OneBanc, a neo-banking start-up powered by artificial intelligence, has teamed up with PeopleStrong, an HR Technology SaaS platform for businesses, to automate payroll banking at a time when attrition is on the rise.
The automated process, which is powered by OneBanc’s proprietary AI-powered backend engine, can increase the in-hand salary of India’s 119 million white-collar professionals by up to 7% and corporate bottom lines by up to 10%.
Payroll banking is a $6 trillion industry for white-collar professionals that is expected to grow to $8 trillion by 2025.
The industry in India, which is primarily a young country, is growing at an annual rate of 11% and is expected to be worth $496 billion by 2025.
The top seven companies control 90% of the Indian market, with the remaining 10% split among several others.
Salary accounts, employee benefits, and corporate expenses are all part of payroll banking.
With the addition of taxation, exemptions, reimbursements, and other things related to employees’ salary accounts, it becomes more complicated.
“We harmonize and personalize employee banking, benefits, and expenses so that everyone in the value chain benefits. It is our ambition to become the world’s largest Payroll Banking Disruptor while increasing efficiency and eliminating waste through artificial intelligence and automation,” said Vibhore Goyal, Founder and CEO, OneBanc, who had earlier founded CoCubes and Babajobs.
“Our partnership with OneBanc gives us a unique edge in the market. The value we are talking about is quite substantial. Our internal data shows only 2% of employee benefits are claimed and realised across the 1.5 million salaries we process. Imagine if a private airline is able to put 5% more salary in the hands of its 20,000 employees during this particularly bad time for the industry when everyone has had to cut jobs and salaries,” said Pankaj Bansal, Co-founder and Chairman, PeopleStrong.
OneBanc’s technology automates the entire Payroll Banking, resulting in much higher gains for the employees, employer, as well as the bank that has their payroll accounts.
