{"id":5006,"date":"2023-07-26T07:11:13","date_gmt":"2023-07-26T07:11:13","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=5006"},"modified":"2024-06-12T12:01:27","modified_gmt":"2024-06-12T12:01:27","slug":"galgal-case-study","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/galgal-case-study\/","title":{"rendered":"How Decentro enabled Galgal\u2019s vision of re-imagining personal finances for Young India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#What_is_Galgal\" title=\"What is Galgal?\">What is Galgal?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#How_does_Galgal_work\" title=\"How does Galgal work?\">How does Galgal work?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#How_did_Decentro_empower_Galgal\" title=\"How did Decentro empower Galgal?\">How did Decentro empower Galgal?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#Virtual_Accounts_for_Collections_and_Payout\" title=\"Virtual Accounts for Collections and Payout\">Virtual Accounts for Collections and Payout<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#What_were_the_critical_outcomes_for_Galgal\" title=\"What were the critical outcomes for Galgal?\">What were the critical outcomes for Galgal?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/#In_Conclusion\" title=\"In Conclusion,\">In Conclusion,<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-Decentro-enabled-Galgals-vision-of-re-imagining-personal-finances-for-Young-India.png\" alt=\"GalGal\" class=\"wp-image-6199\"\/><\/figure>\n\n\n\n<p>Can you define your relationship with money?&nbsp;<\/p>\n\n\n\n<p>Is wealth a traditional concept for you or a benchmark that you are looking to achieve?&nbsp;<\/p>\n\n\n\n<p>As personal as this question can get, let\u2019s look for some of these answers from young India\u2019s perspective.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1198\" height=\"683\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/People_stats_middle_class.png\" alt=\"Demography Stats\" class=\"wp-image-5013\"\/><\/figure>\n\n\n\n<p>India, the youngest and largest population in the world with one of the highest numbers of middle-income households, is experiencing a shift in its relationship with money. The number of affluent middle-class people is on the rise. <strong><em>The World Economic Forum estimates that 80% of India\u2019s population will fall into the middle-class segment by 2030, up from about 50% in 2019.&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p>A transition from \u201cneeds\u201d to \u201cwants\u201d is the transition of Old India investing in physical assets like real estate &amp; gold to New India rapidly moving towards digital financial assets. The increased disposable income of the younger generation has created wealth management needs. Unsurprisingly, India recently witnessed the highest number of financial app installs globally in 2021. India\u2019s fintech majors <strong>PhonePe <\/strong>and<strong> Paytm<\/strong>, were the most downloaded finance apps in the world in 2022, according to the data.ai\u2019s <a href=\"https:\/\/www.businesstoday.in\/latest\/corporate\/story\/phonepe-paytm-worlds-most-downloaded-finance-apps-in-2022-366915-2023-01-20\" target=\"_blank\" rel=\"noreferrer noopener\">State of Mobile 2023 report<\/a>.<\/p>\n\n\n\n<p>There is a rising trend of \u2018new-age investors\u2019 consisting of young millennials keen on pursuing asset allocation with the help of the fintech industry. Finance seemed too complicated, at least back when there was little or no transparency, and most investors used to buy things because a broker suggested it. Now, with the disruptive fintech companies, the complexity of finance is being reduced through educational initiatives. This, in turn, helps the end users create wealth for themselves efficiently.&nbsp; In this fast-evolving Indian wealth management ecosystem, a player&#8217;s most significant competitive advantage is enabling such users in the most personalised manner.&nbsp;<\/p>\n\n\n\n<p>And this is precisely what our customer, Galgal, has set out to do\u2014an innovative solution that goes beyond money management. Galgal, at its core, has set out to empower individuals to take charge of their personal finances.<\/p>\n\n\n\n<p>Let\u2019s see how.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_is_Galgal\"><\/span>What is Galgal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"2880\" height=\"1186\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Screenshot-2023-07-26-at-12.20.15-PM.png\" alt=\"Galgal Website\" class=\"wp-image-5012\"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/galgal.money\/\" target=\"_blank\" rel=\"noreferrer noopener\">Galgal Money<\/a> is a new-age fintech start-up that focuses on bringing efficient banking solutions to the youth, simplifying money management, and making savings as stress-free as possible. As a team, they share a vision of putting mindful finance habits into young Indians. Applying fierce monetary knowledge while creating a fun space for those who fear or feel stressed out by the word \u201csavings,\u201d the organisations hope to deliver a behavioural revolution in how this segment handles their money.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_does_Galgal_work\"><\/span>How does Galgal work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Galgal is a comprehensive platform designed for individuals earning smaller salaries, addressing their unique needs and challenges. With intuitive features and a user-friendly interface, they empower users to take control of their finances, one wise decision at a time.<\/p>\n\n\n\n<p>The organisation provides personalised budgeting tools that help users understand spending patterns, set realistic goals, and track progress. By visualising their financial journey, users gain clarity and make informed choices that align with their long-term aspirations.<\/p>\n\n\n\n<p>The app also offers insights tailored to smaller budgets, attractive offers, educational resources, tips, and tricks to help users optimise their savings and make informed investment decisions.