1. Digital Accounts - WishList of Capabilities
Challenger Banks Mantra
(a) Simplicity –Paperless onboarding; Instant delivery of financial product and options to close anytime
(b) Control Over Finances – Personalized control over finances (User created Dashboards ; graphs; geo- tagging)
(c) Transparency of Fees – No complicated fees and charges
(d) Innovative Features -
(e) Personalization – Customer modifications to suit user
Manage Your
Own Money
(i) User created partitioning of accounts eg. Venmo calls it “Pots”, Revolut calls “Vault”, Starling – “Space”.
Summary of individual partitions basis category (with color coding), Time – (daily, weekly, monthly), Geo location
(i) “Round Up” or “Spare Change“ feature for saving in these partitions
(ii) User created rules for automatic splitting of incoming credits in these partitions
Tracking Your
Spends and
Savings Goals
(i) Spends Summary – Merchant wise, Category wise, Location wise (geo tagging)
(ii) Innovative Notifications – Over spending, Over limit notification basis user set rules, Saving Goals
(i) No charges for basic features
(ii) No FX Markup for purchase transactions only exchange rate charges (Forex cards will become obsolete in future)
(iii) Loans – No processing fees, No OD fees, No early payment charges
(iv) Early Cut Break up fees
(i) Complete Digital Onboarding | Instant Delivery of Financial Products | 27 X 7 Prompt customer support
(ii) Instant Closure Possible – No questions asked
(i) Split Bill and Share – Venmo, Monzo, Revolut | Txns exportable in other Apps – Monzo, Revolut | Other app Sync
(ii) Energy Switch, Current Account switch – Monzo | Travel Tips, International Travel Report – Monzo |
(i) User made account partitioning | Financial Goal Setting | Choose Debit card Design | Card Controls
(ii) Choose App Icon and App design preferences
(iii) Personalized offers as per usage
Easy Step in &
Step Out
Manage
Your
Account
Transparency
of Fees
Unique
Offerings
Tailor
Made