Neobanks – Innovative Words http://innovativewords.com/ Fri, 07 Jan 2022 03:25:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://innovativewords.com/wp-content/uploads/2021/04/default.png Neobanks – Innovative Words http://innovativewords.com/ 32 32 Former Office of the Currency Ombudsman’s Comptroller Writes About Banks Developing Fairer Business Model That “Wipes Out Fees Completely” in New Blavity.com Article https://innovativewords.com/former-office-of-the-currency-ombudsmans-comptroller-writes-about-banks-developing-fairer-business-model-that-wipes-out-fees-completely-in-new-blavity-com-article/ Thu, 06 Jan 2022 17:20:00 +0000 https://innovativewords.com/former-office-of-the-currency-ombudsmans-comptroller-writes-about-banks-developing-fairer-business-model-that-wipes-out-fees-completely-in-new-blavity-com-article/ An article by financial expert Sam Golden explains how Fair Neobank founder Khalid Parekh aims to help resolve economic disparities through wealth-building opportunities HOUSTON, January 6, 2022 / PRNewswire-PRWeb / – Sam Golden a recent article in Blavity magazine (https://blavity.com/for-most-americans-getting-rid-of-burdensome-bank-fees-would-be-a-welcome-relief?category1=opinion) explains the problem with bank charges and how the member-driven Fair Bank delivers solutions to […]]]>

An article by financial expert Sam Golden explains how Fair Neobank founder Khalid Parekh aims to help resolve economic disparities through wealth-building opportunities

HOUSTON, January 6, 2022 / PRNewswire-PRWeb / – Sam Golden a recent article in Blavity magazine (https://blavity.com/for-most-americans-getting-rid-of-burdensome-bank-fees-would-be-a-welcome-relief?category1=opinion) explains the problem with bank charges and how the member-driven Fair Bank delivers solutions to underserved communities who typically pay excessive fees or even are completely excluded from traditional banking services.

Golden also explains how mission-driven neobanks like Fair strive to make real change for the better. In his article on Blavity, he writes: “Imagine for a moment if banks developed a fairer business model that eliminated fees completely. It is far from impossible. In fact, I am proud to be associated with a financial institution which has just launched this year, Fair is a neobank which offers a new model of management of personal banking services: a transparent membership which amortizes several times. This membership model can save consumers thousands of dollars in fees, millions of dollars of money making ends meet. “

Samuel Doré is an independent member of the board of directors of Fair Fintech, Inc. and was ombudsman in the office of the Comptroller of the Currency from 1992 to 2008.

Sam Golden hits the nail on the head in his new article on Blavity, ”says Fair founder and CEO neobank Khalid Parek. “He points out that Americans are paying over $ 1 billion a month in overdraft fees, a huge amount of money that could instead be used to pay for their basic necessities during this difficult time. In response, Fair is proud to ‘offer a model membership that can save Americans thousands of dollars over decades. “

Parekh also lists other ways in which Fair is designed to help meet underserved populations by offering:

  • A new feature of wealth building investing that can yield annual dividends of up to 4%

  • Transparent membership with no overdraft fees, no minimum balance and no additional fees in a network of over 55,000 ATMs

  • International money transfers for members at no additional cost

  • Debit cards for children included in subscription

“The original idea of ​​the founder and CEO Khalid Parek, Fair’s business model was created to help alleviate the bewildering banking challenges Parekh faced when he emigrated to the United States over 20 years ago, as well as to meet traditional halal requirements. You see, in halal banking, an account should not charge or earn interest. Instead, Fair pays dividends to members, a form of profit sharing based on the assets generated by investing their mutual funds, ”Golden writes in Blavity.

Mr. Golden holds a bachelor’s degree in business administration, with a concentration in banking and finance, from the University of North Texas. He obtained a certificate from the Graduate School of Banking of the South at Louisiana State University. He frequently speaks on banking, banking supervision and regulatory issues at industry conferences, professional association meetings and awareness sessions.

Membership is available at bankwithfair.com and the Fair mobile app can be downloaded from the Apple App Store and the Google Play Store. Membership in the salon can be completed with a social security number or government-issued identification, such as a passport or valid driver’s license. Memberships are $ 69 a year or $ 6.99 a month. Fair also offers a lifetime membership for a one-time fee of $ 99 up to December 31, 2021.

ABOUT THE FAIR
Fair is an ethical and socially responsible neobank and digital financial services platform. Fair offers halal-certified and membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to the values ​​that put people before profit, socially responsible investing (SRI), environmental, social and corporate governance (ESG) investment is fair and is halal certified by the AAOIFI. Fair donates 2.5% of its profits to global refugee causes and racial economic empowerment initiatives. Fair banking services are provided by Coastal Community Bank, member of the FDIC.
Investment and retirement services will be provided by Fair Invest, LLC.

The general conditions apply and can be viewed at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.

