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We're on a Mission to Change Your Banking Experience

1st Neo-Bank with complete Banking Solutions – Product Portfolio to include – Liability, Assets, Insurance, Investments, and many more. An app-based digital platform for ease of product delivery. Affiliation with Merchants at the local level and engaging them to have larger customer acquisition at the fastest pace makes it the 1st Hybrid Neo-Bank in the country. A gamut of Free Value-Added Services other than Financial Products makes it valuable for Customers and to increase their stickiness with the product.

Financial Inclusion in India

“Overcoming poverty is not a gesture of charity. It is an act of justice. It is the protection of a fundamental human right, the right to dignity and a decent life. While poverty persists, there is no true freedom. Sometimes it falls upon a generation to be great. You can be that great generation. Let your greatness blossom. Of course, the task will not be easy. But not to do this would be a crime against humanity, against which I ask all humanity now to rise up.” – Nelson Mandela

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” – Franklin D. Roosevelt

“Poverty is the worst form of violence.” – Mahatma Gandhi

The Government, the Reserve Bank of India and all regulators are taking all essential efforts to increase Financial inclusion as it is viewed as a critical enabler for reducing extreme poverty and increasing an individual’s economic and productive capability, resulting in a better life.

Financial inclusion may be defined as the process of ensuring universal access to a wide range of financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. These include not only banking products but also other financial services such as insurance and equity products. The essence of financial inclusion is to ensure delivery of financial services which include – bank accounts for savings and transactional purposes, low cost credit for productive, personal and other purposes, financial advisory services, insurance facilities (life and non-life) etc.

A surge in digital innovation has triggered a transformation that has the potential to promote financial inclusion even further. Advancements in technology have led to an epochal shift in how the world functions today. Fintech has catalysed financial inclusion to bring millions into the fold.

The journey so far

  • According to RBI, the value of Annual Financial Inclusion Index for March 2022 stands at 56.4% – this means over 43% of the population of the country is still Financially Excluded.
  • The gender disparity on Financial Inclusion is still over 24%, which means females are still way behind against their male counterparts on Financial Inclusion.
  • India accounts for world’s highest share (48%) of inactive accounts.
  • In FY 20-21, India’s Life Insurance penetration stood at around 3% and Non-Life Insurance Penetration stood at around 1% only.
  • Over One Third of all Indians do not have any Health Insurance Coverage.
  • Less than 3% of Indians have exposure to investment instruments such as Mutual Fund etc.
  • As per RBI, there were only 77 million outstanding credit cards in the country as on Mar 2022.

Hence, in a country like India with an estimated population of around 140 cr, there still exists a huge gap.

Neo Banking

Neo (Greek) stands for “New”. Hence, A Neo-Bank is a New Age Digital Bank that does not have any physical presence at any set location. Today, a broad collection of financial service providers, who primarily target tech-savvy customers, comes under the umbrella of Neo-Banking. Basically, a Neo-Bank is a fintech firm that primarily provides digital and mobile-first services like payments, debit cards, money transfers and lending.

Neo-Banks have made a splash in the fintech industry. Their uniqueness is, they simplify financial services to the point where they meet the expectations of today’s digital generation. They bridge the gap between the services that traditional banks offer and the evolving expectations of new-age customers. They do this by providing personalised experiences, employing data-driven insights and offering value-added services. Their services are also extremely affordable as they do not need to bear the expenses of running any brick & mortar structure to run the business. Also, since they don’t have a physical office in neighbourhoods, consumers can create their accounts from their mobile devices from the comfort of their home. And, given their technology-driven KYC process, the account can be ready in just a couple of minutes.

While traditional banks continue to struggle with bringing their legacy-based infrastructure into the digital age, Neo-Banks leverage its modern digital platforms to analyse customer data and make data-driven decisions. Technological solutions such as Neo-Banks are the way forward for those who meet the minimum prerequisites to access digital services.

Thus, the rise of Neo Banks is forever altering the banking environment in India. 

The Persisting Gap –

  • All existing Neo Banks are completely digital in terms of their entire operations – both customer acquisition and product delivery.
  • Hence, they are heavily dependent on the effects of digital communications only for reaching out to Target Audience.
  • As a result, customer segment and geographies covered are extremely limited.
  • On top of this, all existing players are dealing with a few product lines only, which are more on the asset side – BNPL, NBFC – Credit Cards, etc.
  • These products are highly regulated and are under RBI scanner these days. Also, the eligibility criteria for these products are also extremely selective.
  • The penetration of basic banking products and the speed of expansion into mass (coverage) are lacking to a huge extent.

As a result, The Gap Persists still to a large extent.

Our Vision, Mission & Values

Genie Moneyy’s mission is to be one of the most important catalyst to the Financial Inclusion objective of the country as the largest Hybrid Neo-Bank in the country, reaching out to the mass with highest variety of Banking and Financial Products / services through creation of largest network of intermediaries at the local level.

We have a three-fold objective: 

  1. To be the One Stop Solution for all Basic Banking and Financial Service needs for customers.
  2. To be the most preferred Financial Services provider for target customer segments. 
  3. To achieve healthy and consistent growth in market share and profitability 

Genie Moneyy is committed to maintaining the highest level of Ethical Standards, Professional Integrity, Executional Excellence, Corporate Governance and Compliance. 

Genie Moneyy’s business philosophy is based on five core values: Customer Orientation, Product Innovation, Operational Excellence, People and Partners.

Amiit Roy Chowdhury

Amiit Roy Chowdhury

Founder & CEO

Founder

Founded by a IIM-K allumni and an Ace Banker turned Entrepreneur, who has been in the industry for almost two and a half decades in both Retail Liability and Retail Asset side with two of the largest and finest banks in the country.

In his last banking assignment with HDFC Bank, he was responsible to lead the Financial Inclusion initiatives for Retail Asset products for the Western Zone of the country including the states – of Maharashtra, Madhya Pradesh, Chhattisgarh, and Goa.

He has been walking on his entrepreneurial journey since early 2016 and has been a Serial Entrepreneur. He is a Techno Enthusiast and has been an Angel Investor himself having his interests and investments into domains such as FinTech, EduTech, DeFi, Web3 and Blockchain etc.

With Genie Moneyy, he envisions to propel Financially Exclusive people to become Financially Inclusive and start tasting the beauty, usefulness and convenience of Financial Products and services and also to enhance the smart banking experiences amongst the already privileged ones with path breaking and new age Neo Banking products.

Coming Soon...!

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