Niyo digital banking fintech has 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.
Fifty five per cent respondents said that they would switch banks for rewards & offers and 45% would switch banks for better interest rates.
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.
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 upto7% interest on account balances said, Niyo’s Co-founder and CEO Vinay Bagri.“
Amid the COVID-19 pandemic, millennials have become more cautious with their spends.
To meet their requirements,” he added.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.”