The 10 Most Prominent BFSI Solution Providers In 2018

®
www.insightssuccess.in
SEPTEMBER 2018
Company of the month
Sushma Rajagopalan
Managing Director & CEO
ITC Infotech
10
The 10
MOST
Prominent
BFSI
Solution Providers In 2018
TECH-ADVANCEMENTS
Inventive Technologies
Streamlining the
Banking Space
Essential Methodology
The Importance of
Location Intelligence
in the BFSI Industry

Editorial
owadays, technology is virtually transforming every imaginable
Nbusiness landscape and the Indian banking sector is no
exception. The once traditional and process-intensive banking
sector is now undergoing rapid change through holistic transformation
initiatives to retain their competitive edge by offering customers a truly
intuitive and personalized digital banking experience.
Apart from this, the most significant factor of BFSI sector is managing
the balance between technology and manual intervention, and how this
integration will further revolutionize the industry for both businesses and
consumers.
Bridging the
Gap of
Technology
and Manual
Intervention
With the banks aggressively adopting Artificial Intelligence (AI),
Machine Learning (ML), Blockchain technologies and much more, the
banking experience is all set to change to one that is personalized,
simplified, quick, and convenient for everyone. With this support, the
BFSI companies are now able to expand by introducing new products,
leveraging technology, deploying innovative strategies and ramping up
distribution networks.
The greater level of consumer awareness about various investment
options have enlarged the potential of this sector for catering to the
various level of society. On the other hand, particularly the deregulation
has induced the banking sector to explore new business avenues. Further,
a strong regulatory and compliance framework in creating an investment
friendly environment is showing positive signs for the sector.
According to the independent research, the BFSI sector in India is
estimated to reach a value of INR 81 trillion and is likely to become fifth
largest in the world by year 2020 and third largest by year 2025. Further
the private banks have adopted a strategy to get quality business in the
retail segment. Since a conventional lending business was of no use, they
have started exploring technology advancements to capture the business
of customers in the urban and metropolitan centers. However, recently a
well-established player in the banking area has started taking serious note
of these developments.
In the near future, the banking ecosystem might look much different than
today and can extend well beyond financial services. The banking
organization of the future may leverage the vast amount of insight as it
possesses to become central to a customer’s financial and non-financial
digital ecosystem. It can also combine internal capabilities with external
innovations to be a value aggregator, advice provider and access
facilitator. Instead of a rear-view mirror perspective, it can even provide
a consumer with a GPS view of their financial lives in the future.
Bhavithiran Murugan

Editor-in-Chief Pooja M. Bansal
Senior Editor Shraddha Deshpande
Managing Editor Shweta Priyadarshani
Executive Editor Bhavithiran Murugan
Co-Editors
Ashwini Despande
Anmol Preet Singh
Art & Design Director Amol Kamble
Co-designer Shweta Shinde
Picture Editor Alex Noel
Art Editor Sapana Shinde
Visualiser Savita Pandav
Business Development Manager Akansha Garewal
Marketing Manager Dhruv Apte
Business Development Executives
Shraddha Yadav, Rutuja Shendre, Joan Ranbhise
Research Analyst David
Circulation Manager
Vivek Bangade
Database Management Prashant Chevale
Technology Consultant Swapnil Patil
sales@insightssuccess.com
September, 2018
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Comapny of the Month
10
ENVIRO-INSIGHTS
Plastics – The Effective
and Feasible Ways of
Usage and Disposal
CXO STANDPOINT
28
PRIVATE EQUITY
INDUSTRY IN INDIA:
Upsurge & Tribulations
40
TECHNOLOGY IMPACT
ON MOBILE MONEY
LENDING SEGMENTS
AND ITS FUTURE

The Emphasis of
E-Learning in BFSI
ARTICLES
16 22 34
INFORMATIVE TECH-ADVANCEMENTS ESSENTIAL METHODOLOGY
Inventive Technologies
Streamlining The
Banki G Space
The Importance of
Location Intelligence
in the BFSI Industry
14
CAGRFUNDS:
A FinTech Company
Engaged in End-to-End
Wealth Management
20
IBSFINTECH:
Trusted IT Solution
Partner for Treasury
and Risk Management
26
MARWAH FINANCIAL
SERVICES:
A Specialized Independent
Advisor in Financial
Decision Making
32
NEPTUNE’S RUBIKON
Delivering Mission
Critical Universal
Corebanking Systems
38
PROCESSWARE
SYSTEMS:
Fortifying the BFSI
Space with its
Ground-Breaking
Solutions
42
TRACKWIZZ
A Unique and Self
–Enhancing Product
Suite of TSS

