Indian Millennials open one NiyoX account, every 30 seconds
NiyoX records 500,000 customers’ milestone in just 150 days
Delhi, August 25, 2021: NiyoX – a 2-in-1 wealth plus savings account powered by India’s leading digital banking fintech - 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. 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.
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.
NiyoX has also emerged as a popular option among millennials for their investment requirements. According to Niyo’s internal data, the average ticket size of the SIP investments for a NiyoX customer is INR 2000. Small-Cap Funds, ELSS and Index Funds are the most popular mutual fund categories.
Commenting on this achievement, Niyo’s co-founder and CEO Vinay Bagri said, “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.”
Although NiyoX has on-boarded customers from almost all states and union territories in India, the digital banking platform has seen 58% adoption from metro cities as compared to 42% adoption from non-metro cities. 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. 20% of the millennial customers joined the platform for its 0% Commission on mutual funds and zero balance savings account features.
Virender Bisht, Niyo’s co-founder and CTO said, “We have witnessed a tremendous response for our product since the time of its inception. 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. We plan to keep adding multiple layers to this product in the future, thus making NiyoX a one-stop solution for every individuals’ banking needs.”
It is interesting to note that Tuesday’s and Friday’s are the days when Niyo is witnessing the most activity on their platform.
Niyo was the first consumer neo-bank to go live in India with NiyoX - a state-of-the-art mobile banking solution for millennials in partnership with Equitas Small Finance Bank and Visa. NiyoX account provides access to a full wealth management suite besides the savings account. The comprehensive wealth management suite powered by Niyo Money offers zero commission mutual funds, facility to track all your investments at one place, robo advisory and a feature that analyzes your investment, savings and expenses. Niyo will soon launch exciting products like Invest the change, Zero Forex Markup and Salary rewards.