According to the Reserve Bank of India (RBI) statistics, around 40 per cent of the country’s population has access to banking facilities. On contrary to this, Government’s 2011 Census report shows that only 58.7 per cent of Indian households utilise formal banking services.
Whichever way the figures criss- cross, there is a huge gap between the total number of account holders and unbanked adults in India. To bridge these gaps, Banking, Financial Services and Insurance (BFSI) sector is constantly endeavouring to introduce innovative technologies and service models. Ideally fitting into the picture is Bangalore headquartered Integra Micro Systems— a leading provider of innovative high technology products and solutions in the Government, BFSI and Telecom space. Being a pioneer in this space, the company delivers an outstanding breadth and depth of services in the areas of financial inclusion, eGovernance applications, biometric smart cards, transaction enabler systems, video surveillance, document imaging and embedded systems.
Integrating Business with Innovation
The journey of Integra dates back to 1982. Since its inception, Integra has constantly strived to build, promote and support its own products that have captured a large market share in their respective segments. Today, the company continues to run with the spirit of product development, focusing on solving real world BFSI problems with its unique solutions that include Integra’s Mobile Financial Applications, Services and Technologies (iMFAST), a versatile platform offering in Financial Inclusion consisting of Micro ATMs, ATMs, devices; an Integrated Transactions Gateway System (iTGS) that interfaces with Core Banking Systems (CBS), NPCI, NSDL, UIDAI and enrolment systems that interface with Customer Information Systems and KYCs of Core Banking; and applications in Banking, Insurance, Remittances, etc. The company also offers Wallet Systems on mobile and web, Public Distribution Systems, Attendance including AUA (Aadhaar Authentication User Agency) Services and Agent Assisted eCommerce amongst others.
“We help BFSI sectors strengthen their functions through automation, reducing turn- around times and securely increasing information accessibility to relevant stakeholders, thereby bringing in transparency and quicker decision making capabilities in the system. With large projects executed in India and Africa, we are rightly positioned to help take eGovernance to the next level,” CEO, Integra Micro Systems, Mahesh Jain said.
Over the years, the company has carved a niche for itself with innovations like porting UNIX onto Indian hardware for the first time and providing an office suite on UNIX in India; offering TCP/IP stack on DOS and Windows and so on. The company has also created OCR (Optical Character Recognition), Signature and Document Imaging Solutions for BFSI. Vision for the Coming Years With its team of industry veterans, Integra is well on its path to emerge as a leader amongst BFSI solution providers.
Having served about 18 banks and a few MFIs with Business Correspondent (BC) operations at about 14,000 locations, the company intends to double its operations within the next 18 months and increase technology reach to 40 percent of the BFSI and payment solution providers. Steering its way ahead, Integra plans to expand its geographical reach by developing newgen products in transactions and identity areas, building solutions and processes for Agent Assisted e- Commerce, Banking, Insurance, and Payment Operations.