Blostem Partners with Suryoday Small Finance Bank to Revamp Digital Fixed Deposits

Blostem, a financial infrastructure platform, has partnered with Suryoday Small Finance Bank (SSFB), a pioneering digital bank, to transform the client experience. This agreement allows SSFB to benefit from Blostem’s expertise in quick product development and deployment, deliver novel digital fixed deposit products, and reduce customer onboarding to a single day. This relationship demonstrates SSFB’s commitment to digital innovation and growth.

Blostem’s no-code deposit stack allows digital platforms to provide banking products such as fixed deposits in a single day. With numerous platforms in India now utilising this advanced technology, Blostem intends to broaden its reach even further, introducing 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 distinct combination of banking product expertise, compliance assurance, and a robust technology platform has swiftly established it as a leader in the Banking-as-a-Service industry. The company’s revolutionary strategy is poised to transform how consumers interact with fixed deposit products, making them more accessible.

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The agreement would also assist the Bank in expanding its reach through digital media. With a customer-centric approach to digital banking, the Bank strives to simplify the overall banking experience for its clients. The bank is also noted for providing attractive fixed deposit (FD) offerings among its peers, with interest rates of up to 9.10%, various tenure options, and hassle-free withdrawals.