Two young entrepreneurs encouraging open banking

For the last few years, a sea of digital transformation has been taking place in India across numerous verticals. Banking is not an exception to this metamorphosis. The last decade has been truly a revolutionary one for the banking sector in terms of rapid changes that the domain adopted. From enabling IMPS transaction to the introduction of digital wallets, the last decade has prepared the ground for a new India that is set to become the third largest economy by 2030s. 

More than 60% of our Indian population are youngsters and they’ve accepted and shifted to the digital economy and it contributes only 40% right now. We can expect digital economy market share to cross 70%. Additionally, innovation is creative and use cases are being addressed with smart tech.  A new India will be built by its high-tech generation which is no inferior to the tech experts of developed countries. The young generation that is working to make banking a fun and child’s play. Today, we are going to talk about two youngsters who are working to promote open banking to a next level. 

We are talking about two young co-founders of Neokred – Rohit Reji and Tarun Nazare. The Bengaluru based firm is fervent to becoming a bank that brings in a cultivated change for the employee segment of the population. Neokred kicked off with an objective of encouraging open banking in facilitating financial services, offering smooth experience for clients and their customers. Neokred aims to encourage cashless payments through fintech instruments for its partners across India.

Neokred is an infrastructure neo-bank designed to facilitate open banking as part of the financial technology through Open APIs that enable corporates or any third-party developers to build applications and services pertaining to financial institution. Neokred systems allow access and control of consumer banking through third party applications which have the potential to reshape the competitive landscape and consumer experience of the banking industry. Neokred’s open banking facilitates financial transparency to the end-customers ranging from open data to private data. The firm acts as a bridge between companies and end-customers to facilitate fintech services. 

Tie-ups with over 20000 merchants

Neokred has collaborations with more than 20000 merchants (Online and Offline) which helps customers to avail discounts/cashbacks or points for corporate employees when they swipe their Neokred card. When corporate employees/customer swipe their Neokred card while making any purchase through POS or Online terminals, corporates/partners receive rebates and employees/customers/users receive cashback or points from Neokred.

In its endeavours to promote open banking across all industries, recently Neokred tied up with YesBank to facilitate use of financial services through the neo-banking method. The partnership has made a huge impact on every customer in the ecosystem. YesBank supports Fintechs in co-creating new innovative product segments which enhances consumers exposure to digital banking services. It helps create comfort and assurance to the users as it promotes transparency and trust.

Apart from YesBank, Health Quarters has also partnered with Neokred in facilitating wellness cards to its health enthusiast customers. It provides medical loan, health insurance, discounts on medicines, and many more under single membership health application. Not only this, Neokred and its partners with Yesbank created a Supply Chain Enterprise System for Shell which brings dealers, distributors, retailers, mechanics into one single transparency ecosystem which facilitates incentive cards, invoicing, order management, lending, credit card and limit-based system under initial application. 

Demystifying the day-to-day banking

Talking about the entrepreneurial journey, Tarun says he has been enjoying the journey rather than the end goal. “I get to interact with various stakeholders in the industry and innovative talks are the most important start topic in our conversation”, he asserts. In a short span of time, the duo of Rohit and Tarun along with their team have been able to serve their clients and bring value in the banking sector at a tender age. They have proved wrong to all those who would mock them saying, “You need to be experienced to get inside Banking sector”. 

What is truly astonishing about Neokred that it is being compared with companies those are more than 5 years into this business and giving them competition. Not only this, it is being recognised by regulators through its clients as one of the best service providers to work with. The Company has made a good name in the market and that’s why it’s been able to recruit talented people for various job profiles. This has also led to the building of a happy and growing organisation culture. 

So, what has been their secret of success? Well, this has to be their efforts in demystifying the day-to-day banking. Initially, it was not a cakewalk to take the road less travelled but their creative approach has been their biggest weapon. Also, being daring and rock-solid have been the biggest factors that have helped Neokred become a successful firm. Moreover, the young and dynamic team at Neokred is always on its toes to make things flawless and hassle-free for its customers. 

As the company is growing, both Tarun and Rohit don’t forget to leave any stone unturned to building the right company culture and environment. They encourage creative thinking within the organisation. To this end, they take a real-life problem and brainstorm possible solutions.

Besides professional life, Tarun loves cooking in his personal life. He is an avid follower of Swami Vivekananda. He says, “I have learnt from him how to be the best version of myself”. Apart from this, he is a wanderlust and loves to get lost in the valleys where there is no one around him. 

452 K