Here’s how Neobanks are Changing the Indian finance sector for good
CXOToday has engaged in an exclusive interview with Mr. Finny Jose K, the Chief Executive Officer and Founder of Neofam Trapeza, a neobanking platform striving to provide a solution to the under-served class.
- Tell us about Neofam and your main focus at the company. With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company.
Neofam is a mobile app neobank for the average middle-class family integrating the latest technology, using AI and an intuitive interface to bring users a single platform for a wide variety of banking instruments. Our mission is to make banking an easygoing experience for everyone and not a luxury. In contrast to other banks that emphasize mainly the working member of the family, Neofam provides banking services to everyone in the family while also making banking a very convenient experience for everyone.
I had deep experience in the fin-tech sector as the former director of a leading fintech company, and I was determined to build an endeavor that worked towards financial inclusion. I wanted to build a team that can help me achieve this goal and that’s how Neofam started. Since the beginning, this passion for financial inclusion has kept me driving towards the goal. To bring its idea to life has sometimes required personal sacrifices and facing some great odds, but I know the results are worth it. In working with the technical team and creatives team, and brainstorming on strategies, I have found that the importance of adhering to a schedule cannot be underestimated. Every day I make sure the work we do aligns with our vision and for that, I have a weekly action plan with scheduled meetings we’re now working towards increasing our customer base so far we have a waitlist of 2 lakh+ customers we’re aiming to get those numbers high.
- What impact do you feel Neofam is making in the FinTech sector in India?
For the FinTech sector to expand, companies that concentrate on all sectors of the industry are needed, such as Neofam, which focuses on blood drivers of the economy, such as the middle class.
- What are Neofam’s offerings and how is it different than the other fintech players in the industry?
Other FinTech players currently have a higher reach but serve a limited subset of privileged users. Despite being accessible to a large clientele, they do not prioritize segmentation. Scalability is challenging and nearly impossible. Banks’ digital banking applications make banking simpler, but more so for informed users. Neofam is specifically designed for the largest segment of Indian society and is scalable as investment parallels the growth of users. As a result of the target segment, accessibility, and product usability, Neofam has a clear advantage over its competitors.
- Who is your target audience and how do you intend to help them?
We as a society have gotten very used to the comforts of online banking, and a major chuck of this society is made up of the middle class. The main aim of Neobank as an institute is to tend to the needs of the middle class in specific. All the services of Neobank have been designed in a way to make the entire process of online banking easier for the middle class.
- How is Neofam attracting top tech talent?
Neofam is one of the new budding apps in the market with a unique concept. With FinTech being a fast-growing industry and the industry of the future, working with Neofam will provide these individuals with an opportunity to explore this field, enhance their skills and acquire a deeper understanding of it. Our work culture is also quite flexible, we provide our employees with great career growth opportunities and a collaborative workspace.
- What according to you is the future of neo banking in India?
Neo banking is a unique business strategy for the banking industry from the perspectives of both competition and customer involvement.
To help their customers, banks will need to offer better and more adaptable services. Neo Banks is the solution for it should, among other things, assist its customers in budgeting, decision-making, and money management.
- Finally, what’s the best advice you were given, and what advice you would give?
“Whatever you do, give your 100% and don’t give up” is a piece of advice that I believe in. I feel that in spite of the fact that the work you do isn’t something you enjoy doing, it’s monotonous, and you get mundane tasks, it is difficult to stay motivated. Starting something is easy for everyone and there is no limit to the number of great ideas people can have, but perseverance is necessary to see something significant to completion. However, if you do it with all your heart and efficiency, you’ll see the best results and learn that learning never goes to waste.