Former BankBazaar and IndusInd Bank top executive, Jitin Bhasin is all set to embark on an entrepreneurial journey with a new banking start-up SaveIN. Bhasin started the new venture with Gaurav Luthra, founder of WhatsApp Life, and Anurag Verma, EY Hong Kong’s top executive who worked with the Dutch Bank. Jitin Bhasin, the founder of SaveIN was the Managing Director of RupeeRedee, a digital loan start-up that led India’s operations.
Besides, he has been the Head of Digital NBFC’s FinFriends since 2017. He recently left the company. Bhasin said in the discussion that they are trying to create a complete digital banking experience for the customers and added that they are already in talks with multiple banks for a partnership model.
Neo Bank is a digital banking platform that offers all the basic banking services such as account opening, credit, and insurance, but without a branch-led model. Start-ups usually work with a bank to offer these services to users. These types of fintech companies offer a wide range of services such as fast account opening, mobile deposits, digital debit cards, credit and digital payments in addition to the usual physical network burden.
Unlike countries like Singapore and Hong Kong, India does not offer any neo banking license. But start-ups are partnering with various banks to create a digital banking experience for customers. SaveIN negotiates a partnership with a scheduled commercial bank and offers a savings bank account, debit card, and credit card to customers. The SaveIN platform will also open other basic banking services fully digitally so that users do not have to visit any physical bank branches for their banking operations.
Jitin has revealed that the company wants to launch the product as early as next year. On the product side, they are going to launch a financial health score, which will be much stronger than the basic credit score used by creditors for consumer evaluation, Jitin Bhasin added.
