I recently got onboarded to NiyoX and I would definitely say the product is one of a kind. So far so good, except for a few reschedules and a bit of a delay in completing the biometric KYC.
What I am wondering is about the future of NiyoX. When I opened the account, I actually read through many user testimonials about Niyo’s previous banking venture, the Niyo-IDFC. Users quickly jumped into the bandwagon, as they were offered a sweet 7% interest rate at first. Then came the cut to 6% and eventually users had to leave Niyo and use the IDFC bank app to access their account. Now, there has been another interest rate cut done by IDFC to 4.5% and the users are pretty much on their own with IDFC. Not much of a support from Niyo.
What about NiyoX? Given the fact that it is currently working in association with Equitas, which is a small bank, what happens if NiyoX severs ties with this bank? Will the users be left in the middle of nowhere? Then comes the advertised 007 account. i.e. 0 charges and 7% interest rates. What happens when Equitas cuts their interest rates? Will NiyoX be still be able to provide the advertised 7% interest, which might be the prime reason for many people to start the account at first place.
I am curious about the outcome. If NiyoX goes the same route as Niyo-IDFC, future looks bleak. I was just checking out the Equitas Bank’s own phone banking app. Super slow, not so intuitive UI and a horrible mobile banking app in all aspects. So, the answer to this query might be a deal breaker to many people in the platform.
Then there’s another route that NiyoX could possibly take. What if the platform keeps all the users intact and could still migrate to a different partner bank? I am not sure how practical it is to implement this in the back end. But, that’s also a possibility that I am not ruling out!
I hope someone from the NiyoX team could shed some light on the above points. At the end of the day, transparency is what everyone expects from your team.
Sorry for the lengthy post. I am just a curious user.