The Union Bank of India has launched ‘Union nxt’, a super app under its digital transformation project “Sambhav.” The bank has informed that it will develop a “digital bank within a bank” and has launched a number of initiatives under this project to improve end-to-end STP (straight-through processing), operational efficiency, and help in minimal clicks with no branch visit.
Rajkiran Rai, Chief Executive Officer of the bank said Bank has embraced and adopted strategy and we are launching multiple products under “Sambhav.” We strive to offer an enhanced experience to our customers. There are many more products in the pipeline.
During the media briefing, Nilesh Ranjan said we have decided to make an investment of Rs 1,000 crore and continue to make more investments in the next year. A large crunch of investment will be this year, and we have collaborated with over 2 dozen companies. Overall, the main objective is to shift 50 percent of business coming from digital by 2025.