Disclaimer:
Investment and loan products are provided by Fair Invest, LLC, an investment advisory firm registered with the Securities and Exchange Commission. Custody and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/) and of the ISDR (http: //www.sipc.org/).

Please note that these products are:

Protected by SIPC insurance for Fair Invest, LLC accounts on the APEX platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $ 500,000, with a maximum of $ 250,000 for cash claims. For more details, see http://www.sipc.org

Media contact

Peter Schwartz, Fair, 520-609-2921, peter@jibeconsultants.com

SOURCE Lounge

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Even Financial Appoints Industry Veteran Andrew Naoum as Senior Vice President of Sales https://innovativewords.com/even-financial-appoints-industry-veteran-andrew-naoum-as-senior-vice-president-of-sales/ Tue, 04 Jan 2022 17:15:00 +0000 https://innovativewords.com/even-financial-appoints-industry-veteran-andrew-naoum-as-senior-vice-president-of-sales/ NEW YORK, January 4, 2022 / PRNewswire / – Even Financial (“Even”), the leading integrated financial marketplace in its category, today announced that André Naoum joined the management team as Senior Vice President of Sales. Andrew Naoum, Sales SVP Naoum, who has over a decade of leading sales experience at companies like Taboola, Button and […]]]>

NEW YORK, January 4, 2022 / PRNewswire / – Even Financial (“Even”), the leading integrated financial marketplace in its category, today announced that André Naoum joined the management team as Senior Vice President of Sales.

Andrew Naoum, Sales SVP

Naoum, who has over a decade of leading sales experience at companies like Taboola, Button and EvolutionIQ, will be responsible for leading Even’s high performing sales teams, with the goals of exceeding expectations by income and marry day to day execution with long term goals. Even connects consumers with real-time personalized financial product recommendations from leading vendors, through any consumer touchpoint through its integrated marketplace technology (including loans, insurance, savings, credit cards, etc.). credit, etc.).

“We are delighted to bring André Naoum as the new senior vice president of sales, ”said Philippe Rosen, founder and CEO of Even. “Andrew has been immersed in advertising, marketing and SaaS for over a decade, and will provide quality leadership, expertise and strategy to the Even team for years to come.”

After obtaining his MBA from George Washington University School of Business in 2009, Naoum began his career co-founding NewsLook, a syndicated professional video content platform serving content creators and editors.

Naoum then joined the Taboola team where he worked for six years, culminating as Sales and Account Management Manager, Americas. He continued his career as Vice President of Sales and Partnerships at Button, where he helped evolve the company’s SaaS business model, and most recently served as Vice President of Business Development at EvolutionIQ. .

“It’s great to join such an accomplished team at Even, where I look forward to establishing and developing new large-scale business partnerships,” said Naoum. “The incredible boom in integrated finance has shown that businesses need to integrate personalized financial services for their users, from mass media to neobanks to retail. “

Even continued its rapid growth trajectory in 2021, recently overtaking $ 4 billion in credit matched via its API. Earlier this year, Even was named one of Forbes’ America’s Best Startup Employers for 2021 and was named to the Deloitte Technology Fast 500 list for the second year in a row. Even’s growing network includes more than 400 partner financial institutions and 500 distribution partners, covering a wide range of financial services including loans, credit cards, mortgages, savings products and products from Even. assurance.

At December 17, 2021, Even announced its acquisition by MoneyLion, an award-winning mobile banking and finance membership platform that empowers people to take control of their finances. The acquisition accelerates MoneyLion’s mission to provide comprehensive financial access and advice to hard-working Americans.

About Even Financial

Founded in 2014, Even digitally connects and connects consumers with real-time personalized financial product recommendations from banks, insurance companies, and fintech companies on mobile apps, websites and other touchpoints. with consumers through its market technology. Even’s infrastructure leverages machine learning and advanced data science to solve a significant problem in acquiring financial services customers, seamlessly connecting financial service providers (such as SoFi) and channel partners (such as TransUnion) through its industry-leading API and integrated financial markets. Even allows any business to add financial products to their business, with full compliance and security at scale. Even was named one of Forbes’ ‘America’s Best Startup Employers’ for 2021 and ranked in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the world’s fastest growing technology companies. Find out more at www.evenfinancial.com

CONTACT:
media@evenfinancial.com

(PRNewsfoto / Even Financial)

(PRNewsfoto / Even Financial)

Cision

Cision

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SOURCE Even Financial, Inc.

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5 digital services that have changed the face of banking https://innovativewords.com/5-digital-services-that-have-changed-the-face-of-banking/ Sun, 02 Jan 2022 06:07:15 +0000 https://innovativewords.com/5-digital-services-that-have-changed-the-face-of-banking/ Banks have always been at the forefront of the digital revolution. Internet banking services became a reality as early as the 1990s. Mobile banking was possible in the early 2000s. The past two decades have seen several digital innovations that have made banking services more accessible to customers. Fintech applications and platforms have just added […]]]>

Banks have always been at the forefront of the digital revolution. Internet banking services became a reality as early as the 1990s. Mobile banking was possible in the early 2000s. The past two decades have seen several digital innovations that have made banking services more accessible to customers. Fintech applications and platforms have just added to the convenience of customers.

