Scope of Fintech Bank within the Bank
– Savings Product: This would be a low balance product with key features like fully digital on-boarding, digital payments capabilities (IMPS / NEFT / RTGS / UPI), debit card, NO cheques, 100% online servicing (like nomination / address change etc). Customers should also be handled in the branches (why not?).
– Term Deposit / Recurring Deposit: This should be a cross-sell product completely online from opening to closure.
– Personal Loans: This would be independent as well as cross sell product with fully digital on-boarding (including KYC / Credit Review / Loan Dibursement), 100% online servicing.
– Partnership with Fintechs for originating Saving Accounts, Loans and complimentary Payment products.
Next part will have details of the platforms to be setup.