Mynt – Kenya’s First-Ever Full-Fledged Consumer Neobank Is Now Live!

Focused on enabling a user to manage, save and invest their money in a smarter and simpler way. Mynt is bringing to the country a consumer-facing savings-driven neobank that will marry various concepts of wealth management.

There is a shift taking place in the way people do banking, with a majority adopting digital and other channels to reduce their dependence on brick-and-mortar banks, thanks to the pandemic. However, this does not imply that banks close their branches. Instead, they cut the size of branches and most transactions move outside, leaving only the bigger ones to take place inside branches. With the impact of the pandemic being visible on traditional bank branches, the situation has proved to be very positive for fintech companies.

It is believed that this shift will be permanent due to its convenience. We are moving into a scenario where the paperwork reduces and all data is instantly stored in an organised manner, making it easy for fintech companies, banks and non-banking financial companies to provide their services easily. As the world moves forward digitally, it’s high time banking got digital too!

What does going digital entail for banks?

The digital, technology-led platform includes an intuitive, AI-driven customer experience and increased responsiveness. ‘Digital’ happens to be an umbrella term for banking that utilises various smart technologies. There are various types of banking such as API banking, open banking and neobanking.

Neobanking is emerging as very successful by offering a host of benefits for a tech-savvy audience. This is a change wrought by a mutual dependence on banks who want to get a foothold in the digital revolution taking place and customers who are going digital at a rapid pace for all their needs and wants.

How does this personalised and intelligent banking impact traditional branch banking?

It is a known fact that intuitive and hyper-personalised features and recommendations tailored and customised to each individual can take any product or feature to a whole new level. Neobanks are utilising this strategy to offer financial products and services to customers based on their lifestyles. This is a very holistic approach toward improving customers’ financial well-being.

Neobanks have played a momentous role in bringing about this digital revolution to banking by introducing branchless banking. From unchallenging account openings to investments, neobanks provide various offerings that have created seamless and hyper-personalised banking experiences without the need to establish a physical presence.

How do you make banking accessible for the younger, tech-savvy generation?

Kenya’s millennials account for 39 per cent of the Kenyan population, which happens to be the largest in the world. This population is known for being tech-savvy, digitally literate, and young professionals. They are also known to be technology evangelists who heavily rely on various apps for fulfilling most of their requirements including banking.

Especially since 70 per cent of the population are smartphone users, it has facilitated access to a rapidly expanding range of digitally delivered services through apps. Digital-first banks or neobanks are services that target the entirety of this mobile-first generation as well as wide consumer bases by incorporating AI and intelligent, personalised recommendations. What do we think?

Mynt can help you save up enough while living your life comfortably. With features such as budgeting, goal setting and hyper-personalised experience, we’re aiming to build an outstanding neobank in Kenya.

Article by Susan Ng’ang’a, Publicity & Communication Lead, TransHub