Well, though many people onboarding Niyo are able to keep a MAB of 10k, but specifically thinking about the reach that Niyo can have in future, I might say that you people can do two of the following:
- Reduce MAB to say 5k instead of 10k
- Or, introduce a concept of initial deposit where the account gets activated post depositing a sum of money (like Indusstox account)
Personally I would like to experience Niyo, but having missed the bus of zero balance account, I’m not planning to onboard now as I’m already having a super zero balance Digibank account. Keeping MAB in par with established private banks will repel a lot of customers dues to lack of faith. On the other hand to overcome that you can add some charges like that for the debit card, etc., keeping the account a nil balance one (like DBS). Looking forward to any changes in future to onboard.
Also as niyo claims to be a digitalised platform, it will be better to introduce Video KYC and complete all procedures online with strict level of background check to avoid any frauds.