Singapore Based Fintech – Atlantis Announced the Launch of Neo-Bank In India
Atlantis, a Singapore-based fintech launched its new venture, Neo-Bank, in India to capitalize on growing digital banking interests within new target customer groups that include generation Z and millenials within India and South-east Asia regions. Neo-Bank combines an easy-to-use solution with intelligent algorithms to automate the end-to-end management of finances. Atlantis leverages Big Data and Blockchain along with a unique approach to credit to provide user’s with a more innovative, non-traditional banking process.
Atlantis has also said that it plans to launch a transaction banking business for teenagers. Fintech applications meant to streamline use and access to personal finance needs and goals for millenials and Gen Z have been gaining traction in the global marketplace. Young consumers are largely open to mobile friendly digital-only services today thereby fueling a shift in innovations in this segment.
The company chose India for its Neo-Bank platform because they feel that the projected market adoption for their solution has high potential in India given the digital friendly population of over 10 million youth across metros and the country’s tier-1 cities.
The global millennial banking industry is worth $15.7 billion and this figure is expected to rise by 80% over the next five years claims Atlantis. At a time when there is high scope and interest for new age digital banking initiatives, capitalizing on new markets that have a large underbanked population base is a strategic move that can also ensure a foothold in the region when competition is still not at an all-time high.
Atlantis aims to drive the future of digital banking services in the region with its customer-first systems and is aiming to sign up not more than 3000 users in the first three months. The platform currently accepts new users through a waitlist system or when an invite is sent from an existing member. Atlantis’s vision for the Future of Banking does not rely on brick-and-mortar but focuses on creating tech-based platforms that can ease a user’s access and relationship with their money.
Fintech and the Future of Banking
Atlantis’s Neo-Bank is a good example of a fintech taking a direct route to changing the future of banking in a region. Recently, Standard Chartered Bank of Korea transitioned their services with PayKey in a similar manner. Fintech is gaining momentum in the banking industry and changing how the traditional value chain works. Fintech boosts 24/7 access to banking customers’ needs and offers services that are available as they need it, via the most used digital channels like social media, the internet, etc enabling banks to better meet their end user’s needs.