alone, AppGallery has seen a growth rate of financial apps of around 160%. AppGallery has been growing rapidly

In the past three months alone, AppGallery has seen a growth rate of financial apps of around 160%. AppGallery has been growing rapidly as it pushes to onboard more financial partners and attract banking apps from different regions.

In particular, the app marketplace is seeing strong demand coming from users looking for apps that allow users to manage their finances with their local banks and financial institutions. The goal, it said, is to establish a wide catalogue of apps that caters to the varied needs of its global audience.

Huawei is allocating resources to help accelerate this growth, including the US$10 million Finance Partnership Growth & Innovation Fund that will go towards partnerships with financial apps developers and innovation projects, and its US$1 billion developer incentive program Shining-Star.

Speaking with Siri Borsum, global vice president of the finance vertical for Huawei Mobile Services, at Huawei Consumer Business Group, intech influencer, best-selling author, and entrepreneur Brett King said that mobile phones have dramatically helped improve financial inclusion over the past decade, allowing for innovative services like M-Pesa to emerge.

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To enable developers to build these apps that can serve emerging markets, Huawei has developed fully open Chip-Device-Cloud capabilities that help to accelerate app experience innovation, and includes functions directly related to financial services such as identity authorisation and secure payments, as well as state-of-the-art technology such as artificial intelligence and machine learning.

Banking 4.0

On the future of banking, King said the industry was heading towards what he refers to as the Bank 4.0 era, where banking becomes embedded, ubiquitous and frictionless.

“The biggest shift between Bank 3.0 [which revolves around mobile], and 4.0 is that we move from a world of product design that we put on multiple channels … to the 4.0 world, where it’s now about software-based experiences,” King said. “So we strip away the product features that are unnecessary and we just get into the core utility of the bank [which are]: the ability to safely store money, the ability to pay for things or safely move money, and the ability to access credit when you need it.”

Banking 4.0 is also about leveraging data to deliver the right service to the right customer at the right time, King said, noting that technological advances and hyper-connectivity will allow financial companies to better understand their customers and offer them the right product when that product is needed.

“In the past, we had all kinds of products, for example, in credit, there are credit cards, car loans, travel loans, mortgages,” King said. “In the future, it will be like ‘what do you need the credit for? What is the context of your request? What can you afford?’ and now I can give you access to credit in real-time.