Here’s how neobanks are permanently changing the Indian financial sector

CXOToday gave an exclusive interview to Mr. Finny Jose K, CEO and Founder of Neofam Trapeza, a neo-banking platform that strives to provide a solution to the underserved class.

  • Tell us about Neofam and your main goal within the company. With what mission and what objectives was the company created? In short, tell us about your journey since the creation of the company.

Neofam is a mobile application neobank for the average middle-class family integrating the latest technologies, using AI and an intuitive interface to offer users a single platform for a wide variety of banking instruments. Our mission is to make banking a user-friendly experience for everyone, not a luxury. Unlike other banks that focus primarily on the working family member, Neofam provides banking services to all family members while making banking a very convenient experience for everyone.

I had deep experience in the fintech industry as a former director of a leading fintech company, and I was driven to build a company that works towards financial inclusion. I wanted to build a team that could help me achieve this goal and that’s how Neofam started. From the beginning, this passion for financial inclusion has allowed me to pursue my goal. Bringing his idea to life has sometimes required personal sacrifice and faced great difficulties, but I know the results are worth it. Working with the technical team and the creative team, and brainstorming strategies, I found that the importance of sticking to a schedule cannot be underestimated. Every day I make sure that the work we do aligns with our vision and for that I have a weekly action plan with scheduled meetings, we are now working on increasing our customer base so far we have a waiting list of 2 lakh+ customers that we are targeting to get those high numbers.

  • What impact do you think Neofam is having on the FinTech sector in India?

For the FinTech sector to grow, companies that focus on all industry sectors are needed, such as Neofam, which focuses on the blood engines of the economy, such as the middle class.

  • What are Neofam’s offers and how does it differ from other fintech players in the sector?

Other FinTech players currently have higher reach but serve a limited subset of privileged users. Although accessible to a large clientele, they do not favor segmentation. Scalability is difficult and nearly impossible. Banks’ digital banking apps make banking easier, but more so for power users. Neofam is specifically designed for the largest segment of Indian society and is scalable as investment parallels user growth. Due to the target segment, accessibility and ease of use of the product, Neofam has a clear advantage over its competitors.

  • Who is your target audience and how do you plan to help them?

As a society, we have grown accustomed to the convenience of online banking, and a significant portion of that society is made up of the middle class. The main objective of Neobank as an institute is to respond specifically to the needs of the middle class. All Neobank services have been designed in such a way as to facilitate the whole process of online banking for the middle class.

  • How does Neofam attract top tech talent?

Neofam is one of the new budding apps in the market with a unique concept. As FinTech is a fast growing industry and the industry of the future, working with Neofam will provide these people with the opportunity to explore this area, improve their skills and gain a deeper understanding of it. Our work culture is also quite flexible, we offer our employees great career development opportunities and a collaborative workspace.

  • What do you see as the future of neo banking in India?

Neo banking is a unique business strategy for the banking industry from a competition and customer engagement perspective.

To help their customers, banks will need to offer better and more adaptable services. Neo Banks is the solution because it must, among other things, assist its clients in budgeting, decision-making and money management.

  • Finally, what is the best advice you have received, and what advice would you give?

“Whatever you do, give 100% and don’t give up” is advice I believe in. and you have mundane tasks, it’s hard to stay motivated. Starting something is easy for everyone and there’s no limit to the number of good ideas people can have, but persistence is needed to see something big come to fruition. However, if you do it with all your heart and efficiency, you will get the best results and learn that learning is never wasted.

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