About Niyo Ideas & Feedback category

Niyo Ideas and Feedback is your kingdom.

It’s a space for you to share ideas you strongly believe in and we’ll try turning them into reality.

It’s a space for you to give us your honest feedback, and we promise to act upon it with the utmost integrity until all your queries are resolved.

3 Likes

Could you please provide with access to Priority Pass Select, or lounge access.

A small rewards structure for the cards. Say a 0.5% rewards will make the card invincible.

1 Like

How about you add the contact less payment feature on the NIyo card.

Overview of the app
What do users want from a neo bank ?
An emulator of all possible banking services which they can use without having to go to a physical bank or use banks’ netbanking web apps

Breakdown of top level features that NiyoX app has as of now
Discovery of transactions
One of the pain points is that the user has to download the statement for a particular time period and go through all the txns when searching for certain transactions. Now, users should be able to filter txns for any time period (* and of any particular merchant ), debit/credit type , amount range, (* any international POS txns)
*Would be nice to have these options as well

Security
Card locking - This enables user to temporarily lock and unlock card , preventing any instances of fra*d usage of card
Setting limits - Users can easily set limits on withdrawals and purchases at different POS
Other options like Blocking the card and resetting PIN can be done in couple of clicks

Transfers
After adding a new payee , providing information like cooling off period and how much amount can be transferred immediately will make it easier for user to understand the rules

Sharing account details
The traditional way of opening up passbook or netbanking portal to check the account number (because, not many will remember it by heart) is eliminated with this feature where users can share the required details in one simple click

Note: I have not included the investment part in this.

Some of the outstanding features that I like

  1. Wave - very ingenious and feels magical
  2. Quirky one liners - ‘Psst, check your phone’ , ‘Hint:6 digits. Not your PIN code’
    ‘We are always ready to play fetch’
  3. Getting to choose the design of the debit card - more options are anticipated in future :slight_smile:

Features that can/will be added

  • Video KYC - reduces user onboarding time by a lot and convenient for user

  • Option to download the statement

  • Transforming the subject of txn to the merchant name for legibility

  • Spendalyzer (please show spends merchant wise as well, not just category wise) - which helps user give an insight into where their money is being spent - heard some cool things that are getting added here

  • Address change option - which allows user to change the address by uploading a supporting document as proof

  • List item

Credit / Debit card related

  1. How much has the user transacted till now ? Since there are options to avail waiver of annual membership fee when user trnascats a certain amount in certain time period, one might want to keep a track of that

  2. Annual membership fee - when and how much is deducted ?

  3. Points accrual Total points gained/relapsed/redeemed ?

  4. Notifications - reminding users to take proactive measures

  • Warn the user when the points are about to get relapsed so that they can go for a best alternative in that situation like - buy a coupon
  • Notifying user when they are able to redeem points into cash
  1. How many points gained for which transaction ? - Some users have the curiosity to verify if they have received cashback for all valid and eligible transactions that they made. This will help solve it

  2. Option to avail credit-limit enhancement (once credit cards are made available) and upgrading debit/credit cards without much hassle and paperwork

  3. Savings account interest accrued shown explicitly - so user doesn’t have to go through transactions to know what is the total savings interest earned

  4. There is no MAB required for this account. But, if it was there, a mechanism to remind users to keep up if they are falling short of this balance

Fixes required

  1. The length of encrypted dots can be kept more general, otherwise, it gives away the scale of amount (3 figure Vs 6 figure) present in one’s account

  2. When clicked on a Manage Payee and then selected a certain payee, it shows txns done with that payee but not their account details ( account no, ifsc code) . There can be top Tab bar with two options - ‘Account details’ and ‘Transactions’

  3. Onboarding can be much better - I was not able to see the CTA buttons because they were off the screen during this process. It was frustrating and I had to try a couple of times to complete the process.

Dear team niyo, huge shoutout for your outstanding hardwork. I am a niyoXdcb user since more than one year and it was an outstanding experience with the app and the card but there are some points which I think needs to be done to make this platform more smooth.
1- increase the international withdrawal limit as right now it is 5 lakh inr p.a for international withdrawal. I am studying in foreign and my annual expense is more than 5 lakh, also I have to submitt the fees so I have to use some other bank’s card and that costs a lot charge.
2-improve the ekyc procedure and also spread your agents in small cities. My friends were unable to get the card previous year because there was no agent in their locality
3-STOP COLLABORATING WITH OTHER BANK just stick with one bank and launch new products .using different app for controlling your different product is kind of very disturbing.
4-upgrade your dcb card with the contactless payment NFC based chip. During the pandemic it feels very safe to pay contactless.

Overall you guys are doing very nice job and right now for us(international students) niyo is the best platform for our financial stuff. I hope that you will consider my points. I again thank you and it will be privilege to stay connected with you.
Wishing team niyo good luck for all future endeavours.

Aryaman

2 Likes