Highlights
- Samsung Financial Networks collaborates with a major South Korean bank to launch a mobile banking super app.
- The super app to be based on Monimo, offering money transfers, currency exchange
- Samsung proposes partnership with South Korea’s top five banks.
- Bixby to receive Generative AI enhancements, redefining its capabilities.
Samsung Financial Networks is making strides towards revolutionizing the mobile banking landscape in South Korea through the launch of a groundbreaking super app, in collaboration with a leading South Korean bank.
This initiative marks Samsung’s previous move to carve out a significant presence in the banking sector, leveraging the Monimo platform—a financial services app introduced by Samsung in April 2022.
Samsung’s Super App Vision
Drawing inspiration from the super app model—popularized by China’s WeChat—Samsung aims to consolidate a myriad of financial services within a single, user-friendly application.
Monimo already offers a suite of financial functionalities, including money transfers, foreign currency exchange, along with real estate and car search and price comparison services exclusively in South Korea.
Despite the innovative services offered by Monimo, it faces stiff competition in a market saturated with similar offerings from commercial banks and fintech platforms, leading to a modest user base compared to its rivals.
Recognizing the challenge, Samsung has reached out to South Korea’s top five banks—KB Kookmin, Woori, Shinhan, Hana, and the online-only K Bank—with a proposal to develop a mobile banking super app based on the Monimo platform
Collaborative Efforts and Future Plans
Samsung’s strategy includes partnerships with startups and fintech companies, offering incentives such as investment opportunities and potential joint ventures through Samsung Venture Investment.
This approach not only aims to elevate the capabilities of the proposed super app but also signifies Samsung’s commitment to innovation and collaboration within the financial tech ecosystem.
Bixby’s AI Evolution
In parallel with its foray into mobile banking, Samsung is also setting sights on advancing its digital assistant, Bixby, by integrating Generative AI capabilities.
This development is spearheaded by Won-joon Choi, the executive vice president of Samsung’s mobile business, who envisions a more intelligent and responsive Bixby.
The incorporation of Generative AI and large language model technology into Bixby is poised to redefine its role and functionality, potentially transforming it into a conversational AI chatbot akin to ChatGPT and Google Gemini.
“With the emergence of generative AI and LLM (large language model) technology, I believe that we have to redefine the role of the Bixby so that Bixby could be equipped with Generative AI and become more smarter in the future,” said Won-joon Choi in an interview with CNBC.
While specific details regarding the AI integration into Bixby remain under wraps, Samsung’s commitment to enhancing its digital assistant with generative AI features is clear.
This initiative reflects Samsung’s broader strategy of leveraging cutting-edge technology to improve user experience across its product and service offerings.
FAQs
What is the Samsung Super App?
The Samsung Super App is an ambitious project by Samsung Financial Networks to create a comprehensive mobile banking application. This app aims to consolidate various financial services, including money transfers and foreign currency exchange, into one platform, making it a one-stop solution for users’ banking needs.
How will the Samsung Super App benefit users?
The Samsung Super App is designed to offer convenience by bringing together multiple financial services under one roof. This means users can manage their finances, including money transfers, currency exchanges, and even real estate transactions, without the need to switch between different apps or platforms.
What makes the Samsung Super App different from other banking apps?
Unlike traditional banking apps, the Samsung Super App is based on the Monimo platform and seeks to integrate services beyond basic banking. It positions itself as a super app, akin to China’s WeChat, by offering a wider range of services and aiming to establish a larger user base with its unique features.
How is Bixby being upgraded by Samsung?
Samsung plans to upgrade Bixby by incorporating Generative AI capabilities, aiming to make it a smarter digital assistant. This enhancement is expected to redefine Bixby’s role, allowing it to offer more interactive and responsive assistance to users, similar to advanced AI chatbots like ChatGPT.
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