Killer Application

A killer application (also known as a killer app) is a product or service that is so good that it creates a new market or transforms an existing one. The term was first coined in the 1980s to describe the personal computer software program VisiCalc, which was credited with making the personal computer a viable business tool.

Since then, the term has been used to describe a wide variety of products and services, including the iPhone, the iPad, and Google Search. What all killer applications have in common is that they offer a significant improvement over existing products or services, and they are so easy to use that they quickly become indispensable to their users.

Killer applications can have a major impact on the economy. For example, the iPhone and the iPad have created a new market for mobile devices, and Google Search has revolutionized the way people find information online. Killer applications can also disrupt existing industries, as was the case with VisiCalc, which helped to make the personal computer a mainstream business tool.

Not all new products or services are killer applications. In order to be considered a killer application, a product or service must meet a number of criteria. First, it must offer a significant improvement over existing products or services. Second, it must be easy to use. Third, it must be affordable. Fourth, it must be available to a large number of potential users.

If a product or service meets all of these criteria, it has the potential to become a killer application. However, there is no guarantee of success. Even the most promising products and services can fail to catch on with consumers.

The term "killer application" is often used in the context of financial technology (fintech). Fintech companies are developing new products and services that use technology to improve the way people manage their money. Some of these companies are developing killer applications that have the potential to transform the financial services industry.

For example, Square is a fintech company that has developed a mobile payment app that allows users to make payments with their smartphones. Square has been very successful, and it is now used by millions of people around the world.

Another example of a fintech killer application is LendingClub. LendingClub is a peer-to-peer lending platform that allows individuals to lend money to each other. LendingClub has been very successful, and it has issued over $10 billion in loans.

Fintech killer applications have the potential to make a major impact on the financial services industry. They can make it easier for people to manage their money, and they can provide access to financial services that were previously unavailable to many people.