Suryoday Small Finance Bank (SFB) has collaborated with FinTech company Tarrakki to expand its digital services by offering digital fixed deposits. The partnership focusses on enhancing SFB’s ability to onboard customers seamlessly while improving the bank’s digital offerings through tech-driven solutions like Software Development Kits (SDKs) and white-label services. With an emphasis on operational efficiency and innovation, the partnership is set to revolutionise how SFB launches new products, reduces costs and accelerates time-to-market.
Tarrakki’s advanced technological solutions will empower SFB to streamline its operations and provide customers with a faster and more intuitive banking experience. This collaboration aligns with SFB’s vision of becoming a digital-first bank, focussing on increasing operational efficiencies and expanding its digital product portfolio. The partnership will enable SFB to quickly adapt to the evolving banking landscape while positioning itself as a leader in digital banking innovation.
Tarrakki, known for aggregating a wide range of financial products, such as mutual funds and fixed deposits, will bring its expertise to help SFB achieve its next phase of deposit growth. The collaboration also promises significant cost savings, with Tarrakki’s partners reporting a reduction of over 80 per cent in operational costs and faster product launches.
Vishal Singh, Chief Information Officer (CIO) and Head – Digital Banking, Suryoday Small Finance Bank, sated that the collaboration would accelerate the bank’s digital transformation and enable quicker market penetration with innovative financial products. This partnership is another step towards SFB’s digital growth and the broader goal of enhancing customer-centric services through technological advancements.
