Traditional BFSI companies ready to launch super apps for financial services

Traditional banking and financial services companies like Angel One, Muthoot Fincorp, and Aditya Birla Capital are developing a one-stop app for all financial services. They are partnering with fintech startups or creating their platforms for the app.

Aditya Birla launched its omnichannel D2C platform, Aditya Birla Capital Digital, last month. It offers 22 financial services, like UPI payments, bill payments and digital transactions, loans and investments, portfolio consolidators, personal finance, and expense management tracking tools.

Muthoot Fincorp One, launched in August 2023, offers gold and MSME loans, insurance, utility and loan payment options, and investment products like digital gold and non-convertible debentures (NCDs). 

The Angel One superapp is in beta testing and offers online trading, and investment options in direct mutual funds, NCDs, and sovereign gold bonds.

Recently, Tata Neu’s C-Suite has been upgraded. The company plans to revamp Neu super app, improve Neu Pass, and introduce new financial products.