How super apps could change mobile marketing landscape
Banks and financial services providers both are focusing on super apps. While banks like SBI and ICICI are already having super apps under their fold, other banks like Kotak Mahindra are planning to launch it shortly
Mumbai: App is a very commonly used word in today's life, but have you also heard of Super App? Well, super apps are those apps which provide a range of services at one place, which include banking, payments shopping and even investments.
Banks and financial services providers both are focusing on super apps. While banks like SBI and ICICI are already having super apps under their fold, other banks like Kotak Mahindra are planning to launch it shortly.
Private sector lender, Kotak Mahindra Bank is working on offering a super app to its customers with a range of services including banking, payments shopping, investments all under one app.
Kotak launched 'KayMall' a few years ago, on its app, to enable frictionless payments for high-frequency transaction categories like shopping, travel, hotels and magazine subscription. KayMall is a one-stop online mall for all a customer's shopping and travel needs. KayMall app allows customers to book flights, bus tickets and hotel rooms from Goibibo, it also allows to book train tickets from IRCTC. Customers can shop online from Flipkart and Amazon.in and avail attractive offers. Via KayMall, customers can also subscribe to magazines via Indiamags.
The bank has recently announced the launch of the 'Pay Your Contact' feature on KMBL's mobile banking app that uses the Unified Payments Interface platform and allows customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary's mobile number.
Talking to Bizz Buzz, Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, "The concept of super-apps is gaining a lot of popularity amongst customers as it is a one-stop online shop for all a customer's banking, payments, investments and e-commerce needs – be it shopping or travel. Many of our customers use the Kotak mobile banking app for booking flights or train tickets, shopping online and much more."
According to Sharma, "We do believe that a seamless 360-degree experience will strengthen the bank's relationship and engagement with the customer. Today, over 80 per cent of Kotak Mahindra Bank customers are mobile banking active and hence, our aim is to continue to add more services and features such that the Kotak mobile banking app offers an integrated platform to meet our customers every need."
Tata Group has launched 'super app' called Tata Digital super app. The Tata Group plans to bring together all the group's retail companies - Trent, Infinity Retail, Tata Consumer Products, Titan and Voltas – and financial products companies - Tata Capital, Tata Asset Management, Tata AIA, Tata AIG - for powering the super app. Besides, Tata Motors can sell cars, Tata Realty can sell flats, Vistara and Air Asia can sell flight tickets, and Taj Hotel can rent the rooms. However, Tata Digital's super-app launch plan is on hold till there is clarity on the consumer protection rules.
However, some of the big banks already launched super apps to meet your shopping and banking needs. In fact, these banks offer various discounts on different products which varies from time to time. But over and above banking, they are also offering a plethora of other services such as ecommerce shopping on the mobile banking app itself. This is giving customers the convenience of banking, shopping, investing and doing a lot more than one could have imagined just a few years ago. In fact, most of these apps have tied up with several partner apps such as Swiggy, Zomato, Dominos, BookMyShow, Grofers, Bigbasket, Myntra, Tata Sky, Goibibo, Yatra, Make My Trip, among others so don't have to switch between apps
Other large conglomerates would be definitely must be eyeing the 'super app' play to keep the customers within their digital premises, to cross-sell products across categories and get the maximum share of their wallets but for customers bank apps are a saviour. Here are some super apps in the banking space which one cannot miss.
ICICI Bank, launched 'iMobile Pay' - a mobile banking app that provides payments and banking services to customers of any bank. 'iMobile Pay' app offers a unique combination of facilities of a payment app - such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, pay bills and do online recharges among others - with instant banking services namely savings account, investments, loans, credit cards, gift cards, travel cards and much more.
'iMobile Pay' users can also transfer money to any bank account, payment app and digital wallet. The 'Pay to Contacts' feature enables users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app and digital wallet.
HDFC Bank's super app, PayZapp is a complete digital payment and purchase solution from HDFC Bank. It is a one-stop online portal offering customers 'great deals at one place'. Unlike prepaid wallets launched by other non-bank companies, a customer's debit or credit card will be connected to the application and multiple transactions can be carried through the app.
Not only that, a customer can transfer funds, recharge mobile, pay bills, do travel bookings, book movie tickets; and order food, grocery using the app. Users can also apply for loans, purchase insurance and the bank also gives investment advice through the app. Currently, HDFC Bank keeps offering various discounts and offers to its registered users.
Pay your contact: All you need is one app – super app - financial services app - banking, lifestyle, amazon, bb, 1mg, netmeds - 6 new merchants in kaymall, 80 per cent mobile-active, mobile-only (75-80), transfers and payments to amazon, QR code, brand-agnostic unlike Tatas, reward customers, tokenizing card, fastag, future of banking, adding six new brands.
Yono app by State Bank of India is also no different. Some of the prominent offers available on Yono app are from Flipkart, Amazon, Swiggy, Oyo Rooms, BigBasket, FirstCry, Tata CLiQ Pepperfry, RedBus, Ferns & Petals. SBI has recently announced that it is working towards launching the next version of its digital lending platform - Yono. As of March 31, 2021, Yono has over 7.96 crore downloads and about 3.71 crore registrations, according to the bank's annual report for 2020-2021.
The bank has onboarded 40,000 overseas customers on the Yono platform as of end-March 2021, it said. The lender is on course to launch Yono in Singapore, Bahrain, South Africa, and the USA by the end of the financial year 2021-22.