OneBanc taps into the Public Sector Market opportunity worth $19 Billion

OneBanc Technologies, an AI-driven neo-banking company, is expanding into the public sector to positively influence over 17Mn white-collar employees. They are disrupting the Payroll Banking space with a solution that delivers a premium banking experience. In a short span of time, over 100 corporates have partnered with OneBanc to reap benefits such as improved compliance standards, increased employee engagement, and productivity. The company is backed by prominent VCs like Info Edge Ventures, Leo Capital, and Saison Capital.

PSUs, today, face a lot of challenges in attracting quality talent while consistently struggling to engage the current workforce. Resolving these issues is crucial for the Atmanirbhar Bharat Abhiyaan initiated by Shri Narendra Modi, the Hon’ble Prime Minister of India. In the past 6 months, OneBanc has seen an increasing interest from large PSUs to explore its offering. Seeing the early traction & potential, OneBanc has set up a separate dedicated business unit to focus on & pursue this segment.

“Government employees are under a lot of strain in terms of workload and  personal finances. In this sector, financial literacy amongst employees is amiss. The only way to solve this problem at scale is to leverage technology.” Retd. Maj Gen Alok Raj, OneBanc, was quoted as saying. He has been decorated by the President of India with Param Vishesh Seva Medal (PVSM) & Ati Vishesh Seva Medal (AVSM) for most exceptional and distinguished services.

In a recent survey conducted by OneBanc with over 400 toppers graduating across 37 colleges, only 9% would consider applying for a Public Sector job as their top 3 career option. This sharply contrasts with over 64% who wished to apply for Private Sector jobs only. In another survey conducted across over 200 government employees, an overwhelming 58% would consider voluntary retirement if a lucrative private sector opportunity were to present itself.

“In our meetings with the leaders in the PSUs, it was immediately apparent that increasing engagement and developing a positive employer brand were among the top three 3 priorities for them. Seeing early traction expedited our plans to get into the PSU market. We aim to sign 10 PSUs in the next 12 months. We are committed to investing $50Mn in the segment and are tracking the PNL separately,” said Sameer Nagpal, Co-founder, OneBanc.

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