Growing fintech industry offers plethora of opportunities, says EnKash Co-Founder

Till recently, it was a huge and painful task for businesses to streamline bill payments, especially for companies having more than 3-4 offices. Most of the businesses relied on manual handling of bills and approval from central office based on submitted hard copies which often resulted in tedious tasks of tracking down the bills across offices, late payment penalties or discontinuation of services. To address these challenges, EnKash, a spend management firm, introduced Bill Payment product which allows businesses to make multiple and bulk utility bill payments with a single sign-on on its platform. It also allows bill payments across various branches/ offices at one go reducing man hours by almost 90 per cent. The bill payment service comes with additional benefits like enhanced process efficiency. “The fintech market in India is witnessing an exponential growth mainly in the post-Covid phase. Noida, Pune, Bengaluru and Hyderabad have emerged as destinations for investment in fintech. The fintech industry has grown to a $10-billion market in the past five years. The Indian fintech market is projected to reach a value of $150 billion by 2025 as it has thrown up a plethora of opportunities for old as well as new players”, says Hemant Vishnoi, Co-founder, EnKash, in an exclusive interview to Bizz Buzz

How big is the fast-emerging fintech market in India? What way EnKash's Bill Pay product differs from traditional payment methods for businesses?

The fintech market in India has seen significant growth in recent years, with a total investment of over $10 billion in the last five years. The Indian fintech market is expected to reach a value of $150 billion by 2025. Pioneering as Asia's first and smartest spend management platform, EnKash has aided over 2,00,000 businesses in digitising and decentralising their payments. Growing number of businesses have relied on our platform for frictionless payment experience. Of late, digital transformation is being recognised as a prerequisite to scale up success.

Earlier to pay utility bills, businesses had to manually send bills to the headquarters and wait for approval at various levels to initiate the payment process. However, EnKash's Bill Pay product is designed to make payments easy and efficient for businesses. It provides a single platform for businesses to manage all their utility bill payments, including electricity, water, gas, telephone, internet etc, all at one place. In addition to this, the platform provides real-time updates and alerts, allowing businesses to stay on top of their bills and avoid late fees or penalties. The platform also provides detailed analytics and reporting, giving businesses a clear view of their spending and helping them identify areas for cost savings.

What are the new trends in payment methods mainly in the post-demonetisation and Covid-19 phase?

The post-demonetisation and Covid-19 phases have accelerated the shift towards digital payments and contactless transactions in India. While demonetisation led a significant shift towards consumer payments, Covid-19 actually positively impacted both consumer & B2B payments.

The companies which were relying on manual processes from PO generation to payments, started digital adoption to bring savings, operational efficiencies and faster collections or payments. Most importantly, Covid-19 led a big shift in the mindset and change in habits the way back office operations were managed in any company. In the past, many companies which considered digital transformation as a cost are now considering it as an integral part of their processes. The B2B ecosystem has also started changing fast. Earlier digital purchases were minimal, but now B2B e-commerce is fast evolving. Today, businesses can access any services online like legal, compliance, software etc and also, procure goods via digital channels. Some of the significant changes are also around payment instruments which businesses use. When the past was dominated by cheques, cash and bank transfers as a dominant way to pay, corporate cards are seeing faster adoption. Uniqueness around corporate cards is that they can provide control, visibility and transparency which is not possible in any other payment instrument.

What are the specific types of utility payments you have to help businesses manage more effectively?

As mentioned earlier, EnKash's Bill Pay product offers a complete suite of utility payments, including electricity, water, gas, telephone, internet etc., all from a single dashboard. The businesses are now able to manage all bills from a single dashboard whereas earlier they used to juggle between multiple billers and managing them manually which was a cumbersome process. EnKash’s Bill Pay product offers businesses to add billers, get reminders and initiate a single payment for all office bills with a single click. Additionally, the platform provides multiple users with a customised approval matrix with different layers, including Maker, Checker, and Approver, enabling businesses to manage their spending more effectively and in a transparent way.

