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New app functionality draws users

Gautam Sinha, CEO – LTFLOW at LoanTap Financial Technologies and Sasidhar Thumuluri, MD & CEO, Sub-K Impact Solutions speak about the evolution of the mobile apps of their companies:

Manoj Agrawal: What services in your mobile app are most popular today, and in comparison, what services were most popular 1 year ago?

Gautam Sinha: Covid forced many people to use their existing bank applications for their transactions and other services for the first time. Now even after the pandemic many continue to use those apps which has given way for many new digital lending providers to launch their apps in the market. Small ticket size quick loan services have seen a great jump with people becoming financially open and digitally sound. Following the trend, LoanTap app has also seen a huge jump of about 200% in the number of active monthly user using our services. Personal loan being the most availed services among many product offerings that we have.

Sasidhar Thumuluri: Last year we had only pay EMI options in the Sub-K Pay app which was quite popular among the MFI customers. This year we have added more services like EMI tracker, payment history check and download e-receipts,  which are showing enough amount of traction among the customers.

What could be the reason for the change?

Gautam Sinha: With digitization and easy access to internet, most brands have now made themselves available on consumers mobile devices. With so many options available, visibility becomes one of the important choosing criteria for the consumer. Also, the pandemic forced users to try out mobile services app for the first time and many still stick to it due to the easy and comfort that it provides.

Sasidhar Thumuluri: Since the app had only one service earlier so the daily engagement rate of the customers were too low so by adding new services we have increased our daily active customers by 47%.

What other services are rising fast in your mobile app?

Gautam Sinha: There has been a rise in fintech apps. Anything that once required people to go out or even make a phone call, can now be done with just simple tap on an app. The concept of a unified super app has also driven most brand to include maximum services in a single platform. And as consumer use more of these new fintech apps the need to consolidate their finances has given rise to demand of new wealth management apps. LoanTap is also planning on launching a new wealth management using RBI’s account aggregator service.

Sasidhar Thumuluri: Recently we have added a new service for customers to download the e-receipts of their monthly EMI payments for an individual or the group directly through our app which has shown a highest traction when compared with other new services.

What new technologies have you recently added to your mobile app? What new technologies are you eying seriously?

Gautam Sinha: LoanTap is one of the first NBFC to uses RBI approved Account Aggregators to facilitate a safe and seamless process for a credit eligibility check of the customer. With a completely safe and secure lending process, anyone may get cash at any moment without the hassle of physical documents. This also opens up way for product personalization that given a brand an edge against the competition. In a crowd of so many me-too apps, someone giving a personalized experience will always attract more customer and also help retain them in the long run.

Sasidhar Thumuluri: Our frontend is Android, back-end is Java and the service is AWS lambda.

Who are the earlier and newer IT vendors who are supporting your mobile app evolution?

Sasidhar Thumuluri: We have an internal IT team in our organization who are constantly working closely with us since the launch of our app.

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