The 10 Most Prominent
BFSI
Solution Providers In 2018
Advancing Towards the Mission of India
ith increased internet usage and penetration, the Digital India initiative facilitating a proper payments
Winfrastructure which can pave the way for a seamless digital economy. The government has outlined its
vision in this regard and highlighted three core areas. This includes increased thrust on setting up the
required infrastructure as a utility to each and every citizen, provision of services on demand and lastly, digital
empowerment of the citizens. On the other hand to support the government in this mission, banking sectors are playing
a crucial role by providing mission critical solutions to clientele for their short term and long term business and
technological requirements by leveraging digital banking and mobile technologies.
To bring out the companies which are consistently engaged in helping clients on simplifying their personal finance
requirements through adapting and implementing the highly capital intensive global technologies. We have come up
with the edition, “The 10 Most Prominent BFSI Solution Providers In 2018.”
In this issue, we have encompassed ITC Infotech (Company of the Month) is a specialized global full service
technology solutions provider, led by Business and Technology Consulting. With offices in eighteen countries and ten
global development centers, ITC Infotech has established a proven track record of consistent value delivery to its
clients. Today, the company is engaged with over 200 global clients, with 60+ fortune listed clients in its roster.
We have listed; CARG Funds, a financial planning company engaged in helping clients on simplifying their personal
finance requirements. IBSFIN Tech, an award-winning FinTech software product company, specializing in innovative,
integrated and comprehensive solution for Risk, Treasury and Trade Finance Management. Marwah Financial, a
customer focused financial services firm offering personalized services in Advisory Broking, Wealth Management and
Financial Planning. We have also enclosed Neptune Financial Software, an instrumental in creating glorious financial
institutions by providing end-to-end financial services to over 60+ institutions across the globe. Processware Systems,
the leading organization which provides software solutions to the BFSI sector. TSS Consultancy Pvt Ltd, a fast
growing technology solutions provider for the financial industry by serving more than 150 institutions.
Apart from this, we have also covered various articles contributed by industry experts as, Technology Impact on
Mobile Money Lending Segments and it’s Future by Rahul Sekar and Private Equity Industry in India: Upsurge
& Tribulations by Prashant Kataria.
Our in-house editors have also written masterly-crafted articles on ‘Inventive Technologies Streamlining the
Banking Space’, ‘The Importance of Location Intelligence in the BFSI Industry’ and ‘The Emphasis of E-
Learning in BFSI’.
So, let's start flipping through the pages of the magazine and experience something out-of-the-box.

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Company Name
Management
Brief
The 10 Most Prominent
BFSI
Solution Providers In 2018
CAGR Funds
cagrfunds.com
Vikash Agarwal,
Shruti Agrawal &
Siddharth Jain
Co - founders
CAGRfunds is a financial planning company engaged in
helping clients on simplifying their personal finance
requirements.
ECS Fin Inc
ecsfin.com
Jacob Aruldhas
CEO
ECS Fin is an engineering enterprise that specializes in process
optimization.
Evolvus Solutions
evolvus.com
IBSFIN Tech
ibsfintech.com
Infina Insurance
Broking Pvt. Ltd
infinainsure.com
Balaji Jagannathan
CEO
C M Grover
MD & CEO,
T M Manjunath
ED & CTO,
S Sethuraman
Director
Ashish Jhamb
Director &
Chief Operating Officer
Evolvus is a multinational conglomerate and operates in the
entire spectrum of Pre-Clinical Drug discovery and Clinical
drug development.
IBSFINtech is an award-winning FinTech software product
company, specializing in innovative, integrated and
comprehensive solution for Risk, Treasury and Trade Finance
Management.
Infina has built up specialised industry and market knowledge
enabling our team to advise on the most complex of insurance
programmes.
ITC Infotech
itcinfotech.com
Sushma Rajagopalan
Managing Director
& CEO
ITC Infotech is a specialized global full service technology
solutions provider, led by Business and Technology
Consulting.
Marwah Financial
marwahfinancial.com
Abhishek Marwah
Founder & CEO
Marwah Financial ® is a customer focused financial services
firm offering personalized services in Advisory Broking,
Wealth Management and Financial Planning.
Neptune Financial
Software
neptunesoftwaregroup.com
Thomas Waltair
APAC Regional Head
& Director
Neptune is an instrumental in creating glorious financial
institutions by providing end-to-end financial services to over
60+ institutions across the globe.
Processware Systems
processwaresystems.com
Guru Murthy
Founder & CEO
Processware is the leading organization which provides
software solutions to the BFSI sector.
TSS Consultancy Pvt Ltd
tssconsultancy.com
Sagar Tanna &
Sameer Tanna
Founders
TSS Consultancy is a fast growing technology solutions
provider for the financial industry by serving more than 150
institutions.