How do you ensure the security and privacy of the users & payment information as there is a lot of talk regarding data privacy by some firms?

Ensuring security and privacy of our users & payment information is our priority. We have implemented strict security protocols and used advanced encryption technologies to safeguard our users and data. Our platform is PCI-DSS compliant, which is the highest standard for secure payment processing. We also conduct regular security audits and assessments to ensure that our platform is up to date with the latest security standards.

How does Bill Pay product integrate with other financial management software or systems that businesses may be using?

The integration of Bill Pay product with other financial management software or systems used by businesses is dependent on the specific ERP systems they are using. There are three primary integration options available to businesses, these include- 1) Plug-in based integrations, which requires the client to configure the plug-ins and build integrations with different ERP systems; 2) Host-to-host connectivity via SFTP, allowing for more streamlined data transfer between systems; and, 3) Direct API integrations, providing a more seamless and efficient connection between Bill Pay and other financial management systems. Ultimately, the choice of integration method will depend on the specific needs and requirements of the business, as well as the compatibility of their ERP systems with each option.

What kind of customer support do you think is required in the technology-driven world?

In today's technology-driven world, customers expect prompt and efficient customer support. They want to be able to get help quickly and easily, whether they are using a website, mobile app, or other digital platform. To meet these expectations, companies need to provide multiple channels of support, including phone, email, chat, and social media. They also need to ensure that their support staffs are knowledgeable, courteous, and are capable of resolving the issues quickly.

We provide timely customer support where we offer assistance through phone or email, and our support staffs are highly trained and knowledgeable in all areas of financial management and payment processing. In addition to this, we provide dedicated account managers to ensure our customers receive personalised service and support. Our self-explanatory content, including FAQs, ensures that our customers can find all the answers they need. Whether you need assistance with payments, corporate cards usage, technical issues, or general inquiries, our customer support team is always available to help via email or phone.

What specific measures do you take to address the needs of mid to large companies in terms of efficiency and cost savings?

Mid to large companies have unique needs when it comes to financial management and payment processing. Today most of the software and majority of banks lack the kind of experience and flexibility to manage their needs. Handling large volumes of transactions quickly and efficiently, businesses need to maintain a high level of accuracy and security. We offer a range of solutions designed specifically for mid to large companies, including our Bill Pay product, which provides a centralised platform for managing all utility bills. Our platform is super flexible and highly customizable to take care of ever changing needs of businesses. This creates a solid differentiated offering from our side vis-a-vis any legacy software or banking service which business may be using. In addition to this, we offer customised account payables and receivables solutions tailored to the specific needs of mid to large companies.

What are your long-term goals for expanding services beyond Bill Pay?

At EnKash, we are committed to expanding our services to provide our business customers with a one stop- all inclusive platform for their financial & non-financial needs. We currently offer corporate card solutions – credit, prepaid and gift cards, and will continue to innovate in this space to meet the evolving needs of businesses. This is backed by an intuitive customer card management module which provides a DIY environment for any company to manage their cards & related card spends by themselves.

In the near future, we aim to offer end-to-end and deeply integrated Accounts Payable (AP) and Accounts Receivable (AR) product solutions, providing businesses with a seamless and efficient way to manage their financial processes. This will include solutions for invoice management, payment processing, and cash flow optimization, among other services. Our goal is to provide our customers with a complete suite of financial operating systems that simplify their operations and help them achieve their business objectives.

Can you speak of any recent partnerships or collaborations EnKash has formed to enhance its offerings?

At EnKash, we have formed several partnerships and collaborations to enhance our offerings and provide additional value to our customers.

Please elaborate on where you stand now and your plans to expand your customer base over the next few years…

Currently, EnKash serves over 2,00,000 businesses across India, including some of the largest corporations in the country. Our aim is to double the customer base in the next couple of months. Over the next few months, we plan to expand our customer base by targeting mid to large companies across a range of industries, including manufacturing, retail, healthcare, and education. We will also continue to invest in new products and features, as well as partnerships and collaborations, to enhance our offerings and provide additional value to our customers.