Blostem, a leading banking infrastructure platform, has announced a strategic partnership with Suryoday Small Finance Bank (SSFB) to transform customer experience and accelerate the digitalization of fixed deposit solutions. The collaboration allows SSFB to harness Blostem’s innovative no-code platform, enabling the launch of new digital fixed deposit products and reducing customer onboarding time to just one day.
Streamlined Product Development and Onboarding
Blostem’s no-code deposit stack is at the core of this partnership, allowing SSFB to rapidly deploy new banking products with unprecedented speed. By leveraging Blostem’s expertise, the bank can introduce fixed deposits within 24 hours of product development. This collaboration highlights SSFB’s commitment to embracing digital innovation and maintaining its competitive edge in the rapidly evolving financial landscape.
With several digital platforms in India already utilizing Blostem’s technology, the company aims to introduce fixed deposits across all major platforms in the country within the next year.
Driving Innovation in Banking with Scalable Tech
Ravi Jain, Co-founder & Managing Director of Blostem – “Our collaboration with Suryoday Bank marks a significant milestone in our mission to democratize access to banking products. 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.
Enhancing Suryoday Small Finance Bank’s Digital Capabilities
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”.
Known for its competitive fixed deposit offerings, including interest rates up to 9.10%, SSFB will use this collaboration to streamline its digital channels and further simplify the banking experience for its customers. The partnership is expected to enhance SSFB’s ability to attract and retain depositors by offering seamless, tech-driven solutions.
Blostem’s Role in the Banking-as-a-Service Sector
Blostem has quickly established itself as a leader in the Banking-as-a-Service (BaaS) sector by combining cutting-edge technology with a strong understanding of banking products and compliance. Its no-code platform not only speeds up the process of product launches but also ensures regulatory compliance, making it easier for banks like SSFB to offer new products without the traditional complexities.
This partnership signals a major shift in how consumers will engage with fixed deposit products, with greater accessibility and ease of use at the forefront of the experience.
Expanding Digital Reach and Simplifying Banking
For SSFB, this collaboration aligns with its broader mission to expand its reach through digital channels. As a bank focused on customer-centric solutions, the new digital infrastructure provided by Blostem will streamline processes, making it easier for customers to open fixed deposits with flexible tenure options and hassle-free withdrawals.
By offering more efficient digital deposit solutions, SSFB is positioning itself as a forward-thinking leader in the digital banking space, ready to meet the needs of modern consumers in a fast-paced, technology-driven world.
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