The Covid pandemic has pushed the banking ecosystem to quickly embrace digitization. We take a look at the digital technologies that have transformed the way we do our banking. To learn more about the initiatives, click here.

Banks have always been at the forefront of the digital revolution. Internet banking services became a reality as early as the 1990s. Mobile banking was possible in the early 2000s. The past two decades have seen several digital innovations that have made banking services more accessible to customers. Fintech applications and platforms have just added to the convenience of customers.

The Covid pandemic has pushed the banking ecosystem to quickly embrace digitization. We take a look at the digital technologies that have transformed the way we do our banking.

Digital KYC

The Know Your Customer (KYC) process has become digitized and faster with the approval of Video KYC by the Reserve Bank of India (RBI) in January 2020. With the approval of Digital KYC by the RBI, fintech companies can onboard customers faster and branch visits reduced to a minimum.

AI-enabled chatbots

Nowadays, all banks and lending institutions use chatbots with artificial intelligence (AI) to communicate with consumers. Chatbots can converse with millions of consumers for a fraction of the cost of human customer support agents. With technological advances, bots are able to handle increasingly complex requests. This ability has seen significant improvement.

Neo Banks

Neo-banks operate only online and lack the legacy of physical branch networks. They are also called online banks, digital banks, virtual banks, and internet-only banks. Technology allows these banks to reach more customers at a lower cost. As platforms, their main function is the digital distribution of financial services.

Banking API

Application programming interfaces or APIs have transformed the banks of physical institutions into digital-only or digital-first institutions. Customers want to be able to do more with their apps, whether it’s making payments, learning about certain bills, or tracking their money and API banking makes that possible, as the services and products can “communicate” with each other and benefit from each other. data and functionality. This means faster and more efficient operation.

Self-service banking

Even though bank branches returned to normal in 2021, customers who switched to digital during the pandemic continue to use digital services for the sake of convenience and security. While bank branches will remain a vital part of the mix, the transformation to advisory service will see a similar push. In addition, micro branch or shared branch resources may gain popularity.

The overall adoption and experience of these new digital processes has been well accepted by consumers and has become the norm rather than the exception. One thing is for sure, the way we do our banking will never be the same again.

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The great revolution that Bizum is preparing for 2022 https://innovativewords.com/the-great-revolution-that-bizum-is-preparing-for-2022/ Fri, 31 Dec 2021 15:51:14 +0000 https://innovativewords.com/the-great-revolution-that-bizum-is-preparing-for-2022/ It is the most used payment method in Spain and after five years of operation it has reached 20 million users. Now Bizum wants to become free and this is his big challenge for 2022. We all use Bizum, certainly on a daily basis. The comfort, simplicity and immediacy of the service are what convinced […]]]>

It is the most used payment method in Spain and after five years of operation it has reached 20 million users. Now Bizum wants to become free and this is his big challenge for 2022.

We all use Bizum, certainly on a daily basis. The comfort, simplicity and immediacy of the service are what convinced us all. And the fact is that Bizum is done with delinquent friends, which is a historic step.

Making payments to friends, family, or even the store below your house is immediate and easy. Nothing to ask for long account numbers, to put the full name, to fill in the concepts, to put the password according to the coordinate which it touches and to wait a day.

Since Bizum should see your contact list, select the person and send the money. So fast, so easy. And also that dangerous if we do not use it correctly.

Still not benefiting from the benefits of Bizum? We tell you what it is and how it is used and everything you need to know about this mobile payment platform.

Despite the fame and popularity of the app, Its leaders assure that until 2021, they did not have any advantages, i.e. one million euros after nearly a decade of losses. And, being popular and used doesn’t always mean being profitable.

Yet Bizum is exactly where it wanted it to be, with a user base that nearly 20 million users in Spain with 32 member banks and neobanks and with the intention of continuing to innovate for 2022.

Despite the fact that Bizum has been with us for a long time, the payment tool tries to update itself every year, as you well know.

During 2021 we have seen how Bizum created and established the Bizum password to pay residents, in this way we can pay in shops, restaurants and premises through Bizum in an easy way and without the need to card.

Bizum has become the most popular payment system between individuals via mobile phones in Spain. As in any other medium, scams are also possible. What are the procedures to follow to claim?

And the objective they have of the company is to bet on becoming independent in 2022, so we are facing the great Bizum revolution for the next year.

As explained from the StartUp, they are creating an independent application that will not replace the current one from our bank, but will rather be a complement.

The app is currently under construction and the idea is to launch it by 2022.

As they explain, the goal is to expand the possibilities of mobile payment that Bizum currently offers. So in the new app you can create groups for payments and distribute expenses, whether with friends, roommates or as a couple.

