In less than two months after its launch, NiyoX, a wealth plus savings account powered by digital banking fintech Niyo, has onboarded 100,000 customers. The importance and necessity of having a digital savings account have grown massively at a time when more than 80 per cent of the country is under lockdown-like limitations. By FY21-22, NiyoX expects to have onboarded 2 million customers.
Along with the savings account, the NiyoX account gives you access to a full wealth management suite, including zero commission mutual funds, the ability to track all of your investments in one place, robo advisory, and a feature that analyses your investments, savings, and expenses.
NiyoX has received 90 per cent of its sign-ups from the country's working millennial population, which is dispersed throughout 9000 pin codes. Customers can invest in mutual funds with as little as Rs 100, in addition to banking transactions.
According to Vinay Bagri, Niyo’s Cofounder and CEO, said, “It has been our constant endeavour to enhance customer experience by offering advanced services and features in the most user-friendly manner. Digital banking is the need of the hour and it is redefining the way financial services are perceived in India. ”
Niyo has launched NiyoX, the first neo-banking platform to go live in India, in collaboration with Equitas Small Finance Bank and Visa. NiyoX accounts come with a VISA Platinum Debit Card, a 7 per cent interest rate on account balances, and no minimum account balance need.
Virender Bisht, Niyo’s Co-Founder, and CTO said, “The pandemic has also triggered traditional banking customers in India to now switch to digital banks for the convenience, simplicity, advanced features and prompt support that NiyoX provides. We plan to introduce several market first products in the coming quarters. Niyo will maintain pole position in this rapidly expanding market.”
