This Startup Is Making Digital Payment Easy For Millennials

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By @Connectvj –Interview with Amit Nigam, Director at BANKIT

We interviewed him to know in-depth about him & BANKIT. This is the 7th Interview of our Startup Showcase Series.

BANKIT is an integrated financial services provider and a payment solution company which offer all the basic banking facilities through a single platform. It is one of the fastest growing fintech start-up that started its operations in the mid of the year 2016.

Also Read: This Startup Connects Brands With Their Customer With A Unique Product For Advertising

BANKIT provides one-stop-outlets for instant and hassle-free Digital payments and financial services like domestic money remittances to any bank within seconds, even on Sundays and bank holidays.

The transactions are processed through a very safe, simple and secure method. BANKIT also offers basic daily needs services like Recharges, Bill payments, AEPS, UPI, travel & stay bookings etc, prepaid cards for payment at e-commerce sites, online shopping, movies, PoS transactions, ATM.

BANKIT also work on Blockchain solutions, Mobile Apps etc.

 Explain your professional background briefly

I am a PGDM with Six Sigma Black Belt, Qualified Internal auditor and a Quality Education system (QUES) certified professional from Phillips Crosby-Associations of U.S. I started my professional carrier in the year 1993 with Indian Rayons (Aditya Birla group company) and have served various key positions at blue chip organization in the Retail, Telecom & Fintech space including Aditya Birla Group, Escorts (Escotel) group, Usha (Koshika), Bharti Airtel Ltd., Spice Digital.

Currently heading as Director and COO at BANKIT. Before BANKIT I have worked as Sr. Vice President – Fintech at Spice Digital Ltd. I have over 23 years of work experience in Fintech, Sales & Marketing, Operations, E-Commerce, and Mobile-Commerce Strategy.

Who are your ideal customers and what difference are you creating for them?

BANKIT is a B2B portal that works on a model that holds their business partners at the first / initial level who may be retailers, shop owners or aspiring entrepreneurs while, their ideal customers or the end users for that matter include migrated population, under banked section of the society and the rural people who have a mindset that banking services are just for the richer section of the people.

Bankit with its strong vision is focussed to make a difference by playing a pivotal role to drive India towards a cashless economy. Every Bankit transaction will be made hassle-free & absolutely secure to serve its customers trust and long term engagement.

More importantly, team Bankit wants that every section of the Indian population should be empowered & be a part of the inclusive growth model where no one feels inferior or left out.

 What challenges do you face within the market and the company?

Initially the BANKIT team went through lot of ups and downs, especially in the market space as it was not at all easy to convince the rural segment of the country about  digital money remittance service (as the target audience had hundreds of doubts and queries related particularly to the security point for their hard earned money). We had come across a number of people having this major issue.

While at the company level too, we had faced challenges to have the latest and safest technology medium for payment solutions. Also, we had to especially train our communication experts to bridge the gap of the digital divide and solve queries in the best possible manner between the company and its target audience.

  How do you plan to sustain your place in the market?

For any business, sustainability is the primary goal and its utmost important to work effectively and efficiently from day one itself on the sustainability model.

For BANKIT, sustainability is based upon the idea to provide unbiased access to opportunities be it be services to its target audience or to maintain pace with the technology where in to function on the lines of quick service delivery, all device compatibility, urban & rural existence including real time commission payout to its entrepreneur partners etc.

What is your product philosophy?

We cater to intangible services and nothing tangible as products. Our service philosophy is to provide a trusted payment solution platform which is unbiased and have access to all the banking opportunities. We help develop a recurring earning potential. Not just this, we enable people to become self reliant even with a minimal skill set.

Also, we help maintaining of work/home balance, as it is good to save. We cater on a philosophy of zero hassle working model/ environment. BANKIT services can be availed from anywhere and anytime from the device of your choice, without any barriers.

How has the company grown over the years?

We are able to achieve more than 20% growth in Business and revenue on MOM basis. We target to become one of the largest and most valuable Fintech Company in near future.

What is BANKIT’s ultimate vision?

Our vision is to become the largest and most trusted Payment solutions company by opening up a world of Unlimited Possibilities for all our customers and stakeholders. The challenge that BANKIT sets out for itself reflects in our mission of –

  • Easy and secure reach to the digital payments and banking services to each individual.
  • Creating more entrepreneurs and making them self-reliant.
  • Spreading Financial Inclusion deep inside the rural Bharat.
  • To create and deliver innovations in the Fintech space.

We eye on empowering each and every individual to handle money in a simple, safe and convenient manner. Subsequently, when our mission is accomplished, our vision to become the largest and most trusted payment solutions company will see the light of the day.

Also Read: Winding Up Of A Company – Modes & Procedure For Company Closure In India

What advice would you like to give the entrepreneurs who are planning to launch their own venture?

We believe giving end users more than they expect for that we think beyond the present. Always innovate what is simple. Studying about the user experience is very important before launching any service. Make an aim and always plan for long-term goals.


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