In addition to this great leap to become independent, Bizum is also testing the international terrain, since as you currently know, it only operates on national territory.

Bizum and transfers, two valid payment methods but different in their operation. Which is the safest method?

And their expansion plans don’t end there, but the director himself acknowledges that they are studying the implementation of payments and collections for companies, in addition to payment in joint purchases between friends.

To all this we must add that Several municipalities and administrations will start in 2022 to include Bizum as a method of payment when paying certain taxes.

If you do not want to use Bizum or do not agree with any of its conditions, there are other equally valid alternatives. They are the best.

At present, it is known that the Provincial Council of Gipuzkoa will integrate this payment gateway in its new policies in order to achieve its objectives of security and saving time in bureaucratic procedures.

In this way, Bizum stands out from the rest of the free options that we already see on the market, which copy its features to present themselves little by little. And while they are very useful, few are as comprehensive as Bizum or have the support of so many banks.

As you can see, those of us who use the Bizum free instant payment app are lucky because in 2022 the tool is going to become more comprehensive. Ease of payments is one of the big milestones for fintech companies and the reason for their success.

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[Tech50] How FamPay Helps Educate Kids About Finances https://innovativewords.com/tech50-how-fampay-helps-educate-kids-about-finances/ Thu, 30 Dec 2021 03:35:15 +0000 https://innovativewords.com/tech50-how-fampay-helps-educate-kids-about-finances/ As young engineering graduates, Sambhav Jain and Kush Taneja were often tasked by family members to book online – either plane or movie tickets, or grocery orders and take out on platforms such as Swiggy and BigBasket. They remember their parents sitting next to them during this process, their debit or credit cards in hand, […]]]>

As young engineering graduates, Sambhav Jain and Kush Taneja were often tasked by family members to book online – either plane or movie tickets, or grocery orders and take out on platforms such as Swiggy and BigBasket. They remember their parents sitting next to them during this process, their debit or credit cards in hand, or having to call them to get OTPs (one-time passwords).

After conversations with friends and teenagers, the duo soon realized that most parents had enlisted the to help of their children to help them transact online, even if they did not have their own online banking credentials. Also, as they reflected on this dichotomy, many of their friends were interviewing for jobs and when the topic of money was brought up they realized that young adults in India were not equipped to have conversations about money.

This helped them to arrive at the basic framework of FamPay – a fintech startup that gives teenagers under 18 the power to assert their own financial independence through an app and a debit card.

“Our goal was to help kids understand how money works and what financial planning means,” say the founders.

The FamPay product suite includes a application reserved for adolescents under the age of 18, which generates a physical and a virtual card which can be used like any other map on all platforms. Children do not have to depend on their parents for OTPs and can plan their purchases by saving for them.

The startup, which currently has around two million users, was selected within the framework of YourStory Tech50 cohort for the large market it caters to – nearly 40% of India are young adults under the age of 18, and its first-mover advantage in space.

How it works

Once the user has registered with the application, a virtual card is generated for them. This virtual card can be used like a regular debit card on all online retail platforms. For offline payments, a request can be issued for the physical counterpart of the virtual card.

Startup allows users to Personalize their cards to their liking – such as choosing a name to display on their card, or selecting an avatar from a range of options offered, and making it more individualized and more representative of their personality.

FamPay aims to leverage the community of children it has on the app to curated brands that specifically target this segment. He explored chords with brands for teenagers to activate e-commerce on its application platform.

Parents can transfer fixed amounts to their children using the FamPay app, instead of giving them unlimited access to their bank balance, as well as set a monthly budget and track their spending.

FamPay uses Native Android, iOS stack for the mobile application. Its front-end stack consists of React & Next.js using Typescript. The backend uses Django, Postgres, and Redis. For analysis, FamPay uses MixPanel and Metabase.

Revenue and funding

FamPay has so far increased $ 42.7 million in investor financing, including Elevation Capital, Venture Highway, Sequoia and Y Combinator. It currently has over two million users on the platform.

The startup’s turnover is between Rs 5 lakh and Rs 25 lakh.

Its competitors include neobanks such as epiFi, Junio, and Walrus, which are also aimed at adolescents and young adults.

Plan ahead

FamPay said Your story he is currently working on introduction of an e-commerce section on the application that can help teens discover brands that meet their specific needs, whether it’s a clean ingredient skin care business, a mental wellness platform that can help them to manage the stress of exams or an edtech platform.

He added that he will consider playful concepts such as investing, term deposits and other financial services on the app so that its users can understand finance holistically before becoming financially independent.

The global neobank market is expected to grow at a compound annual growth rate (CAGR) of around 46.5% between 2019 and 2026 to reach $ 394.6 billion, from $ 18.6 billion, according to Zion Market Research. With more fintech startups moving towards a full-stack financial services model, FamPay, having the first-mover advantage, is well positioned to capitalize on the opportunity.

