Jupiter and it's business model

Hey. Jupiter is excellent. I see you guys aree burning away cash and giving it to me in the hope of acquiring me as your lifetime customer. But going ahead i think you have to offer more. Basically in India, banking is all about trust. Nobody cares about your UI and UX if you don’t build trust ( except gen Z’s and few millennials) basically you have to convince us to keep our money with you. And for that you giving away cash isn’t a long term step i think. I think you should work towards building trust. Right now I have received 200+ cash from you and I still don’t trust you with my 10 rs.
Ya so these are my honest ten cents nobody asked for. I have some ideas as to how you can build trust. Text me;) but I’m really excited for you guys to be building this massive monster :heart_eyes:

probably you’re right. acquiring customers and keeping them are 2 different things. They might be acquiring customers by burning cash but one day that has to stop, before that day they’ve to come up with something which no one is offering in market which is quite difficult or customers get so used of the product that they find it difficult to leave it. In anyway competition is also going to flight back. It’s not going to be easy task. As far as keeping money with them is concerned I guess they aren’t focusing on that part otherwise they would have offered FDs like products as well by now.

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First of all,

Your money is not going to jupiter. Your money is getting deposit to Federal bank which is south india biggest and trusted.

And reserve bank of india gives you a 5 lakh insurance for safetly of your money.

For more details visit here :
DICGC by Reserve Bank

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Valid point indeed. Trust matters mor than cash backs.

I see it the other way around tho. The coupons I find for redemption in Jupiter are stuff I’d be least interested in (some coupons are cool, most are meh). The app has a lot of room for improvement. There are features that’s still missing, which our competition has. No net banking yet. No fall back / recovery phone login method. Miles to go!

But I love the concept of the community. We are here, alongside the team toiling away to build Jupiter from the ground up, brick by brick n day by day.

Hopefully someday, Jupiter will become the bank we want it to be. Until then, we toil away.

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Banking is all about money. You’re right though that money is going to Fed Bank but there must be some arrangements based on money between these neo banks & their partners otherwise what brings them together ? If Jupiter keeps on offering 2.5% & Fed Bank keeps loaning it at much higher rate than all goes to Fed Bank which shouldn’t be the case. Jupiter is also their in market to make some money at some stage. isn’t it ??

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Jupiter helps with customer acquisition. Had it not been for neobanks like Jupiter and Fi, Federal bank wouldn’t have tens of thousands of new customers signing up everyday.

I’m certain they will work something out.

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Here’s @Jiten’s latest comments on building trust and the neobank business model neobank: Neobank Jupiter using cloud tech to disrupt fintech, BFSI News, ET BFSI

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