SBM Bank India today announced the launch of SmartBanking platform in partnership with Finin.

The Bank believes that for the Indian banking sector to expand and touch billions of lives, access to affordable technology-led Banking will play a pivotal role. Towards this endeavour, SBM Bank India has stayed the course and brick by each brick, lego by each lego, built an ecosystem with each #collaboration. Today, SBM Bank India has taken one more step towards this direction – fortifying #smartbanking proposition in collaboration with our Right Partner – Finin.

Founded in 2019 by Suman Gandham and Sudheer Maram, the Finin, Bengaluru-based fintech would offer a novel banking experience, through a mobile first, secured access and hyper personalised platform – to cater to new age customers. 

Towards this, SBM Bank India issues a Savings Account that can be opened instantly and comes with a VISA powered Debit Card equipped with smart card management features.

Commenting on the event, Neeraj Sinha, Head-Retail and Consumer Banking, SBM Bank (India), said, “In sync with our mission of taking Banking to those who need it, and in a manner that they prefer, we are proud to partner with Finin  to launch smart banking. With this, we are further enabling the banking ecosystem in the country and more importantly, play a collaborative role in transforming lives of Indians using easy to access, customised banking solutions.”

Speaking on the launch, Suman Gandham, ex Fintech VC and Founder & CEO, Finin, said, “India is not exactly underbanked, it is in fact overbanked but the infrastructure lacks hyper-personalisation. A hyper-personalised neobanking platform like ours is made with the purpose to bridge gaps using technology and help people develop a better relationship with money by simplifying antiquated banking services.”

The  App is available on iOS Appstore and Play Store. Besides offering access to financial solutions, the app offers a unique customer experience – using algorithms and AI to present personalised dashboard for the users. This assists in cultivating a degree of financial discipline as well as offer timely reminders relating to bill payment reminders, refund, trial subscription cancellation notifications, etc… The notifications system is designed to break down every spend categorically and to reflect under a recognisable merchant label.

“Finin  is a one-stop banking solution that allows users to link all their bank accounts in one place and help them track their transactions simultaneously making it a seamless banking experience. The start-up uses AI to analyse the spending of customers thereby generating reports that give insights on their spending and saving behaviour”, added Suman

The app also allows linking of other bank accounts to get a holistic view of all of a user’s money in one place.  The card management features allow users to block and unblock cards through the tap of a button. Furthermore, a user has full control of enabling and disabling contactless payments, international payments,  online transactions and ATM withdrawals as and when they like, thus giving all the management power to a user.