With an interest rate of up to 9.10%, SSFB offers one of the highest rates for term deposits amongst its peers
FinTech BizNews Service
Mumbai, September 11, 2024: Blostem, a cutting edge banking infrastructure platform, has partnered with Suryoday Small Finance Bank (SSFB), a pioneering digital bank, to revolutionise customer experience. This collaboration enables SSFB to leverage Blostem's expertise in rapid product development and deployment, introducing innovative digital fixed deposit solutions and streamlining customer onboarding to just one day. This partnership is a testament to the SSFB's commitment to digital innovation and growth.
Blostem’s no-code deposit stack empowers digital platforms to launch banking products like fixed deposits within a single day. With multiple platforms in India already utilizing this advanced technology, Blostem plans to expand its reach further, aiming to introduce fixed deposits on all major digital platforms within the next year.
"Our collaboration with Suryoday Bank marks a significant milestone in our mission to democratize access to banking products," said Ravi Jain, Co-founder & Managing Director of Blostem. "By combining our agile and scalable technology infrastructure with deep-seated industry expertise and collaborative partnerships, we are empowered to craft tailored solutions that address the complex challenges of our clients. We are confident that our tech stack will facilitate over 50% of the digital FD business in the next two years,” he added.
Vishal Singh, Chief Information Officer and Head Digital Banking of Suryoday Small Finance Bank, added, “At Suryoday Small Finance Bank, we believe in digital innovation which enables the bank to adapt to the growing needs of the customers. This partnership is aimed towards enhancing our capabilities in the digital deposit sourcing space, thereby creating a strong channel for deposit mobilisation”.
Blostem’s unique combination of banking product expertise, compliance assurance, and a powerful technology platform has quickly established it as a leader in the Banking-as-a-Service sector. The company’s innovative approach is set to revolutionize how consumers engage with fixed deposit products, making them more accessible than ever before.
The partnership would also help the Bank to expand its reach through digital channels. With a customer-centric approach to digital banking, the Bank always aims to simply the overall banking experience for its customers. The bank is also known for offering competitive fixed deposit (FD) offerings among its peers, with an interest rate of up to 9.10%, including flexible tenure options, and hassle-free withdrawals.
