Former Google employees launch neo-bank Fi targeting millennials
Premium- Fi has partnered with Federal Bank for a savings account that users can open in under three minutes
Former Google executives, Sujith Narayanan and Sumit Gwalani, who led the Google Pay development in the country, have launched a neo-bank named Fi.
Fi has partnered with Federal Bank for a savings account that users can open in under three minutes, according to a press release.
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Neo-banks offer banking services in partnership with a traditional bank. They are entirely online without any branches. Typically, they target a problem area and provide solutions for it. For example, many neo-banks in the country offer better expense management and investment solutions using artificial intelligence and machine learning.
A simple way to look at neo-banks is to think of them as traditional banks with better features. They can lower the cost of banking, give customisable solutions, and help in better management of money.
"We are excited to introduce 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," said Sujith Narayanan, CEO and co-founder, Fi.
"Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances," he added.
The banking account comes with a financial assistant, AskFi, that answers financial questions, provides nudges, and is enabled to do money-related tasks.
Users can automate savings or payments and set reminders for them. For example, a user can set a rule to automatically transfer money to someone on the same day every month. It also rewards users for better financial habits.
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1 min read . 10:16 AM ISTBesides Fi, other neo-banks that are already operational in the country include Finin and Niyo. Some of these have partnered with multiple banks to offer different solutions.
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