On the back of a positive business outlook, Gokdaldas Exports’ stock hit an all-time high of Rs 505.65 on the BSE in intra-day trade on Wednesday. The company’s stock, which is in the textiles and apparel business, has surpassed its previous high of Rs 488, which it reached on May 5, 2022. It has outpaced the market by 30 percent in the last month, compared to a 4 percent fall in the S&P BSE Sensex.…
Canara Bank, a public sector lender, wants to invest Rs 1,000 crore in a digital banking ecosystem, including a super-app, over the next three years.
Next month, the Bengaluru-based bank will reveal its super app (which has yet to be named). According to K Satyanarayana Raju, managing director of Canara Bank, this would entail upgrading the mobile banking platform with 262 features that mimic branch banking. The super-app is now under beta testing to get input on its functionality and usability.
According to Raju, the institution has already invested nearly Rs 800 crore in the digital eco-system in the last two fiscal years, including mobile banking, data analytics, and technology. A portion of the operating expense reductions has been invested in the digital backbone.
State Bank of India – Yono, Bank of Baroda – Bob World, and Union Bank of India are among the public sector institutions that already have a super app. To deliver a smooth experience, super-apps straddle financial services on the platform. This would mean increasingly more and more customers will skip banking apps for specific activities and use only Super-app.
With the advancement of digitization, a super-app will no longer be a competitive advantage for banking institutions. In reality, it would become a critical pillar in the creation of an omnichannel customer experience.
Last year, the bank established a business analytics vertical with two wings: one for regulatory data analytics and the other for lead generation and data mining of customer data.
In terms of retail lending, the lender is developing an end-to-end digital lending platform, which should be operational by September 2022. According to Raju, the board has already authorised a proposal to invest Rs 200 crore in the development of a digital lending platform.