Now get an instant savings account, equipped with a debit card, in less than 3 minutes
Fi, a neobank for working millennials, has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in less than 3 minutes. The goal of the neobank is to help people manage their money better and create a smart banking layer that helps millennials understand their money, save more, and spend smart.
Founded in 2019, the neo-bank offers an interactive, personalized and transparent digital banking experience, in which users have 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 fund. The company claims to aim to help a consumer’s financial journey beyond digital payments to other services – insurance, loans and investment opportunities.
Sujith Narayanan, CEO and Co-Founder of Fi, commenting on the launch, said: “It’s a proposition that reinvents the way digital millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money-sucking journey, enabling them to simplify finances and demystify savings. Fi delivers cutting-edge technology and data science to deliver actionable insights that empower users to take control and do more with their finances. We look forward to providing a unique, personalized, flexible and transparent banking experience and building long-term customer relationships. “
The app listens to customers’ needs, understands their needs and gently pushes them to achieve their financial aspirations. Fi’s design minimizes friction for the first digital generation. With the Fi app, users will also earn rewards for saving money.
Unique features of Fi include:
o AskFi: a smart financial assistant who answers financial questions, provides nudges, reminders and is authorized to perform money-related tasks
Adjustment Rules: Automatically record, pay or set reminders based on external events, triggers and user conditions
o Stash: A flexible deposit product that earns higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions
o Pay Protocol: No need to choose between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed
o Money-Plant: based on the principle of “choice” and rewards for better financial habits
o Smart Statements: a simple visual statement of the user’s money
Shalini Warrier, Executive Director, COO and Business Leader – Retail, Federal Bank, says, “The whole proposition brings together the best of what both entities have to offer. The seamless customer experience through the app is complemented by Federal Bank’s stability, security, and technological prowess. We are convinced that the employed millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to customers ”. The bank also claims to have been at the forefront of digital innovation in banking, having worked with many fintech companies for APIs, gold lending, microfinance and many other products and services.