Fintech is riding on the fastest ever technological transfomatory drive. This drive is powered by increasingly tech-savvy customers who are fast embracing the ease, comfort, and convenience of online, digital, and mobile banking.
With the increasing promise of futuristic tech incorporations like AI, Big Data, Blockchain, Cloud Computing, IoT, ML, RPA, and even ER-enabled augmented and virtual metaverse banking, the changes are happening at a breakneck pace. Online, digital, and mobile banking are the swiftest way of making all your banking transactions.
This swiftness, agility, and speed are what the next generation of customers expect from their banks when getting served. However, the banking and finance industry is finding itself hard-pressed against the challenge of keeping updating with and adapting to the change.
They need someone who can partner with them and aid them in matching the quickness of rapidly evolving fintech in the BFSI sector. Their search ends here, as the prescient leader Guru Murthy, CEO of Processware Systems Private Limited, is partnering with not only BFSI companies but also with Manufacturing and Aerospace Organizations to aid them in coping with the tech transformation over the last 27 years.
Fostering Prudent Technovative Solutions
Processware has been providing software solutions to the financial sector since 1995. Even before the large banks got computerized, Processware introduced their product ‘BankSoft’ to co-operative banks in India. Over time, BankSoft has been updated continuously. BankSoft has undergone several technical evolutions, from a Foxpro-based solution to a native cloud-based one.
Guru Murthy shares, “A continuous engagement with our customers has helped the organization bring prudent products to this sector. Our customers treat us as a partner rather than a vendor. We bring significant value to our relationship by guiding them in adopting technology to meet their growth objectives. We also advise them on regulatory compliance requirements.”
Processware was the first company to offer a Cloud-based Core Banking Solution in the financial sector in 2011. Today, BankSoft has been accepted by more than 500 customers Worldwide. BankSoft has been stress tested by IBM and benchmarked at 1790 TPS (Transactions Per Second).
Guru Murthy says, “Our clients value our relations since we provide assistance beyond software. Processware has been conducting annual customer meet for the past 18 years to ensure the active participation of our customers in the product development process. Processware brings in industry and academia to address our customers and interact with them to provide ideas for growth.”
IBMs Proud Indian Partner
Processware, along with IIM, Bangalore, were awarded a research grant from the Ministry of Electronics and Information Technology (MEITY), Government of India, to evaluate the application of Artificial Intelligence (AI) in the financial sector in 2017. Processware and IIM have developed an AI-based model to predict the non-performing assets in financial institutions.
“Our colleagues appreciate that they can always reach me for any assistance. We have a flexible work schedule and accommodate their life needs, to a large extent,” says Guru Murthy.
Mission Critical Innovation BankSoft
Processware has deep expertise in the BFSI sector, having been in the market for nearly 30 years. Processware provides World-class support to our customers to ensure they can meet their business goals. BankSoft offers a variety of delivery channels such as Mobile, Tablet and Internet. Guru Murthy states, “The key differentiator being the quality of support provided to our customers.”
Processware understands that BankSoft is a mission-critical software for their customers to run their daily operations efficiently. Hence the support aspect is extremely critical. “The bulk of our customers has expressed their satisfaction on the timely support provided by our team,” mentions Guru Murthy.
Processware introduces new technologies into the BFSI sector at a rapid pace to enable clients to keep abreast with their customer’s needs.
Real-Time Predictive Tech Analysis
Being an experienced leader, Guru Murthy’s opinions on how adopting modern technologies like AI and ML impact the BFSI industry and how Processware is adapting to the change are praiseworthy. He says that the bulk of technological advances has affected the payments space in India in the form of UPI and BNPL.
The traditional banking practices such as Loan appraisals, Loan documentation, and Customer reviews are all still carried out as they were a decade ago. Adoption of AI and ML will help speed up the credit appraisal process and also predict NPAs before they occur. Predictive analytics coupled with real-time data from external sources will impact BFSI, to a large extent, in the coming years.
The other area which requires significant improvement in the BFSI sector is the innovation of new products. Technology has not been used by many banks, even today, to innovate new products for each segment of the customer. Most banks have decade-long electronic data with them. Unfortunately, this data is not being used for their operations.
Tech Automation for Market Challenges
Considering the current industry scenario, when asked what kind of challenges he faces and how he drives Processware to overcome them, Guru Murthy reveals that the challenges are from the market.
The market is undergoing consolidation, and the regulator has not issued new licenses for banks to be incorporated. Hence, the market is primarily not growing in India. However, there are opportunities in specific areas of operation for the existing BFSI customers, which can be automated using technology.
Commercial banks have not leveraged the large electronic transaction data they possess over the last decade. Hence, we see opportunities to help them explore this data to aid them in growing their business.
Hence, Processware is looking to Southeast Asia and Africa to promote their product. BankSoft has already gained customers outside India and will continue to see growth in those markets.
An Agile Advice
Guru Murthy advises budding entrepreneurs who aspire to venture into your space, “Be nimble. Learn fast and address the target customers. Listen to the customers frequently to bring innovative technology products to the market. Build a great tech team to ensure that you will be ahead of others in the market.”
He adds, “I would also like to advise the budding entrepreneurs to address Indian Problems rather than bring ideas from outside.” There are numerous issues faced by Indians in their daily life which are looking for solutions.
A Comprehensive Future Digital Vision
Guru Murthy reveals his vision for scaling Processware’s operations in the future, “We are working on multiple new products for the BFSI segment.” These products will be launched in the next 12-18 months.
A comprehensive digital lending platform to enable financial institutions to transform themselves to meet the needs of the new generation of customers, Data2Decision: A data-intensive sales platform for financial institutions to target suitable customers for each product/service using AI.
(To be designed separately)
Awards and Accolades
Processware received awards and accolades like,
- CIO Insider, Financial Technology, March 2021,
- The Silicon Review, 2019,
- The Ten Most Prominent BFSI Providers, 2018,
- The Thirty Most Valuable Tech Companies, IS, 2016,
- Twenty Most Promising Banking Technologies, CIO Review, 2016.
“On behalf of the KML Board and Management, I wish to thank Processware Systems Pvt Limited for the successful work done by Manjunath to get KML to this level where we can now operate effectively and transparently by being able to produce the various reports on KML’s operations that will enhance decision-making. This is like Dream Come-True for me personally.” – L W Ellison Pidik, Managing Director, Kokopo Microfinance Limited, East New Britain Province, Papua New Guinea
“We are glad to state that we are using BankSoft at PNG Microfinance Limited since 2008 at all our 14 branches and Head Office. BankSoft has enabled us to reach new customers and generate necessary MIS reports. BankSoft has met our requirements and working satisfactorily.” – Ravindra Goud, Chief Operating Officer, PNG Microfinance Ltd.
“This is to certify that we are using Processware’s BankSoft – Banking Application Software since 1996. We are satisfied with its performance and after-sales support.” – Manager, Reserve Bank of India Employees Co-operative Bank Ltd, Bangalore.