Users get access to a new-age savings account and money management tools with features that help them to know their money, grow their money and organize their funds.
Fi, neobank for salaried millennials, has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes. The neobank comes with a purpose to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently.
Founded in 2019, the neo bank offers an interactive, personalized, and transparent digital banking experience, wherein users get access to a new-age savings account and money management tools with features that help them to know their money, grow their money and organize their funds. The company claims to aim to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.
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 customer needs, understands their wants, and gently nudges them to achieve their money aspirations. Fi’s design minimises friction for the digital-first generation. With the Fi app, users will earn rewards for saving money as well.
Fi’s unique features include:
o AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks
o Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms
o Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions
o Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed
o Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits
o Smart Statements: A simple, visual statement of the user’s money
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, after collaborating with many fintech companies for API, gold loans, microfinance and many other products and services.