Shriram Group’s super app by the first quarter of next fiscal year

Chenai: Financial services conglomerate Shriram Group will launch its super app consolidating its services ranging from life insurance to auto loans to mutual fund investments by the first quarter of next fiscal year, senior executives said of the group in Chennai.

Shriram Group currently offers a range of financial services in an omnichannel retail format, which will be consolidated into a single interface in the Super app, titled Shriram One. With the merger of NBFC Shriram City Union and Shriram Transport Finance, the group plans to focus on digital services given the multiplier effect of the combined lending entity Shriram Finance.

“The Super App will be ready by the first quarter of next fiscal year, to offer all of our financial products. It is built entirely in-house,” Shriram Capital Managing Director DV Ravi said. Group executives said that the synergy effect following the merger of NBFC entities Shriram City Union and Shriram Transport provides a unique opportunity for the group to manufacture digital products for Indian customers.

Already, digital interfaces play an important role in the group’s business divisions, with verticals such as two-wheeler lending having a strong digital presence, in terms of product discovery, inquiry and sales. The group is also expanding its digital teams as it develops the super app, adding members to its digital data groups.

Chief digital officer Ajay Thomas John told ET that the group has had several teams within its digital organization working on the app for almost a year now. “Over the past six months, we have been running pilots, testing the digital journeys and improving them. It will be an ongoing process, involving frequent updates,” John said.

While lending is a key feature of the app, among other services payments and rewards would also be features of the app, John said.

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Shriram’s super app plans crumble as the Tata Group ramps up its digital momentum with Tata Digital’s launch of the Tata Neu app, which consolidates product offerings from a range of Tata companies ranging from clothing and from electronic devices to hotels and flights.

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