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Decoding banking for the millennials

Managing finances doesn’t come easy to all and to top it all, traditional banking as we know doesn’t make it any easier. By the time you become financially independent and begin to learn the concepts of managing your money, you tend to lose out on the time that could have been utilized to save and invest.

Over the last decade, the financial services industry is shifting towards digital banking to improve customer experience. Paperless banking no longer means just getting a digital copy of your account statement. It involves all aspects of banking, including account opening, account management, access to support, and everything in between that can be automated to create more user-friendly interactions and transactions.

Niyo has built a digital banking platform with NiyoX–in partnership with Equitas Small Finance Bank and VISA–that makes managing finances simpler, safer, and smarter and has more than 10 lakh users across India. NiyoX is a 2-in1 saving and investment bundle through which users can manage their finances conveniently in one place. Here’s how it is leveraging the digital banking space to deliver a seamless banking experience.

The growing number of millennials who have adapted to digital banking look for a seamless banking experience. With NiyoX, we want to decode banking for the millennials and help them take charge of their finances early on. The NiyoX 2-in-1 digital bank account ties both savings and investments into a single app in an easy and intuitive way so the tech-savvy millennials can manage their money 24X7 from anywhere. At the same time, saving and investing to grow your money happen on an integrated platform making it a one-stop banking solution for the millennials.

Speaking of the new age users who want all services right at their fingertips and are always on the go, spending hours visiting a bank and waiting in long lines to fill up confusing forms just to open a bank account was neither feasible nor practical. Millennials want banking transactions to be faster, more secure and deliver a superior and personalized experience comparable with online shopping offered by the retail sector. NiyoX enabled users to do banking from home in a simplest way possible. Let’s find out how:

100% Paperless onboarding

Opening a NiyoX digital bank account is fairly simple and effortless. You don’t have to visit a bank branch or fill out confusing paperwork. Once you register yourself with your mobile number and email address on the NiyoX app, all you need is your Aadhaar number and PAN. NiyoX is a 100% paperless bank account and the entire account opening process is completed online in less than 100 seconds–opening an online savings account has never been this fast!

2-in-1 KYC

Banks are required to verify their users through the Know Your Customer (KYC) process when they open accounts. Users are expected to provide credentials that prove their identity and address. KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.

There are two kinds of KYC: Aadhaar-based or e-KYC and In-Person-Verification (IPV) KYC with biometrics. e-KYC eliminates physical paperwork and can be done online whereas IPV needed in case of regular KYC registration requires either visiting a KYC Registration Agency or calling them to your communication address. 

The KYC process for both is seamlessly integrated within the NiyoX app. There’s no need for additional documentation and KYC biometrics appointment can be booked right within the app. While e-KYC gives you access to limited features of the NiyoX account, a biometric KYC ensures you can enjoy all the benefits of this paperless bank account to the fullest. 

What’s more? The 2-in-1 account has the added benefit of getting KYC done only once and it applies to both your savings as well as your investments account without any tedious paperwork!

Minimal documentation

Banks are highly regulated financial institutions and require their customers to comply with regulatory requirements. This often leads to making photocopies of identification documents and filling out a lot of paperwork such as account opening forms, deposit slips, withdrawal slips, and debit card request forms to name a few. NiyoX takes away the need for all these with its digital onboarding, seamless fund transfers, and UPI integration.

Minimal data entry

Although NiyoX has two accounts within one app–one a savings account and the other a mutual fund investment platform–in partnership with or powered by different entities, creating these accounts doesn’t require you to fill in your details twice. 

Enhanced account management

Since all your transactions are updated on the NiyoX app in real-time, it’s easier to keep tabs on your transactions. The in-app feature to pull out digital copies of your account statement in multiple formats makes it convenient for you to analyze your spendings.  

Automated micro-investing

The Invest the Change feature of NiyoX has simplified and completely automated the entire process of creating a pool of money from every transaction to invest in mutual funds. The process is transparent with real-time updates to reduce your burden.

Scaling fast

The NiyoX app has grown at a fast pace to 10L+ active users since its launch in March 2021, with a new account opening every 30 seconds. With a capability of serving 26000+ pin codes across India, NiyoX aims at providing banking services to users in the farthest corners of the country. NiyoX has turned paperless banking into reality in its true sense.

Experience the sheer brilliance of banking with the NiyoX instant digital savings account and enjoy the benefits of the best interest savings account. 

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