Niyo partners with Equitas Small Finance Bank to launch NiyoX. 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 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% 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 upto 7% interest on account balances.
Amid the COVID-19 pandemic, millennials have become more cautious with their spends. Niyo’s study also notes that 60% of millennials track their expenses manually and 84% of millennials would like 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.
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 fee”, 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 besides the savings account. The comprehensive wealth management suite powered by Niyo Money provides 0 commission mutual funds, facility to track all your investments at one place, robo advisory and a feature that rounds up your expenses and invests the change. Niyo will soon launch domestic and internationals stocks on the platform.
Besides NiyoX will bring in a multilayer reward system comprising referral incentive, rewards points and scratch card-based cashback. This is topped up with some exclusive offers for the users curated by the team.
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