On December 2, 2020 Bengaluru-based fintech, Finin was launched as India’s 1st full-fledged consumer ‘neobank’. Finin has launched Hyper-personalised SmartBanking platform in partnership with SBM Bank India(i.e. SBM Bank India has become Banking Partner for Finin). The platform helps the users to manage,save and invest their money in a smarter, secured and simpler way.
Key Info
Finin has associated with SBM Bank India 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, has associated with SBM Bank India.
Hyper-Personalised SmartBanking Platform:
General Info
- The platform is designed to empower working professionals, millennials and students alike.
- It enables customers to get instant Personalised Savings Account with a VISA Debit Card.
- Finin breaks its user base into 3 broad umbrellas as Spenders, Savers and Borrowers. The aim is to convert Spenders and Borrowers into Savers and funnel them into the Invest category.
Availability
The app is available on iOS app store and Play Store.
Benefits:
Offers access to financial solutions and a unique customer experience
The app offers access to financial solutions and a unique customer experience using algorithms and AI(Artificial Intelligence) to present Personalised dashboard for the users.
Financial Discipline and timely reminders
The app comes with budgeting and goal management features that assists each and every user to develop financial discipline and in turn financial independence. This enables users to have financial discipline and also offers timely reminders relating to bill payment reminders, etc.,
Allows Linking of Other bank accounts
In order to get a complete view of all the user’s money in one place, the app allows the user to link with other bank accounts.
Block and Unblock Cards
With the card management features, the user can block and unblock cards through tap of a button.
Complete Management power
- The user will have full control to enable and disable the contactless payments, international payments, online transactions and ATM(Automated Teller Machine) withdrawals, when they like.
- Finin uses the 50-30-20 rule to educate every user about their expenditure and how to manage or control them to meet the holy trifecta of financial bliss. This gives all the management power to the user.
Key Info
i.Millennials of India account for 36% of the Indian population, which is the largest in the world.
ii.Finin is India’s first neobanking solution that offers a reimagined banking experience to all its users.
iii.SBM Bank India is the First Foreign bank to receive a banking license from the Reserve Bank of India (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode.
Recent Related News:
On October 15, 2020 Stellapps, an IIT(Indian Institute of Technology) Madras incubated dairy-tech startup and World Economic Forum(WEF)’s technology pioneer launched ‘mooPay’ in Bhilwara district of Rajasthan. The first- of-its-kind fully automated direct payment platform is for dairy farmers in Rajasthan. This platform is one of the Fintech solutions developed by Stellapps for dairy and dairy farmers.
About SBM Bank (India) Limited (SBM Bank India):
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath
Commenced Operations– 1st December 2018
About Finin:
Founded– In 2019
Founder & CEO– Suman Gandham
Co-Founder & Chief Operating Officer(COO)– Sudheer Maram
Headquarters– Bangalore, Karnataka