Edited by Ramarko Sengupta
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Current VP Marketing talks about building trust with new brand https://innovativewords.com/current-vp-marketing-talks-about-building-trust-with-new-brand/ Tue, 28 Dec 2021 18:11:58 +0000 https://innovativewords.com/current-vp-marketing-talks-about-building-trust-with-new-brand/ Digital trust is the trust that consumers place in the digital channels of their banks. For neobank marketing managers, the first step in building newcomer confidence in the relative market is to increase brand awareness. To this end, neobanks like Running highlight how they differ from the big banks in their advertising campaigns. Current, for […]]]>

Digital trust is the trust that consumers place in the digital channels of their banks. For neobank marketing managers, the first step in building newcomer confidence in the relative market is to increase brand awareness. To this end, neobanks like Running highlight how they differ from the big banks in their advertising campaigns. Current, for example, ran campaigns in New York with the slogan “What do you think we are, a bank?” ”

Insider Intelligence spoke with Adam Hadi, Vice President of Marketing at Current, about how marketing a neobank differs from promoting a traditional bank, how much of a “loyalty” to bank customers can be. double-edged sword ”and how digital was one. of Current’s benefits during the pandemic.

The following has been edited for brevity and clarity.

II: What marketing challenges have you faced in the past year and how have these affected your priorities?

AH: Our challenges weren’t so much related to the pandemic. The pandemic has actually highlighted many advantages as a digital-only bank. During the lockdown, there wasn’t much need for bank branches, in-person banking, and all of the things associated with traditional banks.

As a challenger who has only been in the banking space for a few years, building trust is a huge challenge. Traditional brands like Wells Fargo, Citibank, and chase away have been around for a long time, some for 120 years or more. They have a bad reputation, but there is a sense of security that comes with banking with them. A new brand like us that’s just stepped into space and asking a client who lives on paycheck to paycheck to hand us their next paycheck – that’s a big request, and that requires a high level of trust. Gaining that trust is a challenge that we are always trying to overcome.

II: Fifty percent of your customers are giving you first-time orders in a bank account. Was this a customer segment that you were specifically targeting, or did it happen organically?

AH: It’s intentional. Banking is a very high retention product. You probably have your bank longer than your iPhone, right? It is also good for us to acquire clients when we are their “first date” account. And we have an advantage over the younger generations.

But this high retention in the banking sector is a bit of a double-edged sword. It also means that you have a high bar for someone to change, and it is costly.

On the other hand, however, traditional banks have made it easier to select all customers who do not fit their business model. The clients we select from Bank of America and Wells Fargo are the ones they actively disconnect. They charge these customers what we call a “nuisance fee”. So that sets us up pretty well as well.

Read the full Q&A with Adam Hadi here. For a deeper dive into the thoughts of marketing directors at 10 of the most innovative banks, credit unions, and neobanks in the United States and Canada, read “The Banking CMO report: 10 leaders on priorities, challenges and opportunities.”

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After six months on loan, Sheroes founder explains how difficult it is https://innovativewords.com/after-six-months-on-loan-sheroes-founder-explains-how-difficult-it-is/ Fri, 24 Dec 2021 10:49:00 +0000 https://innovativewords.com/after-six-months-on-loan-sheroes-founder-explains-how-difficult-it-is/ Eight years Sheroes started lending, only to women, through its digital bank called Mahila money Six months ago. Chahal wants to expand this business to an additional 10 million women by 2022. Chahal shares the challenges and how she plans to overcome them in an exclusive interview with Business Insider. Check out our weekly explainers […]]]>
  • Eight years Sheroes started lending, only to women, through its digital bank called Mahila money Six months ago.
  • Chahal wants to expand this business to an additional 10 million women by 2022.
  • Chahal shares the challenges and how she plans to overcome them in an exclusive interview with Business Insider.
  • Check out our weekly explainers on the hottest topics and sign up if you like them.

Delhi-based women-only social network Sheroes now expects to become prominent in the lending arena by offering small business loans to women micro-entrepreneurs in India.

The eight-year-old company set up a new neobank six months ago, called Mahila Money, to provide loans as well as financial services to women. It’s a separate entity, with a separate team, to make it evolve faster with precise focus.

The company currently offers small loans of an average of 50,000 and up to 500,000 to yoga trainers, class teachers, social commerce vendors, beauty salon owners and boutique owners.

Simply put, neobanks are digital-only banks with no physical branches. You can read more about it here.

While founder Sairee Chahal started out with lofty goals, Mahila Money managed to lend to 200 women in the last quarter. She noted that people who borrow from Sheroes’ Mahila Money have never borrowed capital in the formal market before and this is mainly due to the lack of options available to female entrepreneurs.

One of the biggest hurdles in the segment has been a lack of confidence.

“Confidence is a major, major thing. No woman, no one wants someone to land on their doorstep or someone to call their family or loved ones to get their loan paid off, ”Chahal said in an interview.

All the space for small loans has been sullied by unregulated players, many of whom are acting unethically to collect their loans. A problem that worries even the Reserve Bank of India (RBI).

