Empowered consumers, innovative competitors and new technologies are bringing massive changes to the Banking Financial Services and Insurance (BFSI) industry. In this dynamic era of transformation, InfoAxon is helping organisations in accelerating their digital engagement, says Vineet Dahiya, Co-founder & Director, InfoAxon, in conversation with Rashi Aditi Ghosh of Elets News Network.
- Give us an overview of your products and services.
InfoAxon helps organisations accelerate digital transformation by leveraging open source technologies and creating digital engagement solutions across channels. These solutions help companies better engage with their stakeholders – customers, partners, and employees.
What we do:
- We design and deliver engaging omnichannel experiences through new age portals, websites, and mobile applications for Customer, Partners, Agents and Employees
- Integrate and unlock data in underlying Line of Business systems using loosely coupled API layers
- Manage enterprise content ranging from digitisation, workﬂows, to content repositories
- Implement actionable insights for their business using powerful analytics, and big data tools
Our focus verticals are Banking, Financial Services, new age NBFCs, Insurance and Manufacturing which are going through major disruption with interactions shifting from physical to digital world. We have pre-packaged Solution Stacks for these verticals which are designed to help them ‘Go Digital’ and profitably engage their stakeholders. Few of our key customers include Niyogin Fintech, Edelweiss General Insurance, Britam Corp, Reliance Commercial and Home Finance, Hyundai Motors India, Maruti Suzuki India, IMRB, Godfrey Phillips etc.
InfoAxon is also the winner of ‘Open Source Service Provider of the Year 2017’ Award at NBFC Tech 100 Summit held in Mumbai for excellence in delivering Digital Engagement Solutions and Services to NBFCs.
- How important is digitisation for bringing transformation in the BFSI sector?
Empowered consumers, innovative competitors and new technologies are bringing massive changes to the BFSI industry. No longer can BFSI players sell traditional commoditised products through disjointed online presence and a network of traditional agents. Now they must create an entirely new set of products that inspire customer demand, anticipating and addressing customer needs and wants.
To achieve this, they will need to develop their own ecosystems of partners and value-added service providers, integrating them through digital platforms. They will have to embrace digitisation for the agility it provides, and begin to rely on analytics for decision making and predictions.
Consumers have come to expect a highly personalised experience followed by instant fulfillment — and they’re looking for this same service from BFSI players. Digitisation is an ongoing process which is helping organisations realise following objectives:
- New customer experience
- New business models, and
- Greater operating efficiency
Regulation and a conservative business approach have caused BFSI players to adjust slowly, but outside forces are now bringing the full effects of this transformation-in-waiting for the BFSI industry. They’ve expanded offerings and they’re finding better ways to engage with customers in an online world.
These tools of the digital economy — built on open source software and commodity hardware — enable both established and digital BFSI players alike to quickly try new products, instantly market and scale those that work, and quickly eliminate those that don’t.
- What is InfoAxon’s role in accelerating digital engagement solutions across companies globally?
InfoAxon help organisations in accelerating digital engagement.
While helping organisations accelerate their digital journey, we first consider the current stage of their digital maturity. This helps them in identifying the main areas to target and invest in. Post that, we form cross functional teams to execute the digital transformation leveraging their existing capabilities and our pre-packaged digital accelerators to push the digital initiatives and start to promote the related achievement across the organisation. Some examples may include paperless process for customer and partner onboarding, loan origination and evaluation, online marketplace for selling products online, customer/partner/employee engagement portals etc. which could easily be rolled out to or re-used for other processes. During this process we help organisations create a Digital Blueprint that lay down how they need to move ahead with their organisation wise digital initiatives.
This Digital Blueprint consists of:
- User Experience Design to enable omnichannel experiences
- Innovative UI to engage users
- Solutioning of Digital Engagement Platform and implementation of digital applications
- Actionable Customer Analytics / Insights
- DevOps and Governance mechanisms to support digital transformation
We have following packaged offerings that help accelerate digital transformation within organisations. These are:
- Stakeholder Connect Portals – Customer, Partner, Agent and Employee engagement portals
- Digital Accelerators – Unified API Gateway to integrate enterprise systems, 3rd party or government/public services such as eKYC, validation etc., Audience Targeting
- Analytics Hub – User Segmentation, Personalisation, Single View of the Customer, Digital Marketing
- What measures do you take to ensure safeguards against malicious activities in sync with your product offerings?
Digital shifts are changing the way businesses think about security. Data no longer resides safely within the traditional firewall environment of enterprises. Data flows regularly across boundaries through an API driven ecosystem.
We ensure implementation & management of:
- API authentication across the organisation. Authorisation include factors such as incoming IP address, access time window, device identification, geolocation
- OAuth, an open standard for user-centric authorisation and authentication
- Cyber-resilient and compliant environment
- Data classification and protection
- We are close to the year-end and the banking industry witnessed several major changes in this time frame. What is your point of view in this regard?
As retail banks gradually digitalise their activities, they have focused largely on the most frequent customer transactions, such as checking balance, transfer funds, utility payments etc. Most banks have digitised fragments of the process for marketing, selling and servicing loans.
New digital entrants such as fintech startups, new age NBFCs and digital native banks have spotted the opportunity and attacking the traditional banks and weaning away the customers by better servicing their needs. They provide a better experience by being proactive in anticipating and servicing the needs of specific customers – often underserved customers. For instance, providing loans to students for higher studies, inventory financing, peer to peer lending etc.
Banks are accelerating investments in digital lending to stop leakages in their traditional revenue base. Leading banks have started to invest in creating better customer experiences, making it easier to apply for their offers, removing bad or unavoidable interactions and creating an ecosystem of third party aggregators for reaching out to newer segments.
During the year, Banks have invested in:
- Delivering simple and engaging omnichannel experiences
- Executing consistently across channels
- Gathering a single view of customer for marketing, sales and service
- Creating Microservices based architecture to expose and consume services with 3rd party aggregators
- Straight-through processing of loan applications