Talking about Digital Revolution in a segment as layered and complex as Banking, can lead to an unending listing of the scope of digitization. The discussion intensifies when the questions revolve around narrowing down to one domain expert who has known the industry through its ups and downs. Founded in 1996 in Atlanta, VSoft Technologies has been serving more than 2,600 financial institutions on multiple continents, with their stronghold being the associates located in U.S and India(Hyderabad).
Traditional banking days were different, with the banks having to connect with their countable and familiar customers. The approach remains the same; however, the magnitude of the figure supporting the customers is multiplying every day in tens. And, with that figure increasing, the complexities and the number of transactions increases. Mobility, thus, became an answer to deliver n number of services through n number of applications. However, as the growing numbers don’t seem to stop, a normal mid-sized commercial bank will use about 100 different applications right from Core Banking to Digital banking and various ancillary applications for their day to day needs. Working its way up to becoming a one stop shop for banks, VSoft intends to provide the entire suite of products that the banks use in their day to day operations. Presently, VSoft has core banking and complete payment product suite, but the approach and endeavour is to have a complete forward and backward integrations. This will spare the banks from scouting for applications else where. Also, with hosted model being provided by VSoft,the bank need not invest heavily in
its IT infrastructure either in terms of its logistics or resources and spend huge costs on the same. Such approaches enable VSoft’s clients to concentrate more on their core banking activity and emerge more productive in terms of efficiency, capital deployments and cost control.
"VSoft Technologies has been serving more than 2,600 financial institutions on multiple continents, with their strong hold being the associates located in U.S and India(Hyderabad)"
Arya, Roots - Mobility in True Sense
The growing popularity of cloud-based mobile payments application has morphed the very landscape of banking. VSoft has initiated and dived into complete suite of payment products with the launch of 'Arya'- VSoft’s Digital banking application. This application carries the feature of providing the end user with a unified experience, whether he logs into Internet Banking or Mobile Banking. With ‘Arya’ one need not be conscious of the gadget used for handling the transactions be it a Watch, Mobile, Tab, Laptop or a desktop PC,since the User Id Logins remains the same.
Handling of Short Terms Agriculture Credit is one of the most complex transactions in banking, given the different parameters requiring evaluation for disbursing credit to different farmers. Further explaining the dilemma, VSoft Technologies’ Chief of Operations Srinivas Dronamraju says, “The records of the farmers are maintained in different ledgers manually and one cannot have a 360 degree view of the customer without collating the information manually by culling out the data. Thus, there is an issue of availability of accurate and timely data, at all levels”. ‘Roots’ by VSoft, is a Kisan Loan System application developed to help each of the stakeholders in addressing the above issues, while simultaneously availing a lot of other features to the stakeholders. While the application has complete information and dexterity to handle any kind of complexity in the transactions, it also provides a 360 degree view to its stakeholders at each level.
Thus, Roots and Arya form the prime entries in VSoft’s portfolio of driving the mobility in banking.
Integration for a Large Scale Financial Inclusion
While VSoft has a complete suite of banking products in the payment and core banking space alike, the scope and coverage of VSoft, however, spans the entirety of the requirements of the cooperative segment. To elaborate on the same, VSoft has a comprehensive approach towards providing Core solutions with effective linkages to each of the tier present in the Cooperative Credit Pyramid. The pyramid includes PACS, DCCBs, APEX and NABARD, in the same order from the bottom. This also serves for the company’s objective towards providing an integrated end to end solution. In Odisha, VSoft Technologies developed a common data center for the apex bank, hosted their application, connected all the DCCBs and UCBs on to the same application and as a last mile VSoft is connecting the large number of PACS in the state to the same. This is to confirm that the entire cooperative credit pyramid stands inter-connected and the interlinking entries are passed seamlessly through STP. This will not only trigger Financial Inclusion for over 5 million farmer-customers of PACS, but also enable the same farmers to transact on the national network of ATMs and avail other digital banking facilities.
With broad image-based solutions including: core processing; distributed deposit and payment capture across all points of presentment; and back office check processing, Vsoft intends to transform into a Payment Hub for customers thereby promoting better treasury management and allowing the end customers to draw facilities from time to time for all adhoc requirements. “Our objective is to enrich efficiency in the customer operations through continuous innovation”, concludes Dronamraju.