Union Bank launches super-app UnionNXT, digital project SMBHAV

Will invest Rs 1,000 cr in FY23; plans to rationalise metro branches as digitisation progresses

Union Bank of India launched its super-app named UnionNXT and digital transformation project SMBHAV on Wednesday, with an investment outlay of around Rs 1,000 crore for the current financial year 2022-23 (FY23). The public sector lender expects recovery from the spending in two years and aims to have 50 per cent business originating on the digital platform by 2025.

With this it joins the league of super-apps by large lenders such as 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-app essentially combines a number of services, such