In May 2019, ByteIQ Analytics was formed in India, with the idea to revolutionize finance through the potential of data. In the beginning, ByteIQ offered data science and analytics capabilities in the form of various services. But the founders aspired to make ByteIQ a product company so they created their first product, BankStorii, in December 2021. BankStorii was designed to aid financial customers to select the best banking products. ByteIQ’s chief executive officer had two choices in selecting a suitable business model for BankStorii: make BankStorii available to the country's masses free of charge through a website platform or make BankStorii a proprietary software and license it to banks.
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