Finin, a fintech based in Bengaluru said it is now offering a neo-banking platform in partnership with the SBM Bank India. Finin said it will build a consumer-focussed savings first neobank that will ‘marry various concepts of wealth management apps in the fintech landscape today’. To start with, it will issue a savings account that can be opened using an app and a Visa powered debit card. Suman Gandham, founder and CEO of Finin, said a customer can also integrate all his banking accounts at one place via the platform. And using data analytics, AI, and ML, the platform will give the customer hyper-personalized banking services, he added. The firm will launch wealth management services including insurance and mutual funds, in about 6 months followed by disciplined consumer lending. Gandham maintained that India is not exactly underbanked; it is in fact overbanked but the infrastructure lacks hyper-personalization. Among various personalized solutions, Finin will offer account aggregation, bill and subscription management, smart budgeting, and goal-based saving.
