Singapore-based Fintech, Atlantis, has introduced a virtual bank in India, which aims to target the global banking market estimated at $15. 7 billion.
The neobank will focus mainly on serving Generation Y Consumers (people born between 1980 and 1996) and Generation Z (born between the 1990s and mid-2000s). The young customer banking sector is expected to grow by nearly 80%. until 2025 and can be valued at more than $27 billion.
Atlantis Control believes that intelligent, customer-centric monetary systems will drive the long-term financial technology and virtual banking.
The company noted that its neobank responses would possibly adapt well to India’s huge young population, which includes many generation experts.
Vineet Jain, the company’s leading officer in India, said:
“With the rapidly evolving generation ecosystem, young consumers are looking for a platform that is more than a position where they can park their savings. [We] perceive your quotes with cash and help you manage your finances [in a way] without complications. .
The bank’s control said it planned to register only about 3,000 users in the first 3 months because it sought to deliver more personalized user experiences.
Currently, the bank allows consumers to register on its waiting list or some potential users would possibly get an invitation from one of the existing members. The company says there are already more than 5,000 consumers on its waiting list.
Atlantis will also offer transactional banking and lifestyle by purchasing groceries for teens, the company confirmed.
Consumer spending in India is particularly declining due to uncertainty similar to COVID-19. UPI and virtual invoices have also declined as blocking measures are loosened across the country.