BANKIT Success Story - Making Digital Banking Accessible to Everyone

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BANKIT operates on a B2B2C business model to provide banking and financial solutions under one roof. The startup was officially founded in 2010, took seven years to research the market, and launched its first service in 2017. Founded by Amit Nigam and Satyajeet Limaye, BANKIT is all set to become India's most trusted payment solutions company and create a 'Millionaire Agents Network'.

BANKIT focuses to give banking and monetary administrations to underserved individuals who face difficulties in financial offices and are not educated enough. The company's 50,000+ agents are spread across PAN India across level 2, level 3, and level 4 urban areas and towns to help and furnish clients with banking and monetary offices.

Walkthrough the exciting journey of BANKIT in this article, with highlights on BANKIT's business model, how it started, its future plans and more.

BANKIT - Company Highlights

BANKIT - About
BANKIT - Industry Details
BANKIT - Startup Story
BANKIT - Founders and Team
BANKIT - Name and Logo
BANKIT - Product and USP
BANKIT - Business Model and Revenue Model
BANKIT - Startup Launch & Marketing Strategy
BANKIT - Growth
BANKIT - Challenges Faced
BANKIT - Competitors
BANKIT - Future Plans

BANKIT - About

Being a fintech company, BANKIT operates on a B2B2C business model to provide banking and financial solutions under one roof. It partnered with 15,000 neighbourhood retail stores in tier 2 and tier 3 areas of India, which can offer assisted digital financial services like Domestic Money Transfer, Cash out through APES/ micro ATM, also it has its own Prepaid card apart from additional services in Recharges, Utility Bill payments, loan, Insurance, Travel Booking, etc.

The company has over 80,000 outlets in 29 states that target to strengthen its presence in tier 2 and tier 3 areas with financial services. Recently, the company launched prepaid card solutions for corporates. Also, the vision of the company is to make a “Millionaire Agents Network” (MAN). It wants to maximize the number of agents who are able to make Rs. 10 lakhs as revenue in a year by delivering various BANKIT services.

BANKIT - Industry Details

According to Mr. Amit Nigam, the fintech industry is at the evolving stage to become three times more valuable in the coming 3-5 years. Gladly the government is helping companies to modify their services that add extra creation and strengthen the business. The Indian fintech market is expected to reach a valuation of $150-160 billion by 2025.

BANKIT - Startup Story

The journey of BANKIT started with Amit Nigam, who was also one of the founding members of Spice Money. During that journey, he understood the gap in banking requirements in backward areas. Hence, the idea of BANKIT arrived, where he targeted to enable the unbanked and underserved portions of the country by protected, secure, and advantageous banking, finance, and payment arrangements. BANKIT provides the fastest and easiest money transfer to around 400 banks, based on IMPS technology. It provides safe and instant domestic money remittances. The company was founded in 2010, took seven years to analyse the market, identify gaps, and determine the need for banking services in different states, and launched its first service in 2017.

The founders of BANKIT got in touch with a lot of family members and friends to discuss the idea; many of them gave positive feedback and were impressed by the larger mission that it was to serve. A few of them connected and joined hands, and support was extended in terms of manpower to create an incredible team.

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BANKIT - Founders and Team

BANKIT is the brainchild of Amit Nigam, a fintech leader with extensive experience of more than 22 years who has worked at the top of management in telecom, FMCG, and fintech companies like Airtel and Aditya Birla Group. Amit serves as the Executive Director and COO at BANKIT. He was also one of the founders of Spice Money. He is an experienced leader with skills in leading direct reports as well as cross-functional teams, justifying new product development investments, determining and documenting new product requirements, developing sales forecasts and product pricing, and launching new products into the marketplace. He also supervises the key management of large-scale projects for the company.

Whereas, Mr. Satyajeet Limaye, Chief Strategy Officer, works alongside Amit Nigam to lead equity deals on both the buy and sell sides, incubating, challenging strategy, and restructuring revenue streams through strategy and financial analytics.

BANKIT - Name and Logo

The team at BANKIT wanted to connect and be relatable to the masses and wanted the name to be relatable with its mission of providing banking and financial services to the last mile.

BANKIT - Product and USP

BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. Monetary Services are effectively accessible at neighborhood shops. Individuals can visit the closest specialists for administrations with no reports. BANKIT is a stage that has various Banking, Financial, and Payment administrations under one roof and it continues to add more to it as indicated by the client's needs.

BANKIT focuses on providing banking and financial services to underserved individuals who face difficulties in financial offices and are undereducated. The company's 50,000+ agents are spread across PAN India across level 2, level 3, and level 4 urban areas/towns to help and furnish clients with banking and monetary offices. It offers B2B2C administrations that address dual-purpose occupations for specialists who offer various types of assistance to buyers and help clients with our quick, simple Banking, Financial, and Payment administrations that require no documentation.

The USP of BANKIT is its web-based interface and versatile application, which is easy to use and user-friendly for the end customers. Its portal and app are much more secure, authentic, and easy to use, if a customer is registered (prior done any exchange with BANKIT) his cash can be sent with 2-3 ticks just right away. The startup continues to update its app and portal according to the client's needs. BANKIT has added numerous new administrations and guarantees free miniature advances for its agents, which was of great importance and ended up being helpful for the representatives just as much as for the clients. BANKIT is a solitary stage for various administrations accessible 24x7.

