Digitisation is making a huge transformation in India. Soon we are going to experience how financial institutions make sense of their data using sentiment analysis. We are looking at a paradigm shift with automated functions, integration of Internet of Things, Omni-Channel experience, says Yogesh Paralkar, Head – SBU India Product at InfrasoftTech India Ltd, in conversation with Elets News Network (ENN). Excerpts:
Tell us about your market presence in India.
InfrasoftTech had started its operations in 1995. Presently, we have Core Banking Solution in 300 + Co-operative Banks, 200+ banks on CBS Clouds, 150 + AML customers across 34 countries, Comprehensive Digital solutions with 100 + Banks, Financial Institu tions and governments.
We (InfrasoftTech) are a fintech digital solutions provider, serving 450+ financial institutions across 36 countries. InfrasoftTech offers a wide range of Banking Products, Framework-based Solutions and Specialised Services. We have over 20 years of experience in serving a crosssection of financial enterprises – Retail and Commercial Banking, Investment Banking, SME and Asset Financing, Asset Management, Wealth Management, Brokerage, Capital Markets, and Payment Services.
What are the current trends pertaining to digital market?
Digital 1.0, which is going digital and mobile for a bank, is no longer an option. Digitalisation has provided mission critical solutions to banks and financial institutions for their short-term and long-term business and technology requirements.
Banks are now adopting big data to harness insights from unstructured data. We’re calling this “Digital 2.0.” In digital 2.0, you will see a transformation in how financial institutions make sense of their data using sentiment analysis.
What are the upcoming solutions for banking in the digital age?
We’re looking at a paradigm shift with automated functions, integration of Internet of Things, Omni-channel experience. In the near future, banks will be using the realm of augmented reality to re-introduce cross-selling. Big data will be used to manage customer portfolios by looking at historic data, to depict expectations from the market. Your data may not be big but it can definitely be smarter.
Technologies like machine-learning will ensure efficient banking.
What do you see as current challenges and opportunities for cooperative banks in India?
Co-operative Banks are small in size, limited branch network. Hence, they find it difficult to compete with nationalised and private sector banks. However, Digital Age will change the scenario for these co-operative banks. One of the most important things for any co-operative bank is its personal touch with customers and vice-versa customer’s confidence in bank, efficiency in managing their funds properly. These things help co-op. banks to retain their existing customers as well as with new digital age offerings like UPI which will help them to attract other banks customers also. Digital channels will increase their reach for new customers.
Which other markets InfrasoftTech is present in?
InfrasoftTech is headquartered in Mumbai and has operations spread across North America, UK, Africa, Middle East and South East Asia. We offer a blended service delivery to suit the client’s requirements through our near-shore delivery centers in London, Jersey and Toronto, our Global Delivery Centers in Mumbai, Pune, and Chennai and a business partner network in over 20 countries.