Vinay Bagri is the CEO of Niyo Solutions. This is a neobank that has managed to raise $100 million in a Series C financing round. Something that will presumably provide a noticeable boost to its expansion in India's huge market for digital banking products and services.
1. Studied International Business
Education-wise, Bagri studied international business. That might sound unnecessary. However, just different regions of the same country can be very different from one another. As a result, it should come as no surprise to learn that there can be even more differences between countries, meaning that what works in one country can't be assumed to work in another. International business is useful for helping interested individuals understand these issues as well as overcome these issues, thus making it very worthwhile in an age in which big business often goes synonymous with international business.
2. Started Out Working for a Beverage Company
At the start of his career, Bagri worked for Bisleri, which is an Indian company that is best-known for its brand of bottled water. He held the position of unit head for Rajasthan, which suggests a considerable degree of responsibility on his part. After all, Rajasthan is the single largest Indian state by area, which makes it unsurprising that it is the seventh largest Indian state by population as well. As such, the state has a population measured in the tens of millions.
3. Has a Lot of Sales Experience
It seems safe to say that Bagri picked up a lot of sales experience from his time as Bisleri's unit head for Rajasthan. However, it is interesting to note that he went on to work in sales management for other companies as well. For example, he was an area sales head for 3M. Similarly, he was a sales manager focused on personal loans for ICICI Bank.
4. Has a Lot of Banking Experience
Speaking of which, while Bagri started up a neobank, he isn't exactly a newcomer to traditional banking. Something that should be clear based on how he once worked for ICICI Bank before moving on to Standard Chartered Bank and then Kotak Mahindra Bank. Moreover, Bagri held some very senior positions at these institutions. To name an example, he was the business head for Kotak Mahindra Bank. As such, Bagri is an old hand now involved in a new way of doing things for his industry.
5. Doesn't Necessarily See Neobanks as Rivals to Traditional Banks
It is interesting to note that Bagri doesn't necessarily see neobanks as rivals to traditional banks. They can be because they are offering the same products and services through a different platform. However, there are a couple of things to keep in mind. One, it is very much possible for neobanks to work with their traditional counterparts. Two, traditional banks are by no means bound to traditional business models. This can be seen in how numerous traditional banks around the world have chosen to either work with or use the same technologies as their newer counterparts.
6. Says that Neobanks Have a Better Platform
Naturally, Bagri has commented on the advantages that neobanks possess over their traditional counterparts. To name an example, he says that neobanks have a better distribution platform. In considerable part, this is because said institutions have 100 percent digital platforms, meaning that they can offer pretty much the same products and services while paying a fraction of the costs. Simply put, having a brick-and-mortar presence is extremely expensive, particularly for businesses such as traditional banks that need to have numerous branches in numerous locations.
7. Says that Neobanks Have an Easier Time Making Use of Data
Similarly, Bagri has said that neobanks have an easier time making use of data, which is important because businesses have become more reliant on data than ever before. Essentially, the idea is that a traditional bank's processes result in a mix of digital data and paper-based data. Certainly, it is possible for interested parties to analyze both kinds of data. However, just having both kinds of data introduces a lot of complications to the process. Meanwhile, neobanks are either 100 percent or near-100 percent digital data, thus making it that much easier for them to make use of that data for various purposes.
8. Says that Neobanks Can Be More Convenient for Users
Bagri has also said that neobanks can be more convenient for users. For instance, there is no need for them to wait in line at a brick-and-mortar location. Instead, they can get everything done through the Internet. In fact, just a phone should be enough for these processes. This increased convenience is a part of the overall point that neobanks can offer a superior user experience when compared with their traditional counterparts.
9. Going to Start Lending Soon
In any case, Niyo Solutions has been offering products and services for some time now. However, it should come as no surprise to learn that one of the ways that Bagri's company is expanding is offering more products and services. To name an example, Niyo Solutions is apparently getting ready to start lending money next month. It won't be lending a lot of money to each individual client at the start. Even so, it isn't hard to see how Bagri's company could further expand in this part of the market by removing some of those limitations in the future once it is in a position to do so productively.
10. Looking for Acquisition Opportunities
Apparently, there are a lot of other neobanks operating in the Indian market. They pose a risk to Bagri's company because of their nature as competitors. However, they can be opportunities as well. Bagri has stated that Niyo Solutions is at the point where it is thinking about inorganic expansion opportunities, which essentially means that they are looking into ways to expand into their chosen markets by just acquiring some of the other neobanks as well as related companies that exist out there. Presumably, the latest round of funding helps out a great deal with their thoughts in this regard.
Written by Allen Lee
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