OneBanc, an AI driven neo-banking start-up, has partnered with PeopleStrong, the HR Technology SaaS platform for enterprises, to transform payroll banking through automation when organizations are facing rising attrition.
Driven by a proprietary AI-powered backend engine developed by OneBanc, the digital cycle can lift the in-hand salary of India’s 119 million middle-class experts by up to 7% and corporate main concerns by up to 10%.
Payroll Banking for white-collar professionals is a $6 trillion industry around the world and expected to touch $8 trillion by 2025.
In India, principally a young country, the business is developing at 11% year on year and is projected to be valued at $496 billion by 2025.
Top seven players control 90% of the Indian market and the remaining 10% is split between a few others.
Finance Banking is a blend of salaried accounts, employee benefits, and corporate expenses.
“We harmonize and personalize employee banking, benefits, and costs with the goal that everybody in the worth chain benefits. It is our ambition to turn into the world’s biggest Payroll Banking Disruptor while increasing efficiency and wiping out waste through AI and automation,” said Vibhore Goyal, Founder and CEO, OneBanc, who had earlier founded CoCubes and Babajobs.