Tag: cto niyo

The gaining popularity of digital banking services among millennials can be witnessed from the fact that over 82% customers of NiyoX are below 35 years of age. The convenience and accessibility provided by such products holds increased importance among this population thus making them the early adopters.

Niyo is seeing tremendous traction among the millennial population with one NiyoX digital savings account being opened every 30 seconds. This has led to the digital banking fintech on-boarding 500,000 customers within 150 days of its launch.

“At Niyo we are committed to making banking simple while adding value to the users are every step i.e. On-boarding, transactions, fund transfers, chat besides our popular 007 offering. This is just the beginning as we add more features and products to delight our users. Half a million accounts is a humbling milestone and motivates us to work harder to ensure great banking experience for all.” said, Vinay Bagri, Co-founder, CEO, Niyo.

Since its launch, NiyoX has seen more than one crore transactions. With more than 50% of the transactions on the app being done via UPI, highlights the growing demand of the payment option among the digitally-savvy millennials. According to NiyoX, the top categories where customers spend the most include food delivery, ecommerce and entertainment.

The top 5 cities with maximum customer base for NiyoX are Delhi, Mumbai, Kolkata, Hyderabad and Bangalore. 35% of the customers on-boarded NiyoX for its industry-high 7%* p.a. interest rate feature, followed by 25% customers who were driven by the 2-in-1 account facility as well as the ease of banking provided by the platform.

“The demand for a safer, better and faster banking experience is now more than ever and we at Niyo are trying to fulfil just that. We have tried to create a power-packed product with multiple features to provide a seamless banking experience to our customers. Our product lives up to the promise of instant digital on boarding with customers being on-boarded as fast as under 100 seconds,” adds, Virender Bisht, Co-founder, CTO Niyo,

20% of the millennial customers joined the platform for its 0% Commission on mutual funds and zero balance savings account features.