Learnings from Open Office on "Why will users open an account in Jupiter?"

We had a wonderful session on why people have opened a bank account in the past and their usage. Here’s what they had to say: Users opened the accounts for a variety of reasons including:

  • Salary account :bank:
  • Rewards and perks :gift:
  • Higher interest rate :money_mouth_face:

But we guess the greater question that came out of this was, how does one use multiple accounts? One of our users was kind enough to lay it out for us:

  1. Salary account - receive salary and budget the following accounts
  2. Family expenses- including joint account with wife for family-related expenses
  3. For home loan- where EMIs get deduced
  4. Investment account- for all investments

A huge takeaway from this session was that people care about rewards, and ease of use while opening a new account (as spotted by a VC in the room, yes our community has a diverse set of users :stuck_out_tongue: ). Another user also found it insightful to understand how people use their primary and secondary accounts. But what’s missing in the current system?
Reward points on UPI Transactions, some users said.

Why would people open a bank account in Jupiter you ask? Let’s find out via a poll here, select top 3 reasons for opening a bank account on Jupiter out of the options:

  • ui / ux
  • no spam
  • complete digital experience no branch visits
  • better customer support
  • higher interest rate
  • analytics on spends
  • budgeting tool
  • cashback on UPI transaction
  • cashback on every card spends
  • other rewards like lounge access, exclusive discounts

0 voters

One other use for secondary account is security. When I use ATMs I always use debit card of a secondary account. There have been multiple incidents of card cloning in the country and getting money refunded is a big hassle. If we have a secondary account then even if the card gets cloned / stolen the amount of money that I can lose is smaller.

1 Like

Hey Aseem, could this solve your cloning troubles? rather than a need for a secondary account?

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