Shivalik Small Finance Bank ties up fintech infra firm Falcon to offer digital products

Shivalik Small Finance Bank has announced its partnership with fintech infrastructure company Falcon to offer virtual products like digital fixed deposits for its consumers.

Falcon enables banks and technology companies to develop futuristic and industry-first financial products such as fully digital and instant digital FDs and savings accounts, among other upcoming product lines, a statement said.

Shivalik's next-gen platform, powered by Falcon's technology, drastically minimizes the cost and time required for product launches by the bank and its partners.

Anshul Swami, Managing Director of Shivalik Small Finance Bank, said in the statement, ''We have a strong ambition of becoming one of the fastest growing and most innovative digital-first banks in India. We want to add over a million new savings within 2-3 years.'' He said the launch of the ''revolutionary neo-banking stack'' will help the bank build operational efficiencies, introduce innovative product lines with faster go-to-market time, and scale to the next level.

''Our partnership with Shivalik Small Finance Bank, a visionary in digital-first strategy, is a significant step in our shared journey towards shaping the future of finance. We are confident that banks like Shivalik will pave the path to India's banking revolution and we're excited to propel that growth,'' said Priyanka Kanwar, Falcon's co-founder and CEO.

Forecasts suggest India's retail credit, commercial credit, and deposits will multiply manifold this decade, highlighting vast growth potential, the statement stated.

The bank's seamless digital savings account, supporting various KYC methods, facilitates unique applications.

With this partnership, the two companies expect to witness a strong step towards not only the much-needed innovation in the digital banking space but also towards financial inclusion and the making of the new Bharat, it stated.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)