Niyo partners with Equitas Small Finance Bank to

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 ~

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.

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 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.

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 its 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 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.

Tushar Verma, Business Head - NiyoX adds, “We are not only excited to launch this mobile first banking in partnership with Equitas Small Finance Bank, but also eager to see how millennials receive and interact with the product. We've curated this product keeping Millennials in mind and will be bringing in a lot of amazing features in the future versions.”

Equitas Small Finance Bank Limited launches

Equitas Small Finance Bank Limited launches Video KYC Account

 ·       Convert a selfie KYC to a full KYC Account by the Bank
·         Remotely verify and collect documents of the customer
·         Complete the KYC with assistance of Artificial intelligence

Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), becomes one of the leading banks in the country to launch video KYC account.

This is a web application designed to conduct a remote verification process through a video call. The video call has to be triggered from the Relationship Executive’s domain and the recording for the video call will be stored as well. The customer has to submit their Aadhaar and pan details on the video call for bank to verify.

The Bank has revamped its mobile bank app to deliver most of the services over the app itself.  Further work is on to roll in remaining services also over the app.  With this, any person anywhere in the country can open a savings account with Equitas Small Finance Bank, complete the full KYC through video with the Bank employee and start enjoying the benefit of high quality Do It Yourself (DIY) service as well as the better interest rates offered by Equitas on its Savings Account balances. 

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited, said, “Equitas SFB has always provided a better experience for its customers. Today, Equitas SFB is bringing in a new digital banking experience to its customers, the new video KYC account is a step forward towards our vision. This will ensure contact less, no branch visit and hassle free account opening and transactions for customers.”

The Video KYC Process:

·         Customer receives SMS

·         Fills form before VKYC

·         Customer starts or schedules

·         Agent panel is able to see & interact with the customer video & customer’s location.

·         Random questions are asked from the customer to check liveliness of the person

·         Customer’s Aadhaar details are confirmed during the Video call with previously submitted documents while opening the selfe account

·         Wet signature is collected from the user by asking the user to switch the camera from front to rear and signing on a white paper

·         Customers are asked to submit the PAN card through the rear camera. The process can be extended to additional images to be collected if required

·         In real time, text is extracted from the PAN Card.

·         Facial recognition is done on the image captured during the video call with the image as per the document in banking records.

·         Agent/Maker gives a final verdict depending on the individual activities.

·         Customer is also asked for a debit card / cheque book confirmation for issuance request to be taken on the same video call. Communication address is also verified on the video call

·         The checker(s) can access this transaction by logging in their panel which will list all the available transactions.

·         Checker & Reviewer is able to see all the documents including the video recording & captured data in both textual & visual format (also in PDF format)

·         In addition to checker, Concurrent audit of the whole process is completed & application moves forward for the customer.

·         Rejection can be turned into a retry SMS with reason for rejection.

Requirements for Video KYC

·         Aadhaar details and PAN Card

·         Uninterrupted data connectivity

·         Ample light & a clear background

·         Clear view of the customer’s face

·         Smart phone with GPS

·         Compatible browser

·         Pen & White paper for Signature

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.

Equitas Small Finance Bank Limited Gold Loans helping

EQUITAS SMALL FINANCE BANK LIMITED

Equitas Small Finance Bank Limited Gold Loans helping
to meet customers’ financial requirements

 Gold loans offered at an interest rate of 12% pa for agriculture and at 14% pa for others

Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), is offering gold loan to customers to meet their cash requirements.

With an aim to provide best service to the customers, [the gold loan is processed through easy documentation and instant cash. NACH repayment is also available for this product.

Loans secured by gold jewellery of customers, repayable by monthly instalments or interest modes scheme rather than on one-time repayment basis only. Average ticket size of loans is in the range of Rs. 30,000 to Rs. 4 million. The maximum loan tenure for any scheme is 24 months.

Customers can avail this loan by visiting a nearest branch of Equitas SFB. Customers availing gold loans can repay through EMIs and Equitas SFB also offers overdraft facility in this product.

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited, said, “Equitas SFB aims  to offer best in class products for its existing as well as prospective customers. We believe in India gold loan is one of the segments in loan products which is likely to witness growth in the coming times. It generally helps the customers to meet their urgent financial requirement. The gold loan market is further expected to grow at a CAGR of approximately [10% over the next three years to Rs. 3.8 trillion by Fiscal 2022. Stable demand and initiatives to increase awareness are expected to help the industry grow moderately along with geographic diversification and rising interest from the northern, western and eastern regions.”

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. 

These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.

Equitas Small Finance Bank undertakes several initiatives

Equitas Small Finance Bank undertakes several initiatives to help the Nation fight COVID-19

• Distributes and sets up umbrellas for these ‘Janta Warriors’
• Launches digital banking services like Selfe FDs and Selfe savings accounts

Equitas Small Finance Bank, India’s largest Small Finance Bank has undertaken several initiatives to help the nation in its fight against the COVID 19 pandemic. The bank has extended a helping hand to the ‘Janta Warriors’, the real lockdown heroes, our Police force of the country who have been fighting for the safety and security of citizens across the country.

The company distributed and set up umbrellas for these ‘Janta Warriors’ who have been standing strong and fighting for our safety, symbolizing an arc of safety and care. It is because of these heroes that the country is able to stand tall and fight back.

With an aim of providing care and inclusive growth for a better tomorrow, Equitas Small Finance bank promises to stand by the Nation in its quest to overcome this pandemic with the best of its services being provided. Additionally, the Bank has also been distributing groceries, masks and hand washes to those in need across the country to ensure they stay safe and healthy.

Keeping in mind the current and immediate need of its customers, the bank has also started various digital banking services like Selfe FDs and Selfe savings accounts where customers are self - empowered and can use their Mobile and Internet Banking for the swift access of banking transactions. Adhering to the social distancing norm, a customer can continue his / her banking transactions digitally in a more convenient and accessible manner.