Founded by visionary leaders who are passionate about transforming the banking landscape, leading technology firms are bound to emerge as pioneers in providing cutting-edge solutions for the financial sector.
Co-founders and directors Avinash Shende and Sachin Pande have been at the helm of this transformation, guiding Virtual Galaxy Infotech Limited with their innovative approach and deep understanding of the industry’s evolving needs. Since its inception, the company has focused on delivering state-of-the-art, AI-powered core banking and digital payment solutions, helping financial institutions, particularly in underserved markets, modernize their operations. In an exclusive interview, Avinash and Sachin share insights into their journey, their commitment to technological advancements, and their vision for driving future growth in the rapidly digitalizing banking sector.
As co-leaders, Avinash and Sachin built a company that prioritizes customer-centric solutions, offering cutting-edge products like E-Banker, an AI-powered core banking solution, and V-Pay, a digital payment platform. Their unique approach of blending technology with purpose-driven innovation has set them apart and established them as industry leaders.
Looking ahead, they envision a future where AI, blockchain, and cloud computing play a pivotal role in further transforming the banking sector. With plans to expand their reach internationally, they aspire to make banking more accessible for underbanked populations while contributing to financial inclusion and economic growth in India.
Beginning of a Tech Journey
Avinash recounted that their journey began in 1995 in Nagpur, India. He and Sachin, as first-generation entrepreneurs, were driven by a shared passion for technology and a vision to revolutionize banking through innovative solutions. They identified a gap in the market, particularly in the cooperative banking sector, which was underserved by existing technology providers.
Sachin affirmed this perspective, noting that they started with nothing but their engineering degrees and a dream to make a difference. He emphasized that the banking sector was on the cusp of a digital revolution, and they aspired to be at the forefront of that change. Their motivation was clear: to create technology solutions that could empower financial institutions, especially in tier-2 and tier-3 cities, enabling them to compete on a global scale.
The Success Philosophy
Sachin explained that their guiding philosophy has always been “Innovation with Purpose”. They believe that technology should not merely focus on creating something new but rather on solving real problems and adding tangible value to their clients’ operations. This philosophy has driven them to continuously innovate and adapt their solutions to meet the evolving needs of the banking sector.
Avinash added that their commitment to customer-centricity has been crucial to their success. He highlighted that they don’t just sell products; they build partnerships. They invest time in understanding each client’s unique challenges and tailoring their solutions accordingly. This approach has fostered long-lasting relationships and established a reputation for reliability within the industry.
A Transformational Enterprise
Avinash highlighted that their unique selling propositions (USPs) stem from a comprehensive and integrated product suite. Their flagship product, E-Banker, is an AI-based Intelligent Core Banking Solution that supports both corporate and retail banking automation. It’s a fully web-based, real-time, and centralized system that ensures regulatory compliance while efficiently managing banking operations.
Sachin emphasized that what truly sets VGIL apart is its ability to provide end-to-end solutions. From core banking to digital payments with V-Pay and from ERP solutions to e-governance systems, they offer a complete ecosystem of technology. Their solutions are highly flexible and scalable, making them suitable for institutions of all sizes, from small cooperative banks to large commercial banks.
The Trustworthy Leaders
Sachin explained that their leadership approach is rooted in trust and empowerment. They believe in nurturing talent and giving team members the freedom to innovate. He mentioned that VGIL has fostered a flat organizational structure that encourages open communication and idea-sharing across all levels.
Avinash added that they place a strong emphasis on continuous learning. In an industry that evolves rapidly, they ensure their team stays ahead through regular training programs and skill development opportunities. Their leadership style is about setting a vision and empowering the team to bring that vision to life.
Balancing Two Interconnected Elements
Avinash stated that they view operational efficiency and customer satisfaction as two interconnected elements. Their solutions, such as E-Banker, are designed to streamline banking operations, which naturally leads to improved customer service. Features like real-time transaction processing and multi-channel support enhance both operational efficiency for banks and service delivery for their customers.
Sachin added that they invest heavily in user experience design, ensuring that their products are not only functionally robust but also user-friendly. VGIL regularly gathers feedback from end-users and integrates it into the product development cycle, ensuring solutions that are both efficient and intuitive to use.
Digital Advancements
Sachin emphasized that digitalization is central to everything VGIL does. They continuously explore and integrate emerging technologies such as AI, machine learning, blockchain, and cloud computing into their solutions. For example, E-Banker employs AI for predictive analysis and fraud detection, enhancing both the security and operational efficiency of banking systems.
Avinash added that VGIL actively contributes to the broader digital transformation of the banking sector. Their V-Pay digital payment solution enables banks and financial institutions to offer seamless digital payment services. He emphasized that VGIL isn’t just adapting to the digital future; they are actively shaping it.
Fostering an Empowering Culture
Avinash highlighted that VGIL’s employees are its greatest asset, and the company invests heavily in their growth and development. VGIL offers a comprehensive training program that covers both technical and soft skills. It also encourages team members to pursue certifications and higher education, often sponsoring these initiatives.
Sachin shared that VGIL fosters a culture of innovation and ownership. They regularly host hackathons and innovation challenges where employees can pitch and develop new ideas, many of which have been integrated into their products. Additionally, they have a strong mentorship program, pairing junior employees with senior leaders to encourage growth and knowledge transfer.
The Team’s Resilience and Ingenuity
Sachin recalled a significant challenge during the early days of the COVID-19 pandemic. With lockdowns in place, many client banks needed to transition to remote operations quickly. VGIL’s team worked tirelessly to enhance their solutions with remote access capabilities and additional security features.
Avinash noted that they not only supported their existing clients during this transition but also onboarded several new clients who urgently needed digital banking solutions. This period tested the team’s resilience and showcased their ability to innovate rapidly and adapt to unforeseen challenges.
Making an Impact on India’s Transformational Future Landscape
Sachin shared that VGIL’s vision for 2024 and beyond is to remain at the forefront of the next wave of banking technology innovation. They are particularly excited about the potential of AI and blockchain in revolutionizing banking operations. Additionally, VGIL is looking to expand its international presence, with a focus on Africa and the Asia Pacific region.
Avinash emphasized their aspiration to play a pivotal role in India’s financial inclusion journey. VGIL is developing solutions specifically tailored for rural and underbanked populations. By making banking more accessible and efficient, they aim to contribute to the broader economic development of the country. Their goal is not just to grow as a company but to be a catalyst for positive change in the banking sector and beyond.