ITC
Infotech
Providing Domain
led & Consulting
Enabled Solutions
Sushma Rajagopalan
Managing Director &
Chief Executive O cer
10
|SEPTEMBER 2018|

Company of the Month
Regardless of the industry, the ongoing wave
of digital revolution has profoundly
impacted many organizations, even as
businesses seek to step up their game and stay ahead
of the race.
As a specialized global full service technology
solutions provider ITC Infotech enables its clients
to begin their own digital transformation journey and
subsequently improve topline growth, support new
business models, optimize workforce, ensure
compliance and mitigate risks. ITC Infotech is a
fully-owned subsidiary of ITC Limited, one of
India's foremost private sector companies and a
diversified conglomerate. The company’
s
Digitaligence@work infuses technology with
domain, data, design, and differentiated delivery to
enhance experience and deliver greater efficiency.
With offices in eighteen countries and ten global
development centers, ITC Infotech has established a
proven track record of consistent value delivery to its
clients. Today, the company is engaged with over
200 global clients, with 60+ fortune listed clients in
its roster.
Services to Address Every Business Need
ITC Infotech is powered by a growing portfolio of
specialized solutions addressing critical business
challenges that its customers face. These solutions
include Industry 4.0 solutions (PLM, IoT, and
Embedded), Customer Value Management, Loyalty,
Trade Marketing and Distribution, Supply Chain
Optimization, Data Engineering and Analytics, Digital
Agriculture and others. Specific to BFSI, the company's
solution framework of Digitaligence has automation
offerings, data accelerators, customer experience
services, integration/API offerings and services and
solutions oriented to new age technologies.
This framework supports the following business cases -
innovative customer onboarding for account opening
using AR/VR technology, value driven and customer
self- service based product/ pricing enabled by way of
propensity and price elasticity models and finally the
AI enabled cognitive customer service driven by
trained models for contextual services. Its unique
solutions, validated by customers, leverage best in class
product platforms as well as in house developed IP that
has matured by way of past client implementations.
ITC Infotech provides services across automation and
specializes in Robotic Process Automation (RPA) in
order to deliver revolutionary technology to its clients.
The company is also venturing into advanced
technology and experience led services, like AR, VR,
and AI and has a full-fledged innovation lab to facilitate
radical innovation and develop solutions in these areas.
ITC Infotech specializes in Data led services, with a
focus on harnessing data – generated from sources
across consumers, supply chains and business
|SEPTEMBER 2018|
11

