Founded in 2019 by Suman Gandham and Sudheer Maram, the Bengaluru-based startup aims to provide a transparent, delightful, and hassle-free neobanking experience focussed on enabling a user to manage, save and invest their money in a smarter and simpler way. Finin is bringing to the country a consumer-facing savings-driven neobank that will marry various concepts of wealth management apps in the Fintech landscape today.
Finin has partnered with SBM India as their banking partner to issue a savings account that can be opened in under 2 minutes and a VISA powered debit card equipped with smart card management features.
The Neobanking Shift
There is a shift taking place in the way people do banking, with a majority adopting digital and other channels to reduce their dependence on brick-and-mortar banks, thanks to the pandemic. However this does not imply that banks close their branches. Instead, they cut the size of branches and most transactions move outside, leaving only the bigger ones to take place inside branches. With the impact of the pandemic being visible on traditional bank branches, the situation has proved to be very positive for Fintech companies.
It is believed that this shift will be permanent due to its convenience. We are moving into a scenario where the paper work reduces and all data is instantly stored in an organised manner, making it easy for Fintech companies, banks and non banking financial companies (NBFCs) to provide their services easily. As the world moves forward digitally, it’s high time banking got digital too!
What does going digital entail for banks?
The digital, technology-led platform includes an intuitive, AI-driven customer experience and increased responsiveness. ‘Digital’ happens to be an umbrella term for banking that utilises various smart technologies. There are various types of banking such as API banking, Open banking and Neobanking.
Neobanking is emerging to be very successful by offering a host of benefits for a tech-savvy audience. This is a change wrought by mutual dependence banks who want to get a foothold in the digital revolution taking place and customers who are going digital at a rapid pace for all their needs and wants.
How does this personalized and intelligent banking impact traditional branch banking?
It is a known fact that intuitive and hyper-personalized features and recommendations tailored and customized to each individual can take any product or features to a whole new level. Neobanks are utilizing this strategy to offer financial products and services for customers based on their lifestyle. This is a very holistic approach toward improving customers’ financial wellbeing.
Neobanks have played a momentous role in bringing about this digital revolution to banking by introducing branchless banking. From unchallenging account openings to investments, neobanks provide various offerings that have created seamless and hyper-personalized banking experience without the need to establish a physical presence.
Making banking accessible for the younger, tech-savvy generation
India’s millennials account for 36% of the Indian population, which happens to be the largest in the world. This population is known for being tech-savvy, digitally literate, young professionals. They are also known to be technology evangelists who heavily rely on various apps for fulfilling most of their requirements including banking.
Especially since 90% of the population are smartphone users, it has facilitated access to a rapid expanding range of digitally delivered services through apps. Digital-first banks or neobanks are services that target the entirety of this mobile-first generation as well as wide consumer bases by incorporating AI and intelligent, personalized recommendation.
What do we think?
Finin can help you save up enough while living your life comfortably. With features such as budgeting, goal setting and hyper-personalized experience we’re aiming to build an outstanding Neobank in India.
With the aim of making India a more financially literate country, we work towards helping you start managing your finances better as well as aid you to save more without having to make drastic changes to your lifestyle. We offer multiple services to help you make smart financial decisions as well as make it convenient and take banking onto a completely digital platform. It’s not too late to move to a neobank.