Case Study: Small Finance Bank achieves accurate, compliant FBP and reimbursement management with MYND

Small Finance Bank streamlines payroll across 68 branches with Mynd

The customer, Small Finance Bank (sfb), a small finance bank operating across several states, faced significant challenges in managing its complex Flexible Benefit Plans (FBP) and reimbursement structures across 68 branches. These operational bottlenecks included intricate tax reconciliation, validation of car and driver reimbursements, and managing frequent FBP variations. To address this, they partnered with vendor Mynd for their payroll and FBP management services.

Mynd implemented a structured solution involving cross-functional coordination, monthly data validation, and systematic tax reconciliation. This approach successfully eliminated tax report mismatches, ensured faster onboarding with timely investment proof verification, and provided seamless consolidation of previously split reimbursement data. The results delivered by Mynd included accurate and compliant FBP configuration, reliable multi-step reimbursement validations across all branches, and assured compliance with RBI regulations.