Niyo partners with Equitas Small Finance Bank to launch NiyoX

Introduces ‘007 Banking’ – 0 maintenance charges, 0 commission mutual funds and 7%* interest on account balance

PUNE:  Niyo, India’s premier digital banking fintech, today announced the launch of Niyo X— a state-of-the-art mobile banking solution for millennials — in partnership with Equitas Small Finance Bank and Visa. With this launch, the company aims to on-board 2M customers by calendar year-end 2021.

Ahead of the launch, Niyo conducted a nationwide survey among 8000 millennials residing in metro and non-metro cities to understand millennial’s banking needs to post Covid-19 pandemic. The study revealed that 70% of Indian millennials are now inclined towards digital banks, especially for convenient customer support.

Interestingly, 55% of respondents said that they would switch banks for rewards & offers and 45% would switch banks for better interest rates. Addressing these needs, the NiyoX comes with industry-best ‘007 banking’ features such as 0% commission on mutual funds investment, ‘0’ account maintenance charges, and up to 7% interest on account balances.

Niyo’s Co-founder and CEO Vinay Bagri said, “As India’s leading digital banking fintech startup, our primary focus is on easing and enhancing customer experience, and the launch of the Niyo X is a testament to our commitment to the digital transformation of the banking space. We are delighted to launch our most ambitious product through our strategic partnership with Equitas SFB where we will provide the best possible savings account combined with a best-in-class investment account, all tied together with Niyo’s usual thought-through and delightful user interface. We are confident that this will become the most sought-after banking product very soon.”

Amid the COVID-19 pandemic, millennials have become more cautious with their spending. Niyo’s study also notes that 60% of millennials track their expenses manually and 84% of millennials would like to know how they can track their expenses with convenience. To meet their requirements, the Niyo app comes with a unique spend and savings analyzer, thus encouraging customers to be prudent with their expenses and inculcate better savings habits.

Vaibhav Joshi, Chief Digital Officer (CDO), Equitas Small Finance Bank said, “Neobanking is the next big thing in Banking. We are happy to partner with Niyo on this path-breaking initiative. The need today is to create use case-driven digital banking products and we aim to do just that with our Neobank & Fintech programs. We have developed an extensive API Banking suite that helps partners like Niyo develop a highly specialized and custom-developed solution for their target audience. We are sure this program will break the shackles of the traditional banking mindset and establish a true Open Banking model.”

Besides the state-of-the-art mobile app, this account comes with a VISA Platinum Debit Card, an industry-high 7%* p.a. interest rate on account balance, and a promise of “zero non-maintenance fees”, making it ideal for the fast-paced lifestyle of today’s aspirational millennial Indian.

NiyoX is also a 2-in-1 account that provides its users access to a full wealth management suite beside the savings account. The comprehensive wealth management suite powered by Niyo Money provides 0 commission mutual funds, a facility to track all your investments in one place, a Robo advisory, and a feature that rounds up your expenses and invests the change. Niyo will soon launch domestic and international stocks on the platform.

Besides NiyoX will bring in a multilayer reward system comprising referral incentives, rewards points, and scratch card-based cashback. This is topped up with some exclusive offers for the users curated by the team.

source https://nrinews24x7.com/niyo-partners-with-equitas-small-finance-bank-to-launch-niyox/?utm_source=rss&utm_medium=rss&utm_campaign=niyo-partners-with-equitas-small-finance-bank-to-launch-niyox

March 29, 2021