TALA Philippines is looking to improve its financial products and add new features and benefits to the Tala Wallet as it looks to attract more users to tap its app.
“The way we used to do things, whether it’s talking to our customers, being where our customers are, or the typical loan products, that definitely needs to change, even the way we build and use the wallets,” Tala Philippines Global Customer Experience Operations Iona Iñigo-Mayo said in a media roundtable on Thursday.
“And I think you might see that already in other companies and Tala is just about to innovate there. But definitely, where we will innovate is particular to our target market. We will definitely focus on our core, which is really the underbanked,” she added.
The Tala Wallet was launched in April this year through a partnership with Union Bank of the Philippines, Inc.’s online lending arm, UnionDigital.
Tala Product Senior Vice-President Nick Norcross earlier said they are targeting to reach one million users by the end of the year.
Ms. Iñigo-Mayo said they are looking to introduce retention and rewards programs for their borrowers in Tala Wallet.
Lowering fees in the app would also help drive usage of the digital wallet, she added.
“Ideal scenario would be we would want our fees to be very competitive, and of course, maybe some retention and rewards programs for our borrowers. That’s something that we are always looking into,” Ms. Iñigo-Mayo said.
She added that the Tala Wallet could also offer installment options soon, as well as longer tenors for its loans.
“We get regular customer insights so we can best determine what the best product feature should be in the order of priorities. So, we regularly do customer insights to be able to serve what they need,” she said.
Tala Philippines will be announcing improvements to its digital wallet within the next two weeks, Ms. Iñigo-Mayo said. — A.M.C. Sy