Banking is an essential activity for most citizens, yet they often spend a lot of time to complete their banking transactions. Hence to overcome the many problems faced by bank customers, a new fintech startup bank, Lanistar was launched in the year 2020. The bank hopes to use the latest technology to make it easy and safe for the customers to manage their money conveniently using their smartphone, wherever they are. The founders of the company hope that the hi-tech bank will become a Unicorn Company revolutionizing banking in Europe with its innovative use of technology.
In its quest to become a one Billion Unicorn Company, Lanistar is offering customers a wide range of payment options so that they conveniently and securely transfer money to their vendors using their smartphone. They have a specialized Devops system for ensuring that the money transfer is instantaneous and secure, making it ideal for business of all sizes.
Innovation in banking platform
Lanistar hopes to become a leader in Challenger Banking by using the latest technology innovations to its customers. The bank is planning to introduce a multifunction ATM/debit with an LCD display and touch buttons. The customer can use the card alone for transferring payment since it is interactive, and can be used to authenticate the transaction. Instead of using online banking for checking the balance in the account, the debit card may be used for checking the balances and for other transactions. Automated services for forex purchase and direct loans are also available.
Increasing financial literacy
Banks are gradually realizing the importance of financial literacy for their customers, since this will ensure that they will save more money with the bank. These customers are also more likely to take a loan and purchase other financial products from the bank. Lanistar is planning to use different methods to increase the financial literacy of the various different target groups. Some of the focus groups are children, teenagers, young people, young couples, senior citizens, small business owners and non profit organizations. If a person is able to prevent wastage of money, they are likely to become successful in other fields also.
Different types of accounts
Lanistar offers customer accounts that will have all the features required for completing the transactions quickly and conveniently. Depending on their requirement, customers can opt for either a debit or prepaid Visa card . As part of the Challenger Banking platform of Lanistar, it will offer a innovative LCD debit card with a touch activated button for using it. The debit card can be used for generating the one-time-password (OTP) for confirming a payment. Additionally the debit card can also be used for checking the transactions in the account, balances.