Singapore-headquartered Fintech Company Atlantis launches digital bank, Neo-Bank for Gen Z, and millennials in India focusing on the USD 15.7 billion global millennial banking industry.
The financial value of millennials to the banking system is expected to surge around 80 percent in upcoming five years as compared to the current revenue.
Neo banking is an online concept where there would be no physical branches of a bank and all financial transactions would work on a digital platform only.
Atlantis believes that customer-first intelligent systems and design will lead the future of neo-banking in a few years. The company aspires to play a pivotal role by offering ‘self-driven finance’ to its customers with a smart, rapid, and convenient platform with an initial focus on India and South-East Asia.
Considering the population of over 10 million youth in India, the company believes that market adoption for their platform can be massive especially among metros and tier-1 cities of the country.
“With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings. Neo-Bank understands their relationship with money and will help them manage their finances hassle-free,” said Vineet Jain, COO India, Neo-Bank.
The bank is aiming to sign up not over 3,000 users in the initial phase of first three months as it is interested to create a personalised experience for each of its users. Presently, Atlantis accepts a new user either through a waitlist or via an invite from an existing member only. The company claimed that it already has more than 5,000 customers in the waitlist. It also stated that they will be launching a transaction banking and lifestyle business for teens shortly.