Even those in need of loans have been branded and are often suspicious of legitimate players like Sheroes.

But confidence can put your foot in the door. There are a lot of other challenges along the way.

The traditional loan system leaves out a large part of the Indian population who have no credit score. Women were at the end of this pool because they had no assets or credit scores on which to borrow capital.

Women have to rely on other male family members to complete the loan process as they do not own any assets in their name and this is quite disheartening for them, Chalal explained.

To address this challenge and identify women who are likely to repay loans, Mahila Money examines 100 new data points, including their understanding of the business, behavioral data, social data, transaction data and social capital, added. Chahal.

BI India

It is still a difficult task. Thus, Chahal has partnered with organizations that work closely with these women.

In order to build that trust, Mahila Money has partnered with 60 women-focused organizations – Empower Foundation, Udyam Foundation, Seva Foundation, beauty salon associations – which have nearly one million members. These organizations redirect their members to Mahila Money when needed and also help with the subscription process.

The company aims to connect with 3000-4000 of these organizations, with nearly 10 million members, by the end of 2021. This is in addition to the 22 million women who are registered on the Sheroes app for the employment, entrepreneurship or simply to get involved in a community.

It’s still a huge opportunity. According to a report by the International Finance Corporation, a member of the World Bank, India ranks third in the world for the gender gap in entrepreneurship and lack of capital is one of the main reasons.

Another report released by the McKinsey Global Institute in 2018 added that India can increase its gross domestic product (GDP) by up to 60% by 2025 through the equal participation of women in the labor market. This would require an additional $ 700 billion to $ 7.9 trillion.

Chahal wants to expand this business to an additional 10 million women by 2022, from the current customer base of 200.



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[App Friday] Jupiter offers good neo-banking services but is riddled with problems https://innovativewords.com/app-friday-jupiter-offers-good-neo-banking-services-but-is-riddled-with-problems/ Fri, 24 Dec 2021 00:38:53 +0000 https://innovativewords.com/app-friday-jupiter-offers-good-neo-banking-services-but-is-riddled-with-problems/ Neo-banking startups are using apps to deliver financial services to their users, and this industry is booming in the wake of the pandemic amid increased digitalization. As more and more people become more comfortable with online transactions and gain financial literacy, they are looking for better banking services. This is where the neobanks come in […]]]>

Neo-banking startups are using apps to deliver financial services to their users, and this industry is booming in the wake of the pandemic amid increased digitalization. As more and more people become more comfortable with online transactions and gain financial literacy, they are looking for better banking services. This is where the neobanks come in to fill the void.

“Neobanks have found untapped opportunities in various customer segments, including people living in Level II and III areas as well as digital millennials,” says a PwC report released in September 2021.

To exploit millennials, as well as small and medium-sized businesses, many startups have introduced neobanking and credit disbursement tools. These include the Fi.Money banking solution based in Bengaluru, NIYO SOLUTIONS, which is backed by Prime Venture Partners, and Open led by Suman Gandham.

Another such startup is backed by Sequoia Capital India Jupiter, which was founded by Jitendra Gupta. He founded Citrus Pay and sold it to Prosus-owned PayU for $ 130 million in 2016, which was the biggest fintech release at the time.

After the release, the entrepreneur wanted to do more in the startup ecosystem.

“There was this feeling that I hadn’t created anything big and impactful even after being in the startup ecosystem for 10 years. I felt restless, ”he said Your story in a previous interview.

So, he founded neo-banking startup Jupiter in 2019 and officially launched his fully digital banking app in October this year, having been in beta since June 2021. The app, which primarily targets millennials, currently has over 500,000 downloads with a rating of 4.6 on the Google Play Store.

How it works?

Managed by Amica Financial Technologies Pvt Ltd., Jupiter can be downloaded from the Play Store or the Apple App Store. Once downloaded, the application asks for your phone number linked to your Aadhar card. You will receive an original invitation from Jupiter, which looks like a boarding pass, inviting you to enter the world of Jupiter.

The app also asks for a lot of permissions, including location access, sending and viewing SMS messages and calls, etc.

Jitendra Gupta, founder of Jupiter, has already founded Citrus Pay and sold it to Prosus-owned PayU for $ 130 million in 2016, which was the biggest fintech release at the time.

Jupiter partnered with Federal Bank where a user basically opens an account while using the neobanking app. To open the bank account, the app also has a step for eKYC, where you need to enter your PAN card number and then Aadhar card.

Once these details are verified, the account is activated and starts working almost immediately as claimed by the app. Jupiter has an orange and white user interface, with your name appearing on the highest bar, and has a Christmas greeting since the festival is just around the corner. Jupiter also integrates all of your other bank accounts and reflects your total balance on the top of the screen.

The neo-banking app also almost instantly provides you with a virtual card to make online payments. A physical card can also be ordered, which is delivered in about a week to 10 days.

