OneBanc Partners With PeopleStrong To Transform Payroll Banking
OneBanc, an artificial intelligence-driven neo banking start-up, has joined hands with PeopleStrong, the HR Technology SaaS platform for enterprises, to transform Payroll Banking through automation. Driven by a proprietary AI-powered backend engine developed by OneBanc, the automated process can raise 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 for white-collar professionals is a $6 trillion industry globally and expected to touch $8 trillion by 2025. In India, primarily a young country, the industry is growing at 11% year-on-year and projected to be worth $496 billion by 2025. Seven players control 90% of the Indian market and the remaining 10% is divided among several others. Everyone operates on wafer-thin margins.
Payroll Banking is a combination of salary accounts, employee benefits, and corporate expenses. It acquires complexity with the addition of taxation, exemptions, reimbursements, and other things linked to employees’ salary accounts. There is inefficiency and waste arising from a lack of seamless connectivity, making it ripe for a technology-led disruption.
“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. This is Goyal’s third startup after successful exits from 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 realized 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. It recognizes each expense individually and distinctly and files them automatically so that every employee benefit and expense is claimed with no compliance risk. In the post-Covid world, when organizations are grappling with the great resignation and attrition, OneBanc’s technology has the potential to provide relief to both employees and employers.
