Fi, a neobank based in Bengaluru, has announced the launch of its savings account program in collaboration with Federal Bank. The program will allow a savings account to be issued instantly, along with a debit card, in under three minutes.
The neobank was established in 2019 by two ex-Google employees – Sujith Narayanan and Sumit Goswami. The bank targets salaried millennials and helps them understand money better. Its goal is to provide millennials with a one-stop platform for anything financial – be it about financial advice or guidance in spending money wisely or saving more.
Fi takes advantage of the tech-savvy personas and digital-first approach of millennials and offers them a digital banking experience like no other. The neobank presents its clients with access to new-age savings accounts and money management tools that enable them to spend and invest their money accordingly.
While speaking at the launch, Sujith Narayanan, CEO and co-founder of Fi, said that the app was designed to take advantage of modern technology and data science and provide the user with actionable information for better financial management. “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.”
The Fi app is tailor-made for the millennial and every aspect has been carefully thought out for ease-of-access. It understands the user’s needs and requirements and recommends the most suitable action towards achieving the goal.
Some of its features like AskFi, which is a built-in financial assistant, provides financial tips and performs money-related tasks or Fit Rules, which promotes automatic savings and payments. An all-time favourite might be the Pay Protocol feature which does away with having to hunt for UPI, NEFT, IMPS or IFSC codes every time a financial transaction is to be made.
Commenting on the partnership, Shalini Warrier, Executive Director, COO and Business Head – Retail, Federal Bank said that the joint undertaking would ensure that only the best service was provided to the customer. She praised Fi’s state-of-the-art design and said it complimented Federal Bank’s modus operandi. “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.”