NEW DELHI: OneBanc has joined hands with PeopleStrong to transform payroll banking through automation.
Powered by a proprietary artificial intelligence (AI)-powered backend engines, 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%, a company statement announcing the partnership said.
Payroll banking is a $6 trillion industry, expected to reach $8 trillion by 2025. In India, the industry is growing at 11% year-on-year and is projected to be worth $496 billion by 2025.
About 90% of Indian market is dominated by seven players, while the remaining 10% is divided among several others.
“We harmonise 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.
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.
“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,” said Pankaj Bansal, Co-founder and Chairman, PeopleStrong.
There is inefficiency and waste arising from a lack of seamless connectivity in the industry, making it ripe for a technology-led disruption.
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