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Processware Systems: Transform Traditional Financial Institutions into Fully Digital Bank

R Guru Murthy,CEO

FinTech or financial technology is experiencing the acceleration of positive change these days. Advancements in this industry are meant to help financial services companies and their clients who use financial services to navigate risks, avoid overspending, and generally better manage their finances. Processware Systems, started in 1989, is involved in designing and developing various application software to suit the customer's requirements. The organization has been able to gain the customers' confidence in providing quality solutions to business problems. In an ever-changing IT scenario, Processware has been able to design and implement novel solutions for its customers, both in India and abroad. Further, R Guru Murthy, the CEO of the company, explains how they provide a unique suite of solutions to address financial inclusion.

In conversation with R Guru Murthy, CEO, Processware Systems

With a massive amount of experience in delivering technology solutions, where is Processware positioned in the fintech industry? How do you use that experience to set benchmarks and standards in this populous industry?
Processware has been providing technology solutions to the financial sector for the last 25 years. The company is determined to help traditional financial institutions adopt

digital channels through digital banking products. These products enable financial institutions to offer doorstep financial services to their customers. Today, the fintech industry is rapidly developing in the country. But, most of them have concentrated in the payments space. Processware provides end to end digital banking solutions to customers. Our flagship product - BankSoft, has already processed more than 65 million transactions on the cloud till date. Our deep experience in working with various financial institutions (banks, NBFCs) has helped us understand the requirements of the end-users. This has been channelled into new product development from cloud computing to artificial intelligence.

Our flagship product is BankSoft, a core banking solution that was hosted on the cloud in 2010

Brief us about your solutions and the underlying technology frameworks of your latest and flagship solutions.
As said before, our flagship product is BankSoft, a core banking solution that was hosted on the cloud in 2010. This was the first hosted core banking solution in the country. Several additional products have been developed over the past decade. BankSoft - CBS has been stress tested by IBM at their labs and benchmarked at 1700 tps (transactions per second). BankSoft supports a wide variety of delivery channels such as ATMs, the internet, and mobile. Also, BankSoft mobile banking app is a comprehensive solution to enable millennials to interact with their bankers at their convenience from their home/office's comfort. Customers can open accounts through their mobile app. They can apply for a loan using the app without the need to visit the branch physically.

Other features of BankSoft are – it has

an NPA predictor, an AI-enabled product, which allows financial institutions to predict the Non-Performing Assets. Secondly, BankSoft's AML solution is a full-fledged anti-money laundering solution providing leading-edge financial institutions' capabilities to comply with regulations. Lastly, BankSoft Analytics is a comprehensive MIS solution allowing financial institutions to analyse their customer base, products, and markets. This solution derives data from various external sources and presents them to the user in a graphical interface with multiple performance ratios benchmarked against industry peers.

Please share with us a case study of one of your latest & challenging implementations.
We recently implemented our branchless banking solution for a leading microfinance institution in Myanmar. The organization wanted to increase its customer base rapidly by establishing a network of agents. BankSoft – branchless banking solution has been implemented and is used by more than 200 agents. The solution allows the agent to acquire new customers (including the necessary KYC checks), open accounts, and receive loan applications. Through this initiative, the organization has gained 50,000 new customers during the first year, thereby achieving its growth targets.

What are the opportunities that you foresee in the market? What is Processware's future roadmap?
Processware's goal is to increase its customer base to 1000 by 2025. This will be achieved through aggressive market penetration in South East Asia. Additionally, Processware continues to develop a new set of products aimed at the Gen Z population. These new set of products will have their intelligence (through a set of complex AI algorithms) and learn over a period of time. The future looks exciting with increased capabilities in mobile phones such as Iris scans, biometric facility enabling easier KYC compliance.

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