More data, more problems? This fintech firm is trying to solve India's rising data privacy issues, one innovation at a time. Here's the story of NeoKred and its founders...
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00:00Input something on WhatsApp and then you get an ad on Facebook.
00:04The moment you're sharing, probably even as small as your Aadhar card, your personal information, your number.
00:10Ultimately, you would want to have certain controls.
00:13It will play a very large role, how your data will be utilized or used tomorrow.
00:30First time I met him is when I took his interview.
00:38Typical thought of mine was, why is he not in formals?
00:41I was a crazy one and Tarun was the calculated one.
00:45You'll see him in a calculator, in a laptop, with sleeves all tied up.
01:00In my previous company, I was taking care of the finance and product and he was taking care of sales and marketing.
01:14Most of my work revolved around meeting with banks and Tarun was my partner.
01:19Me and Rohit, as usual, we went with having a conversation with a large bank.
01:25And the digital banking head of that bank told that, hey, why don't you start a firm and I will give the contract to you.
01:35That's where it stuck our brain as to why don't we start a firm together.
01:56We did face a lot of criticism as two newbies, two young boys.
02:01We were the youngest in the lot among the fintech ecosystem, market of sharks.
02:07Technically, we were a goldfish.
02:09I attended a meeting and I was completely, you know, clean shaved.
02:13He considered me like a schoolboy.
02:25Let's take an example where an e-commerce brand, when it onboards Tarun, he wants to know who Tarun is.
02:41That's where Profile X is coming into play, where mobile based intelligence is there, KYC as a solution is there.
02:47It allows you to identify fraudulent measures, fraudulent bad actors in a system.
02:56We've identified that today is one of the need of the hour.
03:05If you have like a forced resignation from your respective employer or there is immediate termination without any notice period or service package.
03:14That's where we will fund three months of your net pay that you currently get in your organization as well as help you in getting a new job as well.
03:24We call this product as policy.
03:27So it is replicating a close to an insurance plan, but it is a job protection plan that we do.
03:34That is one product which we created out of passion in terms of thinking impact to society.
03:41In your phone, you might be getting a lot of unauthorized messages from A, B or C brands.
03:55If tomorrow, if you want to revoke the data instantly, you can revoke it.
03:59And that communication will be sent out from Neocred to the brand.
04:04You are always at control where who has your data.
04:11How do you handle customers' data?
04:18It is the biggest talk of the town.
04:21They also say that the next world war comes on data.
04:25We are ensuring to be the guiding light to a new era of data protection for the citizen of India to make sure that his data is not compromised in any way.