Shivalik Small Finance Bank launches FinTech platform with Falcon
By Delisha Fernandes
Shivalik Small Finance Bank, has partnered with FinTech infrastructure company Falcon, to develop financial products, such as fully digital and instant Digital FDs and Savings Accounts, among other upcoming product lines.
The partnership will help develop an advanced technology platform that outperforms legacy systems and enables the bank along with tech companies. The next-gen platform, powered by Falcon’s technology, drastically minimises the cost and time required for product launches by the bank and its partners. The platform comes pre-equipped with no-code mobile and web apps, a robust developer hub, secure SDKs, and APIs.
Anshul Swami, Managing Director of Shivalik Small Finance Bank said, “We have a strong ambition of becoming one of the most innovative digital-first banks in India. We want to add over a million new savings within 2-3 years. We strongly believe that the launch of our revolutionary neo-banking stack, in association with Falcon, will help us build operational efficiencies, introduce innovative product lines with faster go-tomarket time, and scale to the next level.”
The bank’s seamless digital savings account, supporting various KYC methods, facilitates unique applications. Dairy farmers can receive milk sale proceeds or instant loan disbursements, blue-collar employees can access wages early. The inclusion of a Rupay Debit Card, coupled with built-in UPI support, promotes digital transactions.
Priyanka Kanwar, Falcon’s CoFounder, and CEO, said, “Our partnership with Shivalik Small Finance Bank, a visionary in digital-first strategy, is a significant step in our shared journey towards shaping the future of finance. We are confident that banks like Shivalik will pave the path to India’s banking revolution and we’re excited to propel that growth. With plans to introduce multiple industry-first products, we aim to keep the bank, its customers, and partners at the forefront of India’s digital banking transformation, while upholding the highest levels of compliance.”
Additionally, the bank’s instant fixed deposit service, helps customers to channel their surplus funds into FDs to garner attractive returns. The adaptable features empower the bank and tech firms to offer specialized advantages to demographics like senior citizens and women.
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