End-to-End Data Analysis and Reporting for Financial Institutions

Fintech71 Spotlight: HEXANIKA
Fintech71 Staff
December 28, 2017

The world of fintech is where technology and banking collide to revolutionize transaction management and functionality. In this evolving space, startups are taking the reins to lead a new wave of operations and business. Yogesh Pandit, founder and CEO of HEXANIKA, is one of the fintech entrepreneurs involved in the game-changing shift.

HEXANIKA is a beginning-to-end, cost-effective software solution using scalable computing, distributed computing and parallel processing.

Pandit finds passion in connecting business problems to innovative technology solutions by leveraging his experience in financial service, and bringing together a team that shares his goals.



Company Orgin/Operation


Company Representative

Yogesh Pandit, Founder and CEO


End-to-end regtech and big data automation for banks


What does HEXANIKA do?
HEXANIKA has developed innovative end-to-end software for financial institutions to address data sourcing and reporting challenges focused on regulatory compliance. It enables financial institutions to harness new technologies (big data, robotics, artificial intelligence) and reduce regulatory cost by process automation and consolidation. HEXANIKA’s Software Platform streamlines the process of data ingestion, analytics and reporting.

What is HEXANIKA’s story? How did HEXANIKA come to be? What sparked the idea?
HEXANIKA founders and advisors have experienced the significant challenges associated with data management for regulatory compliance during their careers in banking where they have led multimillion dollar regulatory and technology projects. Having worked in the industry, we know the problems firsthand and have developed a product that empowers our clients to manage their regulatory requirements better.

The idea was conceptualized when I was working with a large U.S. financial institution and had to experience the challenge of providing auditability and regulatory information to regulators. I realized banks are having a tough time dealing with costs and resources required for regulatory reporting. I brainstormed an idea of streamlining the process with Makarand Gadre, our chief technology officer (CTO) and a few other founder members, and thus the groundwork for developing the HEXANIKA solution began in January 2015.

Why is HEXANIKA important?
The platform leverages automation and unique machine learning algorithms that simplify the data management and governance process to enable timely and error-free reports to be submitted.  More importantly, the software also provides 100 percent data lineage and traceability, a unique capability not available with other competing solutions. It enables up to 40 percent more time savings for integration with core banking software, up to 50 percent more time savings for fair lending change management and up to 40 percent more cost savings through automation.

What are HEXANIKA’s goals as a company?
HEXANIKA aims to be a leader in innovating the financial services industry by building a scalable software that leverages cognitive technologies (big data, robotics, machine learning) to efficiently address issues faced by financial institutions.

What are the biggest fintech trends?
While fintech trends are largely centered on payments, customer analytics and other spheres, the use of fintech for regulatory compliance is a silent revolution. Unlike the concept of fintech as that of a disruptor, regtech or fintech implemented for regulatory purposes enables financial institutions to adopt innovative technology in regulatory processes to streamline, automate and do it in a better and cost-effective manner.

HEXANIKA sees this silent revolution making a large impact in the fintech marketspace in the coming months. Banks can leverage regtech to not only improve upon the process but also adapt cognitive technologies in legacy architecture, or as we call it “Innovate with Legacy.”

Which of these fintech trends is most likely to impact HEXANIKA?
Banks are slowly shifting to new technology, and HEXANIKA will work to make this shift easier and effective. Automation is another trend in fintech that HEXANIKA is capitalizing on as the software uses machine learning algorithms to automate repetitive processes and lower the requirement for manual intervention. HEXANIKA is also enabling banks to embrace “disruptive” fintech innovations in a cost-efficient way without requiring any change to existing architecture.

How did HEXANIKA hear about Fintech71?
HEXANIKA’s marketing team identified Fintech71 as a potential opportunity to not only promote and inform a large relevant audience about the software but also to get valuable feedback from key mentors and partners. Along with the web and social media, we were recommended to apply for the program by a senior executive from one of Fintech71’s partner companies.

What appealed to HEXANIKA about Fintech71?
Fintech71’s curriculum is focused on enabling fintech companies to get to the next stage by leveraging expertise from a great team of mentors and a partner ecosystem that includes key players in the financial industry. HEXANIKA was especially interested in gaining insights from key mentors, opportunities to pitch to potential clients and investors along with other benefits such as participation in roadshows in three cities, networking at various events (Finovate, Money20/20) across the U.S. and more.

Why did HEXANIKA apply to Fintech71?
Opportunities with world-class mentors, networking with potential clients and partners, pitching opportunities at key events, roadshows in multiple cities with opportunity to directly interact with large financial institutions, investment and help in key areas like marketing strategy, GTM strategy, product innovation, etc.

What is HEXANIKA hoping to get out of Fintech71?
We are looking forward to the many introductions to key executives from financial institutions who could be HEXANIKA’s potential clients or partners. Engagement with venture capital and other investors for funding opportunities is also appealing. Finally, mentorship on various aspects of our business will be very helpful as we grow.

Have you been to Ohio before?
HEXANIKA has participated in events and other accelerators based in Ohio which gave us the opportunity to network with financial institutions in Cincinnati, Columbus and a few others.

Also, we have been in active discussions with some of the banks based in Ohio for a percentage of completion and pilot engagements.

What was your perception of Ohio before Fintech71?
Having experienced and seen growth of fintech programs in Ohio and networking with Fintech71 companies one of which is JobsOhio, we feel Ohio has a great fintech ecosystem with financial institutions that are aware and ready to embrace the innovation offered by Fintech71 cohort companies.

What do you like about Ohio thus far?
We are impressed with the presence of key financial institutions that are our target customers and the opportunities to network with them at various events in Ohio. We have also been encouraged by the thriving fintech community in Ohio and efforts taken by institutions like JobsOhio in promoting the fintech culture in the region.

How does Ohio have a fintech advantage?
Ohio is among the top five states in the U.S. when it comes to housing Fortune 500 companies. It is also home to several large financial and insurance institutions such as Key Bank, Fifth Third Bank, Huntington, Progressive and Grange.

With a thriving financial services industry that is eager to expand through innovation, this provides an ideal opportunity for fintech companies to partner with these institutions. Together they will build innovative and disruptive technologies to address a number of industry challenges and requirements around digital usage of cognitive technologies and emerging business models.

Interested in learning more about fintech, Fintech71 and financial services in Ohio? We invite you to visit our financial services page.