Introducing Cogni Digital Banking Designed for the Digital Life

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Cogni, a
digital banking platform, is set to launch on March 20th, 2020. The
company aims to complement a user’s finances with a
straightforward account and no hidden fees. Cogni’s goal is to
connect a member’s banking with their lifestyle, evolve with them
as their needs change and overtime will combine banking, commerce,
and lifestyle on a single platform.

Despite the fact that Millenials and Gen Z continue to play a
greater role in the economy and more financial transactions take
place digitally, the banking industry has been slow to respond and
still offers the same legacy products created over 100 years ago.
The main changes to most brick and mortar bank’s offerings have
been increased complexity to fees and minimum balance
requirements.

By starting with a simple account opening process ready for
immediate use, no hidden fees, U.S.- based customer services where
members can easily reach a human being to assist with any issues
related to Cogni, and a plan to grow with members as their needs
change, Cogni is the banking platform for the next generation.
Future iterations will evolve into the hub where finances,
commerce, and lifestyle come together.

“We are excited to share Cogni with our first members,” said
Archie Ravishankar, Founder & CEO of Cogni. “We’re taking a
phased approach in building Cogni. Learning from our members is key
as we continue to develop our offering. We’ll launch with banking
features and then expand to integrate commerce and lifestyle
options into our ecosystem.”

 

Upon launch, Cogni will offer no-fee digital banking accounts
with no account minimums, free cash withdrawal at over 55,000
ATM’s, free peer-to-peer transactions, virtual and physical debit
cards, the ability to create single-use debit cards to protect from
fraud and hidden recurring fees, and multiple funding options: cash
deposit through Visa Redylink, in-app check deposit (available the
first week in April), direct deposit, ACH Transfer and P2P.

Shortly after, the platform will easily integrate with Apple
Pay, Venmo, Cashapp and other payment systems, a feature missing
from a majority of digital banks.

According to a recent study by Moneyrates,
overdraft and ATM fees continue to rise, costing consumers hundreds
of dollars per year. When combined with excessive interest rates
from credit cards and student loans, being young and starting out
can be an expensive proposition. Ravishankar and the entire Cogni
team believe they have the answer: A banking platform that provides
only the features you need, without the fees and a plan to grow
with their members.

“Ultimately, we want Cogni to be the operating system for
lifestyle and we see banking as the first step in this journey.”
Said Ravishankar. “Lifestyles are changing and consumers want a
better digital experience.”

The team behind Cogni is diverse, represents every continent,
speaks 15 languages, and brings expertise in banking, design,
technology, and customer research. Most importantly, they
understand the financial hurdles faced by younger generations
because many members of the team are facing them personally.

Cogni will compete based on personalized services and offerings.
Instead of “ focusing purely on pushing financial service, Cogni
is designed to understand our member’s needs and offer them
products and services that meet their unique, individual lifestyle
through Cogni’s ecosystem,” said Ravishankar.

To date, Cogni has raised $6.6 million in funding. Investors
include The CXO Fund, Scott Minerd (Co-Founder, Chairman of
Investments, and Global Chief Investment Officer of Guggenheim
Partners), Hanwha Investment & Securities, Extol Capital,
WorldQuant Ventures, Barclays, Gregg Kidd of Hard Yaka and
others.

The company also recently made three senior-level hires. Liam
Scanlan, formerly Group CFO of Tanda as VP of Finance; Scott Leff,
formerly of Fiserv, who serves as Head of Platform; and Dion Davis,
a former customer experience leader with Citi, has been hired as VP
of Member Services and is building a U.S.- based team to manage
this essential function.

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Introducing Cogni Digital Banking Designed for the Digital Life

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