The app also allows users to take screenshots for security reasons. Depositing money and making payments is also very easy. To deposit money, you just need to click on the deposit money button and it connects it to your other account, which has UPI (Unified Payments Interface) enabled. Payments can be made by clicking on a barcode icon, which continues to move up and down at the bottom center of the screen.

The neo-banking app also almost instantly provides you with a virtual card to make online payments. A physical card can also be ordered, which is delivered in about a week to 10 days.

Your spending is also recorded and divided into different categories, also with some analysis on your spending habits and how much money has been spent.

It also offers ‘hoods’ where you can set different financial goals, such as saving for education or travel. Setting up these jars requires video verification, which this writer was unable to accomplish due to some glitches in the app.

Verdict

Overall, Jupiter is an extremely useful app. It was this writer’s first neobanking experience and things have generally gone well. The best feature of the app is financial analysis, which provides users with information about mutual funds and gold investments, among others.

But Jupiter is not perfect. The app had many issues even when this writer was trying to log in. Sometimes there is a delay and the physical card has not been able to complete a transaction once.

If the app doesn’t open and you don’t have money with you, you can’t make any transactions, making you dependent on other apps, physical bank cards, or cash withdrawals. .

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Global neobanking market and 2021 trends: banking services move to virtual space, supported by rising user adoption rates https://innovativewords.com/global-neobanking-market-and-2021-trends-banking-services-move-to-virtual-space-supported-by-rising-user-adoption-rates/ Thu, 23 Dec 2021 12:01:00 +0000 https://innovativewords.com/global-neobanking-market-and-2021-trends-banking-services-move-to-virtual-space-supported-by-rising-user-adoption-rates/ DUBLIN, December 23, 2021– (BUSINESS WIRE) – The report “Global Neobanking Market and Trends 2021” has been added to ResearchAndMarkets.com offer. The report offers a range of neobank statistics and an assessment of the development of the international neobank market. The publication reveals that the growing adoption of digital tools is likely to further increase […]]]>

DUBLIN, December 23, 2021– (BUSINESS WIRE) – The report “Global Neobanking Market and Trends 2021” has been added to ResearchAndMarkets.com offer.

The report offers a range of neobank statistics and an assessment of the development of the international neobank market. The publication reveals that the growing adoption of digital tools is likely to further increase the adoption rates of Internet-only banks and support the spread of this type of banking around the world.

In the near future, neobanks are expected to experience a boom in the number of users

Neobanks, born of global digitization, will further gain popularity with consumers in various parts of the world. This can be inferred from the pre- and post-pandemic development of the industry: by the end of 2020, the number of digital-only banking institutions had at least quadrupled compared to 2018, and the consumer adoption rate had increased by six percentage points when taking a world average.

Additionally, as people convert their banking transactions to digital, even though they still have their main accounts at traditional banks, many are realizing that challenger banks, coupled with fully online services, are attractive because of better. conditions, as detailed in the report.

European and North American neobanks topped the latest global neobank ranking

Consumers in the European Union are still said to be rather cautious when it comes to choosing a bank and opening an account. In a recent survey cited in the publication, only less than 5% of those surveyed would trust neobanks for their long-term financial well-being, and a slightly larger portion of those surveyed said they had a great deal of confidence in this type of banking. Bank. Nonetheless, the amount of Neobanks is increasing in the region, and the customer base is also increasing, as detailed in the market report.

Additionally, US-based neobanks currently occupy 8 out of 20 spots in the rankings of the world’s leading neobanks, reflecting growing consumer adoption. In the Asia-Pacific region, regulatory implementation is still in the development stage, but some markets, such as Australia and Hong Kong, have already taken serious steps towards banking digitization.

Meanwhile, in Latin America, the number of neobanks has grown by almost 30% per year over the past decade, with Brazil’s NU bank currently the largest in the region by client base, and the country itself. being the regional leader.

Main topics covered:

1. Management summary

2. Global market overview

  • Overview of current Neobanks developments, incl. Pros and Cons, September 2021

  • Top 3 neobanking trends in 2021, January 2021

  • Digital Banking Market Size, USD Billion, 2020 and 2026f

  • Top 20 independent neobanks, by valuation, in billion USD, 2020

  • Top 20 independent neobanks, by user base, in millions, 2020

  • Top 20 Independent Neobanks, by Funding Value, USD Million, 2020

  • Share of retail and corporate banking,% of total digital banking market size, June 2021

  • New banking penetration rate, by type of consumer, in% of consumers of bank accounts and insurance policies, August 2020

  • New banking penetration rate, by type of consumer, in% of consumers of bank accounts and insurance policies, August 2020

  • Share of consumers who use a neobank for the majority of banking transactions, by type of consumer, in% of consumers of bank accounts and insurance policies, August 2020

  • Share of young consumers likely to switch to a banking solution from Google or Apple, in%, January 2021

