Equitas SFB plans a super app

In an interaction with Moneycontrol, Murali Vaidyanathan, the bank’s Senior President and Country Head for branch banking liabilities, products & wealth said that the bank is in the advanced stages to develop three separate apps as the first step towards its super app plans.

“It will be an app for the merchant ecosystem, where they can link their current accounts and use it for payments. The second will be an insurance app, which will serve as a marketplace for our customers. The third will be for retail in-house customers, as well as those acquired through partnerships,” he said. 

In 15 months, the bank plans to converge these three apps into a single super app, Vaidyanathan said. The lender is also stepping up the use of digital means to source new liabilities for customers, i.e. current accounts and savings accounts (CASA), and for loan origination starting with vehicle financing. 

Value of transactions through digital channels accounts for only 10 percent, and branch banking makes up the rest. Out of the 10 percent, fintech partnerships and in-house digital transactions contribute 5 percent each.