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Union Bank launches super-app UNION NXT
April 07, 2022
Union Bank of India launched its super-application named UnionNXT and digital transformation project SMBHAV on Wednesday, with an investment outlay of around ₹1,000 crores for this current financial year 2022-23 (FY23). The public sector lender expects recovery from the spending in two years and aims to have 50% of business originating on the digital platform by 2025.
With this, it joins the league of super-applications by large lenders like State Bank of India’s Yono, Bank of Baroda’s Bob world and HDFC Bank’s PayZapp and ICICI Bank’s iMobile.
A banking super-application basically joins a number of services, like payments, online shopping, bill payments, recharges, investments, loans, and fund transfers, on a single platform.
Nitesh Ranjan, leader chief, Union Bank said at present the focus will be on enhancing digital offerings for liabilities, loans, and wealth management. Mumbai-based public sector lenders will expand the ambit of super-application for the marketplace, having the option to use application features to make the acquisition of customer products and services in the next phase. Be that as it may, it didn’t specify a timeline for such an offering for the marketplace.
Referring to tie-ups with fintech, Ranjan said around two dozen entities have cooperated with the bank to develop various applications. The intellectual property rights of applications stay with the bank. At present, there is no plan for the acquisition of fintech to augment internal capacity. While a lot of work has been done inside, the bank will rope in an advisor for digital transformation.
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