BANKIT - Business Model and Revenue Model

Being a fintech organization, BANKIT works on a business-to-business-to-client plan of action to bring banking and monetary arrangements under one roof. It offers financial services like Domestic Money Transfer, and cashouts through APES/miniature ATMs, and has its own prepaid card separate from extra administrations like recharges, utility bill instalments, insurance, travel booking, and so on. Its cutting-edge arrangements are intended to make monetary exchanges consistent, simple, and fast to engage the Agents.

The company offers types of assistance to the purchasers through its agent organization, and for help like DMT, it charges customers @1% on the settlement business according to RBI rules. Different models like money withdrawals through AePS/mATM, Mobile/DTH/Fastag, recharges, bill payments, protection, CMS, and so on are either through banks or aggregators. BANKIT gets a commission from them, which it gives to the retail channel.

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BANKIT - Startup Launch & Marketing Strategy

As BANKIT's target group is mainly from rural and semi-urban areas, the team approached retailers through direct marketing via sales personnel. The response received from the same proved to be successful and many retailers joined hands with BANKIT.

The COVID-19 pandemic and induced lockdown forced a lot of migrant workers from urban areas to internally migrate back to their hometowns. BANKIT utilised this opportunity to help these people get opportunities locally and thus get more people on board for its larger mission.

BANKIT - Growth and Revenue

Noida-headquartered start-up BANKIT has a presence in 29 states with more than 70,000 correspondents and 50,000 agents. Its significant business comes from Andhra Pradesh, Orissa, Telangana, Bihar, Maharashtra, Uttar Pradesh, Delhi, West Bengal, Tamil Nadu, Gujarat, Rajasthan, etc. The fintech stalwart's estimated annual revenue is currently $15.1 million per year.

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BANKIT - Challenges Faced

The team has experienced a huge number of difficulties all throughout their excursion, but the one prominent one that can be highlighted is its colossal business work during the Coronavirus lockdown.

At the point when the Coronavirus began influencing the Indian business market, the test was to re-plan the business and showcase systems totally at an ideal opportunity to settle and develop the business. The team was happy that BANKIT was not simply made due in the hardest season of the World yet, in addition, made the greatest business in lockdown as the interest of banking and monetary administrations gathered by buyers and BANKIT was prepared to give something very similar in those difficult occasions.

Since BANKIT began its first activity, it has seen that organizations have been confronting a few challenges during this pandemic opportunity to support on the lookout however for them, their huge line of administrations assisted BANKIT to cope in this difficult time and spotlight move on sought after administrations like Cash-out help has turned out a distinct advantage for its business. The company has enlisted the greatest income development and exchanges in the midst of the lockdown and has seen an upward pattern for a few of its contributions.

BANKIT - Competitors

Some of the prominent competitors of BANKIT are PayNearby, Fino PaymentS Bank and Spice Money.

BANKIT - Future Plans

The organization has kept an objective to add 1 lakh+ such outlets in the metropolitan and rustic piece of the country in this monetary year under its channel extension plan. Additionally, the organization is intending to dispatch another line of items and administrations in the coming months.

BANKIT wants to be the pioneer in the formation of a new India where everyone has access to banking facilities and doesn't have to struggle for basic banking and financial needs. With the vision to become India's largest and most trusted payment solutions company, the team is working to open more than 10,000 digital and brand BANKIT stores across the country. The startup aims to translate the vision of the government of digitizing rural India and making new entrepreneurs.

FAQs

What is BANKIT?

BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. It partnered with 15,000 neighborhood retail stores in tier 2 and tier 3 areas of India, which can offer assisted digital financial services like Domestic Money Transfer, Cash out through APES/ micro ATM, also it has its own Prepaid card apart from additional services in Recharges, Utility Bill payments, loan, Insurance, Travel Booking, etc.

Who are the founders of BANKIT?

BANKIT is the brainchild of Amit Nigam. Mr. Satyajeet Limaye, Chief Strategy Officer, works alongside Amit Nigam.

What is the USP of BANKIT?

The USP of BANKIT is its web-based interface and versatile application which is easy to use and user-friendly for the end customers. Its portal and app are much more secure, authentic, and easy to use, if a customer is registered (prior done any exchange with BANKIT) his cash can be sent with 2-3 ticks just right away.

How much is BANKIT's revenue?

BANKIT's estimated annual revenue is currently $15.1 million per year.

How BANKIT works?

BANKIT offers financial services to clients through its retail channels, outlets, and banking specialists. Monetary Services are effectively accessible at neighborhood shops. Individuals can visit the closest specialists for administrations with no reports. BANKIT is a stage that has various Banking, Financial, and Payment administrations under one rooftop.

Is BANKIT safe?

BANKIT provides the fastest and easiest money transfer to around 400 banks, based on IMPS technology. It provides safe and instant domestic money remittance. Its portal and app are much more secure, authentic, and easy to use.

Who are the competitors of BANKIT?

Some of the competitors of BANKIT are PayNearby, Fino Payment banks & Spice Money.