[Exclusive Interview] Find Out How This Payment Solution Company Is Enabling Financial Inclusion For Billions Of Indians

Recently we interacted with Mr. Amit Nigam, CEO and MD of Bankit, which is an ISO 27001:2013 certified, assisted B2C company.

Here are the highlights of the interview:

Scope and Opportunities for BANKIT in the Indian market. 

Answer- The entire world is growing fast in the direction of technological advancement. All walks of life are turning into digital means and banking, financial and payment services, especially are being digitalised at a rapid pace. Although the Indian society has seen an incredible amount of digital empowerment, a major proportion of the Indian population still struggles to lay hand on the modern digital ways of making payments/transactions, paying bills, making recharges and getting an online loan, etc. In 2021, the Indian FinTech industry stood at a market size of $31 Bn indicating an immense generation of employment opportunities, expansion of the use of digital means and a firm grip on the knowledge of technological and digital information by the people. Yet, the cash usage in rural areas and backward areas is much higher than expected. The proficiency that is needed to operate smartphones, laptops and modern-day applications is still absent even among the young generation that resides in rural areas. So, BANKIT is utilizing its human and machine resources to the best of their minds and usage to reach the under-exploited areas of the Indian society so that all the banking, financial and payment services it provides can be employed by all those who are in need. The areas where cash usage needs to be converted into a digital instrument, where people need more access to the use of smartphones, where all the financial desires of people need to be ascertained and attained, need the support and accompaniment of FinTech start-ups like BANKIT. 

Overview of the brand’s journey and its growth.

Started with a view to comprehend the market status and to know more about the financial and banking needs of people, BANKIT did not expect the success it had achieved within the first year of its inception. In less than one year, BANKIT had reached 10,000 people all around India providing basic banking, financial and payment services to the digitally backward, unbanked, underbanked and migrant population of India. Commenced with a small yet commendable number for a new business, BANKIT now stands with a customer base of 2.4 million people including 10 lakh new customers being added every month. BANKIT, with its innovative ideology and dedicated human resource, has been able to reach even the remotest areas to deliver banking and financial services. It also has its own social responsibility programs going side by side to help specially abled people, ex-army men and widows own a livelihood by providing all the services that BANKIT offers to the people of their vicinity. 

Details on the brand and solutions it is providing to its target audience.

Established in the year 2017, BANKIT is a FinTech start-up that offers basic yet modern banking, financial and payment services to the underbanked, unbanked and migrant population of India. All the underprivileged citizens who are deprived of the latest technological advancement are served by BANKIT in form of convenient, reliable and easily available banking and financial services. The main services that are provided by BANKIT are money transfer services like Domestic Money Transfer Service through which money can be transferred to any bank account in India without visiting a bank, cash withdrawal services like Aadhaar Enabled Payment System through which money can be withdrawn using an Aadhaar of a person from any Aadhaar linked bank account in India and Mini ATM Service through which money can be withdrawn using a debit card of a person with the help of a small-hand-sized ATM device, Utility Bill Payment Service through which bill payments of multiple services can be paid through a single portal, Prepaid Recharges Service through which recharges of multiple billers can be done from a single place, LIC Premium Payment Service, Credit Card Bill Payment, Travel and Stay Service and PAN Card Center, etc. 

Plans and geographical expansion of BANKIT. 

BANKIT has successfully made its presence in every state of India employing agents in lakhs and serving customers in millions. Yet, there are still some remotely located areas, which need a deeper evaluation of their market situation, availability of bank branches/ ATMs, and the needs and literacy level of people residing in those areas. So, BANKIT is expanding its human resource to reach all those areas in the coming areas through its various strategies and empowering all the digitally backward people with the latest technological advancement in the banking, financial and payment services. 

How can FinTech make deeper inroads in Rural India?

Answer- FinTech, as we all know is a combination of two words- Financial and Technology, is an emerging industry that serves society by harmonizing the financial needs of people with technology. The FinTech sector is trying its best to dispart modern digital services like banking and financial services to the unbanked, underbanked, digitally backward population of India. Still, the rural economy is unstructured, and the cash usage is higher in comparison to the urban areas. Despite being a part of the growing economy and modern India, people residing in rural areas still prefer to deal in cash. They rely on cash to make payments and for other purposes as well. Due to the low rate of financial literacy in rural and semi-urban areas, people are unable to gain access to the modern means of making transactions. BANKIT being a part of the FinTech industry stands firm on its position to track down the needs of people, generate ideas and provide solutions to the problem areas concerning the financial requirements of people. Further growth in rural areas in the FinTech sector could be brought by generating more employment opportunities for the unemployed people of rural areas making them equipped with the knowledge of digital means of providing modern services, conducting surveys and identifying the changing needs of people and adding more services to fulfil all the requirements that stand in the way of rural people becoming a complete part of digital India. 

What problems does BANKIT serve for its customers?

India is a country where despite massive digitalisation, modernisation and technological advancement exists a small section of the population that lacks access to all the development we have achieved in various walks of life. BANKIT being a concerned part of the FinTech industry serves a dual purpose of providing all the banking, financial and payment services and creating employment opportunities. BANKIT delivers all its services to the unbanked, underbanked and digitally backward population of India. It successfully imparts all the services with the help of its wide network of agents present in every state of India. It is eradicating digital illiteracy by providing modern digital banking and financial services to people who have less or no access to these services, and it is lowering the level of unemployment by supporting the entrepreneurial spirit of people and offering them a means of livelihood. So, these two are the problem areas that are being solved by BANKIT as a part of its core responsibilities. 

How does the brand’s USP align with its establishment in the country?

Answer- Despite the major transformation of the Indian economy and digitalisation of various services, the majority of the Indian population was struggling to get access to modernisation and digitalisation. People who reside in rural areas and hold minimum knowledge to grab hold of the latest changes in society lacked the resources to enjoy the benefits of modern India. They struggled with a lack of bank branches and ATMs in their areas, they were at a loss of their income if they would visit a bank to transfer or withdraw money, and they couldn’t avail themselves of novel ways of making payments, recharges and paying bills. Therefore, BANKIT was established with an unequaled idea of providing the underprivileged population with basic banking, financial and payment services at their doorsteps. Walking straight on its determined path of serving the digitally backward, unbanked, underbanked and migrant population of India, BANKIT has successfully made its presence in every state of India, generating employment opportunities for local shop owners who provide all the services to the people of their vicinity. Now, people are enabled to send and withdraw money without visiting a bank or ATM, recharge their mobile phones, pay multiple bills and easily book bus, ticket, and train tickets at the utmost convenience. BANKIT is digitalising its target audience and making the best use of its motive of establishing the brand in the market.  

How does the brand make use of the latest technology & implement it in its system?

The core motive behind the establishment of BANKIT is to use technology to the best of its existence. To make technological advancement reach every sector of society is what keeps moving BANKIT forward in the direction of its goal. BANKIT aims at delivering digital banking and financial services to the underprivileged citizens of society conveniently. So, it utilizes all the available information about the needs of society in alignment with the technology present in that field. Moreover, it equips its employees with the latest software needed to perform the tasks of their respective departments.