India’s Leading BFSI Companies 2017
Infrasoft Technologies Limited
Kindly brief us about the journey of Infrasoft Technologies. We started in mid-nineties with the vision of creating innovative products for BFSI industry. We focus on developing market leading products – Core Banking, RegTech (Anti-Money Laundering, FATCA & Anti- Fraud), Microfinance, Islamic Banking, Loans Origination & Management, Payments, Mobility and have expanded to 36 countries with over 450 client Banks. Now we are in the age of Digital 2.0 and our innovation DNA remains the same. We are the quintessential startup and innovators. The Indian government is increasingly focusing on adopting digital payment technologies in the financial industry. What will be its long term impact on Payments in India? India will leapfrog into digital payments bypassing plastic. That’s a certainty and we are very excited to play a part in this. UPI has been a game changer and we have seen a huge jump in the transactions. We believe that the adoption rate will skyrocket through network effect as both consumers and merchants become more aware and adept. This will further encourage new business models and technologies such as voice payments, hyperlocal offers and loyalty management, shopping bots and payment bots to name a few. There will also be huge accumulation of consumer transaction data, where artificial intelligence driven data analytics will be used to drive competitive edge. The potential is immense. What else do you see as the growing technology trends within BFSI Industry? Our customers are partnering with us to take them through the journey from digital adoption to digital transformation and then to digital innovation. The digital innovation age will be driven by Big Data and Artificial Intelligence. Bots will become
mainstream and the new-age Banking will offer a complete 360 degree experience of digitization that will include omnichannel, predictive analytics, personalization, IoT integration, augmented reality, digital twins, social media integration, and virtual reality. This is the roadmap on which we are working with our customers. There are also a lot of discussions taking place on the use of Block chains in BFSI industry. Do you see an opportunity there? Block Chain adoption is imminent but will need banks to work in a wider partnership. The regulatory framework also needs to evolve and I think both of these have already started to happen. IDRBT has recently published a white paper on applications of block chain technology in India, some Banks have launched pilot Business Use cases and SBI has taken the initiative to push for India’s first Block chain exploration consortium for Banks. Block chain is the future and I see a huge opportunity for technology innovators. It will disrupt a lot of legacy systems such as trade finance, asset management, clearing and settlement, global payments systems, KYC, compliance to name a few. What is your take on the financial inclusion drive? How can technology accelerate this? If the smallest banks in India also have the accesstothesametechnologyataffordable cost, then it will surely accelerate financial inclusion and that’s what we are driving with our CBS, micro ATM, mobility and payment solutions for small banks and PACS. We were also the first to offer cloud based CBS to drive technology adoption at smaller banks. InfrasoftTech has been the market leader in financial inclusion space and we are committed to bring benefits of digital technologies to the smallest banks in India.
Rajesh Mirjankar Managing Director & CEO
InfrasoftTech profile InfrasoftTech is a pioneer in Fintech Digital Solutions with over 450 clients across 36 countries including over 300 banks for their Core Banking & Payments Solutions of which 200 are on a Cloud model, and over 160 Banks using their RegTech solutions. InfrasoftTech has launched several digital solutions for the Fintech age banking including Mobility solutions, Bots, Contactless Payments, AI based Anti-Fraud solutions, and Big Data Analytics.
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