Why do the overbanked need Fintech?

Like every other English, the term over-banked has its share of meanings:

• It denotes a place with an excessive number of banks.
• It also indicates people with too many bank accounts.

But the true meaning of the word is that your watch is malfunctioning, and you need to get it repaired.

Coming back to the people’s perspective of the overbanked, they are the ones who are financially literate with efficient money management skills. They get the most out of their bank accounts as banks operate on a minimum balance model with numerous benefits for every account category.

In countries like the USA, the overbanked often rely on sites like Mint.com, Personal Capital, or LearnVest to manage all their accounts in one platform. They can oversee and make decisions while having a 360° view of their financial activities.

In fact, one of our customers, Finin, a Bengaluru-based startup and India’s first-ever neo-banking platform, offers the functionality of viewing different bank accounts aboard their platform. They offer account aggregation, bill and subscription management, smart budgeting, and goal-based saving.

With all bank accounts in one place, the app would understand the bill, subscription, and EMI cycle of the consumer and tell you what your future expenses will be. The initiative is to build a savings first consumer-focused neo bank that will collate the many concepts related to wealth management into today’s Fintech scenario.