Banks are sprucing up their mobile apps with virtual marketplaces of discounted products and services, in order to retain them and in the process gain insights into their shopping preferences. These lenders allow customers to access e-commerce websites such as Amazon and Flipkart through their in-house apps and avail of discounts. Experts believe that such super apps would help banks track and analyze the spending patterns of their customers and cross-sell more products. Kotak Mahindra Bank app’s KayMall section guides users to travel and hotel bookings, e-commerce websites for grocery, fashion, appliances and electronics, and magazine subscriptions. “Over 80% of our customers are mobile banking active, meaning they have used the mobile banking app at least once in the past 60 days.

Source: Mint July 11, 2021 19:18 UTC