Neokred’s CEO Shares Insights on Fintech Innovation, AI Banking, and Global Expansion in Exclusive Interview

1. Can you provide a brief overview of your background and how you got started in the fintech industry?

I was an intraday stock trader even before I started my career with Happay and MSS Payments. Over there, I was introduced to the startup culture and primarily the banking sector with exposure to APIs to further create layers on it to service the respective corporates with fintech products. The 4 years that I spent with these 2 startups really helped me gain my momentum in the fintech ecosystem and that was important to me to understand what is a ‘need’ to have a product and what is a ‘nice’ to have product.

2. Could you explain what sets Neokred apart from other fintech companies in the market?

We have a baniya with data-driven mindset, where we innovate and service products that have a profit margin on a per use level as compared to having a thin margin and a scale projection to breakeven. We create products respective to the needs of that industry that primarily deals with money and customer experience. Being in the B2B space has helped us focus on the experience that our clients expect.

Investing in market study and innovation has been one of the most important ROI we have gained and we are being recognized for this. In 2024, our complete focus is on AI products, and we are coming up with use cases that not only can be used by banks but for every corporate in any industry that has a digital consumer presence.

One of the key features of Neokred’s offering is the significant reduction in the time required to launch a financial product. Traditionally, it could take 7-12 months for an idea to go live, primarily due to compliance and regulatory hurdles. However, with Neokred’s solution, companies can launch their fintech products within weeks. This speed and efficiency are a major unique selling point for Neokred, attracting various corporates and startups looking to venture into financial services without the need to build everything from scratch.

3. What emerging trends do you see in the fintech industry, particularly in the context of embedded solutions and beyond banking services?

The fintech industry is witnessing a significant evolution, particularly in the realms of embedded solutions and especially products that create ‘Beyond Banking’ experiences such as Embedded finance, Banking as a solution, cross border payments, decentralized finance, CBDC, etc. These are few of the new age of banking experiences that startups not only in India but globally are targeting.

4. What challenges have you encountered in establishing Neokred, and how have you overcome them?

Establishing Neokred, like any fintech startup, came with its share of challenges. My experience in working with 2 B2B fintech startups helped navigate these challenges and provide a strong PMF in the end.

1. Developing a platform that could seamlessly integrate with clients’ existing systems and provide a range of financial services. The solution was developing a comprehensive Software Development Kit (SDK) that could be easily integrated into clients’ mobile apps for a faster go-to-market​.
2. This is a Money-Trust business. As a new player in the fintech space, gaining trust and penetrating the market were significant challenges. Neokred had to establish its credibility and convince potential clients of the reliability and utility of its services.
3. How does Neokred approach collaborations and partnerships within the fintech ecosystem?

Our collaborations are often centered around providing customized financial solutions. By understanding the specific needs of their partners, they can develop tailored offerings that integrate seamlessly with their partners’ existing systems.

Open banking is a central aspect of Neokred’s business model, where they enable the integration of various financial services into non-financial platforms. Collaborating with other fintech players and utilizing APIs for open banking allows Neokred to offer a range of services and enhance the functionality of its platform. This approach is aligned with the trend towards open banking systems, which encourage collaboration between banks and fintech companies to create innovative financial solutions.

We aim to empower companies outside the traditional financial sector to offer fintech services. By doing so, they expand their partnership base beyond the usual fintech players to include a variety of businesses in different sectors. This strategy not only broadens their market but also promotes financial inclusion by integrating financial services into everyday consumer platforms.

6. Given the sensitive nature of financial data, what security measures and protocols has Neokred implemented to ensure the confidentiality, integrity, and availability of customer information?

We are ISO 27701 certified that represents data privacy compliance, and this is important to us as to anyone. This involves Encryption of the data, secured auth protocols, and fraud detection. With the recent Data Protection Law, we intend to play an important role in protecting the data of our clients and their customers. We are also certified with ISO 20001 and 27001 which presents Information security and information technology, these are the basic requirements to trust a fintech platform.

7. B2B fintech often involves integration with various systems. How does Neokred approach and facilitate seamless integrations with clients’ existing technologies? Are there specific APIs or protocols that the platform supports?

With the focus of product and client servicing, we understand the respective integration we do with various systems, regulators and license holders that are tech savvy and flexible with opening their API suite that helps customize the products for our clients. It is important to understand that these system integrations are over the top of large databases hence, the complexity to make it live is always valid. There are certain do’s and don’ts that are involved while integrating with these systems and they are use case specific too.

8. Where do you see Neokred in the next 3-5 years? Are there specific areas of expansion or new initiatives you’re particularly excited about?

AI Banking. We are working on use cases that involve AI and we are talking with process heads to understand their day to day operations and how AI banking can help smoothen their operations, decision making ability and addressing customer expectations.

We have the thought process of building in India and selling it globally. We have identified certain markets and in the next few months, we have planned to be live. In 2024, we are focusing on the Middle East and Africa. Our use cases for these markets are ready and we have planned the respective strategic tie-ups with partners in those regions.

9. Based on your entrepreneurial journey, what advice would you give to aspiring entrepreneurs looking to enter the fintech industry or start their own business?

Select a Niche market and then build a product for them. This niche should be global and not country specific. When you do this, you are creating a pull product rather than a push product. Market will always take a product that reduces time to do a certain activity and scalability is what is expected in phase 2.

Entrepreneurial journey is rewarding and very tough at the same time. To give you my stock trader mindset, the number of skills you possess is exactly equivalent to the money you make.

10. Fintech is a rapidly evolving industry. How does Neokred foster a culture of innovation within its technology team? Can you share any recent technological innovations or advancements that have been integrated into Neokred’s platform?

Training programs, our technology team is always up to date with the market trends and we are constantly studying and exploring new technologies. We have expectations who share their knowledge and experience with the latest technologies. This motivates us to believe that we have come so far only due to technology.

11. What are your success tips for young and aspiring entrepreneurs?

Respect the market and it shall reward you.