<\/p>\n\n\n\n<p>A user journey with Galgal would look like this,&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1348\" height=\"676\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Galgal_user_jouney.png\" alt=\"User Journey - Galgal\" class=\"wp-image-5011\"\/><figcaption>User Journey &#8211; Galgal<\/figcaption><\/figure>\n\n\n\n<ul><li>Discover the Galgal app and download it.<\/li><li>Sign up and complete the onboarding process.<\/li><li>Set up Dynamic Budget Split Rule to allocate income.<\/li><li>Create custom savings goals using Savings Pitcher.<\/li><li>Enable Forgiveness and Gratitude Rules for automated savings.<\/li><li>Track expenses with Spend Tracking.<\/li><li>Stay motivated with milestone celebrations.<\/li><li>Discover additional features like a digital gold investment.<\/li><li>Achieve financial empowerment and success.<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_did_Decentro_empower_Galgal\"><\/span>How did Decentro empower Galgal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Navigating the complex, heavily regulated finance sector and gaining quick access to the market were crucial challenges faced by Galgal. Managing these services with legacy players would have been next to impossible.<\/p>\n\n\n\n<p>Decentro\u2019s API-enabled banking platform helped Galgal streamline its services, ensuring transparency and control while maintaining the speed of transactions.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Virtual_Accounts_for_Collections_and_Payout\"><\/span>Virtual Accounts for Collections and Payout<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Being fully compliant with RBI\u2019s guidelines, <a href=\"https:\/\/docs.decentro.tech\/\" target=\"_blank\" rel=\"noreferrer noopener\">Decentro\u2019s API<\/a> suites directed Galgal users to create virtual accounts seamlessly. Each user had a virtual account onto which they loaded money using UPI or bank transfers. These virtual accounts were set up on Galgal\u2019s business account, making payouts and collections effortless.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1600\" height=\"582\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/virtual-accounts-money-flow-zerobalance-1.jpeg\" alt=\"VA Flow\" class=\"wp-image-5010\"\/><\/figure>\n\n\n\n<p>Additionally, using<a href=\"https:\/\/decentro.tech\/products\/virtual-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Decentro\u2019s Virtual Accounts <\/a> API, the challenge of tracking the source of transactions and bookkeeping them for the Galgal team was also solved. Since each virtual account is associated with a UPI ID, the virtual accounts can be customised &amp; white-labelled, tying in perfectly to the hyper-personal finance engine Galgal is aiming to build for its users.&nbsp;<\/p>\n\n\n\n<p>To understand the exact journey that Decentro and Galgal have had until now, access our<a href=\"https:\/\/youtu.be\/qKE63g9oPmc\" target=\"_blank\" rel=\"noreferrer noopener\"> latest episode <\/a>of <a href=\"https:\/\/www.youtube.com\/@decentro244\" target=\"_blank\" rel=\"noreferrer noopener\">Decentro Talkies<\/a>, where we conversed with Arun Iyer, CPO, and Co-Founder, Galgal, to understand the company\u2019s business use case and future.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Optimising Your Personal Finance Journey with Galgal - Part 1 | Decentro Talkies\" width=\"1250\" height=\"703\" src=\"https:\/\/www.youtube.com\/embed\/c-kKzwGugqs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_were_the_critical_outcomes_for_Galgal\"><\/span>What were the critical outcomes for Galgal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1826\" height=\"722\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Galgal_outcomes.png\" alt=\"Outcomes\" class=\"wp-image-5015\"\/><\/figure>\n\n\n\n<p>Decentro\u2019s robust APIs have allowed Galgal to drive the following results:<\/p>\n\n\n\n<ul><li>40,000+ Successful API Hits<\/li><li>10X faster integration timelines&nbsp;<\/li><li>Decentro\u2019s multi-channel customer support for any problem resolution<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"In_Conclusion\"><\/span>In Conclusion,<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The aim to empower fintech players has found its fruition through our partners. That\u2019s precisely what our simplified banking APIs are here for! Along with Galgal, we\u2019ve enabled many <a href=\"https:\/\/decentro.tech\/blog\/case-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">customers<\/a> to empower their users to break free from the limitations imposed by financial circumstances.<\/p>\n\n\n\n<p>Our host of features under the Flow module allows our customers to execute end-to-end payment journeys via robust APIs and SDKs. With compliance and efficiency being our promise, feel free to reach out if your business wants to solve a use case involving anything linked to banking. We\u2019re all ears!<\/p>\n\n\n\n<p><a class=\"decentro-homepage-signup\" href=\"https:\/\/decentro.tech\/signup?\" target=\"_blank\" rel=\"noreferrer noopener\">Let&#8217;s Connect<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An in-depth look into Decentro\u2019s customer Galgal Money, and how they are re-imagining personal finances for Young India via Decentro\u2019s Banking APIs.<\/p>\n","protected":false},"author":17,"featured_media":5014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Decentro enabled Galgal\u2019s vision of re-imagining personal finances for Young India - Decentro<\/title>\n<meta name=\"description\" content=\"An in-depth look into Decentro\u2019s customer Galgal Money, and how they are re-imagining personal finances for Young India via Decentro\u2019s Banking APIs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/decentro.tech\/blog\/galgal-case-study\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Decentro enabled Galgal\u2019s vision of re-imagining personal finances for Young India - 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