3. Europe

4. North America

5. Asia-Pacific

6. Latin America

7. Middle East and Africa

Companies mentioned

  • Pleasantly

  • AI Bank

  • Airstar Bank

  • Ant bank

  • Suction

  • Aspire

  • Bank of atoms

  • Following

  • Broxel

  • Bank C6

  • Carbon

  • Carillon

  • Running

  • Dave

  • Digio

  • Flink

  • Fundall

  • Fusion Bank

  • Hello bank

  • Hype

  • Ila Bank

  • Inter

  • Judo bank

  • Bank K

  • Kakao Bank

  • Klar, bank line

  • Livi Bank

  • Mach

  • MasterCard

  • Silver Lion

  • Monzo

  • Mox

  • My bank

  • N26

  • Neo

  • Neon

  • Niyo

  • NU Bank

  • North Oak

  • PagBank

  • PAOB

  • Pay

  • PayTm

  • Pepper

  • Rakuten Bank

  • Rebellion

  • Revolution

  • SoFi

  • Sony Bank

  • Starling bank

  • Stories

  • Tinkoff

  • Tomo

  • By transfer

  • Ouala

  • Neon

  • To improve

  • Valyouz

  • Varo

  • Vexi

  • Wallets.africa

  • WeBank

  • WeLab Bank

  • XW Bank

  • ZA Bank

For more information on this report, visit https://www.researchandmarkets.com/r/amw52u

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for market research reports and international market data. We provide you with the latest data on international and regional markets, key industries, major companies, new products and the latest trends.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211223005232/en/

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British neobank Tide wants to hire 600 technicians and business leaders in Hyderabad and Gurugram https://innovativewords.com/british-neobank-tide-wants-to-hire-600-technicians-and-business-leaders-in-hyderabad-and-gurugram/ Tue, 21 Dec 2021 04:00:00 +0000 https://innovativewords.com/british-neobank-tide-wants-to-hire-600-technicians-and-business-leaders-in-hyderabad-and-gurugram/ The UK-based fintech company looks forward to hiring 600 tech professionals by the end of 2026. Earlier this year in June, the financial services company also announced plans to hire 1,000 people in India. Click here for simple, fun and yet insightful explanations of the latest news developments each week. Tide, a UK-based financial and […]]]>
  • The UK-based fintech company looks forward to hiring 600 tech professionals by the end of 2026.
  • Earlier this year in June, the financial services company also announced plans to hire 1,000 people in India.
  • Click here for simple, fun and yet insightful explanations of the latest news developments each week.

Tide, a UK-based financial and banking services platform, plans to hire 600 tech professionals by the end of 2026 for its office in Hyderabad, which is the company’s technology hub in India. .

The neobank ⁠— which operates in partnership with RBL Bank in India ⁠— needs 300 engineers, with particular emphasis on backend engineers in Java and Python, in various roles. She is also looking for experts in data science and Flutter.

Founded in 2015 and launched in 2017, fintech – valued at $ 650 million ⁠ – will include training and hiring new graduates from institutes like Indian Institutes of Technology (IIT), National Institute of Technology (NIT ) through an “internship to hire”. program.

Interns who successfully complete the program will be offered a full-time opportunity.

What is the tide? What does it do?
A digital financial and banking services platform with its Indian headquarters in Hyderabad and Gurgaon. Provides commercial accounts, related banking services and administrative solutions to small and medium-sized enterprises (SMEs)

Earlier this year in June, the financial services company also announced plans to hire 1,000 people in India. “So out of 1,000, 200 have already been hired and overall we have a team of over 350 today in India,” Gurjodhpal Singh, CEO of Tide (India) told Business Insider.

Along with tech professionals, the company will also hire people of different company profiles for their Gurugram office, which is the business center of the company. He added, “In addition to technicians, we are also actively recruiting sales teams and sales roles. So that’s another aspect of the 1,000 employees we’re looking to hire.

Asked how the company will fund the new hiring plans, he said, “We raised a decent Series C earlier this year. So these two things together put us in a position where we can now invest in new growth and that is what we intend to do. Our growth journey will also be focused on growth in terms of revenue and market share. All of this will be used to invest in a larger team and create a more robust product. “

Total funding raised to date Key investors Key Competitors
$ 195.2 million Source: Crunchbase Augmentum Fintech, Apax Digital, Passion Capital and SBI Group InstantPay, Open, Revolut etc.

In an interview with Business Insider, Singh also mentioned aggressive growth plans in India over the next five years, but didn’t reveal many details. He said: “We have aggressive growth plans for the next 5 years. Considering that India has 10% of global SMEs, our aspiration is to impact 25% of the global SME base through Tide. . “At the same time, we are also going to expand our product presence across the country, outside of Delhi and Hyderabad with our banking partner (RBL Bank). We are a very open and agile organization and we would be willing to relocate to other cities in India if needed. But for now, that’s the plan, ”Singh said.

SEE ALSO:
Bank of Baroda is looking for at least 52 engineers in Mumbai and Hyderabad to improve app, user experience and quality

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