Fi, neobank for salaried millennials, has partnered with Federal Bank to challenge an immediate savings account, equipped with a debit card, in below 3 minutes. The neobank comes with a objective to enable people today get far better with dollars and to make an intelligent bank layer that aids millennials comprehend their dollars, save more and invest intelligently.
Founded in 2019, the neo bank gives an interactive, customized, and transparent digital banking practical experience, wherein customers get access to a new-age savings account and dollars management tools with options that enable them to know their dollars, develop their dollars and organize their funds. The corporation claims to aim to help a consumer’s monetary journey beyond digital payments to other services — insurance coverage, lending, and investment possibilities.
Sujith Narayanan, CEO and Cofounder, Fi, commenting on the launch, says, “This is a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Fi offers cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances. We look forward to delivering a first-of-its-kind, personalized, flexible and transparent banking experience and building long-term customer relationships.”
The app listens to buyer demands, understands their desires, and gently nudges them to attain their dollars aspirations. Fi’s design and style minimises friction for the digital-1st generation. With the Fi app, customers will earn rewards for saving dollars as properly.
Fi’s one of a kind options contain:
o AskFi: An intelligent monetary assistant that answers monetary concerns, offers nudges, reminders and is enabled to do dollars-connected tasks
o Fit Rules: Automatically save, spend or set reminders based on external events, triggers and the user’s terms
o Stash: A versatile deposit solution that pays greater interest and enables customers to withdraw dollars at any time. A mixture of RD / FD without the need of the usual restrictions
o Pay Protocol: No more picking involving UPI, NEFT, IMPS or IFS code hunts. All intelligently managed
o Money-Plant: Built on the premise of ‘choice’ and rewards for far better monetary habits
o Smart Statements: A straightforward, visual statement of the user’s dollars
Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank says, “The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank. We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”. The bank also says they have been at the forefront of digital innovation in the banking space, following collaborating with lots of fintech providers for API, gold loans, microfinance and lots of other goods and services.