operations – to deliver insight-driven
decisions that help create powerful,
new and relevant experiences – a clear
competitive advantage in today’
s
experiential economy.
Spread across more than 20 countries,
its end-to-end data line of business
helps global enterprises develop
innovative and domain-centric
Digitaligence, by turning data into
actionable insights and leveraging
advanced analytics to predict
outcomes. The company’
s next-gen
innovations and industry specific
solutions, augmented by partnerships
with leading ISVs, have helped clients
gain the right insights to outperform
competitors.
It also has a Blockchain Centre of
Excellence that is focused on working
with the Blockchain Community across
platforms, organizations, and
industries. This helps clients
understand and strategize the
implementation of blockchain
technologies, so they remain at the
forefront of the digital transformation
journey. ITC Infotech has also made its
foray into integration led services by
partnering with leading API solution
providers like IBM, CA Technologies,
MuleSoft, and TIBCO Mashery.
The Approach: Domain Led &
Consulting Enabled
I TC Infotech’
s offerings are domain
led and consulting enabled. With an
exceptional partner strategy, the
organization has established a vast
partner ecosystem in order to be a true
catalyst for digital transformation. The
company acts as an innovation enabler
and focuses its investments only in
specific and targeted areas, thereby
enabling its clients to access
comprehensive future-ready solutions.
The organization adopts a distributed
agile delivery methodology wherever
applicable, in order to ensure effective
execution. This helps the company
overcome challenges related to
distance, time zones, and cultural
differences across projects.
The Extraordinary Leader and
Fervent Entrepreneur
Sushma Rajagopalan is Managing
Director and CEO of ITC Infotech.
She is also the member of the
NASSCOM Executive Council -
NASSCOM®. An industry stalwart,
Sushma has over 30 years of global
leadership experience in the IT
industry. She has led organizational
transformations, headed strategy and
corporate development, and has been
responsible for several large deal
acquisitions through planned strategic
investments.
Sushma is passionate about
entrepreneurship and building a viable
eco-system to promote open
mindedness and an innovation culture.
She has actively identified, groomed,
and mentored start-ups in the US and
in India. With a transformational
leadership style, Sushma leads from
the front and helps team members
realize their true potential by
translating strategies into actions. She
brings in tremendous clarity, passion,
and confidence to her work and this is
the reason Sushma has been honored
with various accolades till date, for her
excellent work and leadership
including “Innovator in Technology”
in 2013 and “Best Technology Woman
Leader” in 2011.
A Customer-Centric Viewpoint
ITC Infotech helps its clients adapt to
newer technologies and become a part
of the digital revolution. The
company’
s services and solutions are
designed keeping its customers at the
nexus, thereby enabling the company
to build a vast and reputed client
network, who they’
ve consistently
helped in generating cost savings and
productivity improvements. It has
attracted and retained many prominent
customers especially in the BFSI
sector. Its BFSI partnerships include
Finastra, Backbase, SunTec, UIPath to
name a few.
Awards and Achievements
Since its inception, ITC Infotech has
been recognized and commemorated
for achieving various milestones. Some
of its prominent accolades and
achievements include- adjudged as a
Leader in 2018 Global Outsourcing
100 report, for the 12th consecutive
year by IAOP, won the Best Employee
Reward and Recognition Strategy at
the Employee Engagement Leadership
Converge 2018, won the Asia Pacific
HRM Congress Awards 2016, won the
Aecus Innovation Awards 2016 for
providing an innovative customer
experience solution to Holland &
Barrett, UK’
s leading health retailer,
and various others.
ITC Infotech remains committed to
staying highly relevant to clients,
alliances and industry, the parent - ITC
Ltd. and to its employees, in the digital
world.
Plans for Future Growth
ITC Infotech remains committed to
becoming highly relevant to clients,
alliances and industry, the parent - ITC
Ltd and to its employees, in the Digital
World. The company’
s strategy for
growth is supported by four distinct
pillars – achieving meaningful scale,
future readiness, enhancing
profitability, and building institutional
capabilities.
Initiatives are underway to achieve the
next level of growth and position ITC
Infotech as a leader in niche areas and
as an effective challenger. ITC Infotech
is expanding its diverse workforce
across the globe to effectively meet the
objective of becoming a future-ready,
domain solutions led company of scale.
Creating a culture of innovation has
been a key focus area for the company.
And, being true to this spirit of
innovation, the organization has
devised multiple opportunities for
employees to think laterally while also
providing avenues for employees to
pursue their passions.
With a variety of groundbreaking
offerings, ITC Infotech is wellpositioned
to enable its clients to scale
new heights and achieve meaningful
business outcomes.
12
|SEPTEMBER 2018|

Vikash Agarwal
Co - founders
CAGRfunds:
A FinTech Company Engaged in
End-to-End Wealth Management
ulturally in India, investors
Cneed to have an extended
financial plan. This adds a
measure of complexity and needs to be
factorized by the financial planners. In
other words, markets that were focused
on transaction or product selling in the
past are now shifting their focus to
become a one-stop solution provider.
Established in 2015, CAGRfunds is a
financial planning company engaged in
helping clients on simplifying their
personal finance requirements. It
utilizes the client relationship model to
approach and understand each of its
client's requirements. It also uncovers
the behavioral subtleties that influence
its financial decision-making. In
addition, CAGRfunds’ client centric
model helps the company to stay
engaged with its customers throughout
their financial planning journey, thus
helping them to become better
investors.
CAGRfunds was initially exploring the
all-digital route of reaching out to
people but realized pretty soon that its
clients still need a way of direct
communication. Therefore,
CAGRfunds re-positioned itself to
focus on aligning with the investor’s
requirements which has created the
trust among existing clients making
referrals a strong growth channel.
A Team of Enthusiastic Individuals
CAGRfunds has been founded by three
partners named Vikash Agarwal,
Shruti Agrawal and Siddharth Jain.
The Co-founders share a core finance
background and are extremely
passionate about driving financial
independence.
Since the inception of the company,
Vikash has been instrumental in setting
the vision of the company and leads
business development of the
organization. He is an ardent follower
of renowned personalities like Warren
Buffet and Charlie Munger. On the
other hand, Shruti brings intense
interest and passion to the table with
her experience in both strategy and
finance. She leads marketing,
innovation and technology. Siddharth
spearheads the entire eastern India
operations for the company. His client
relationship skills have provided an
unmatchable thrust to the organization.
A Proprietary Investment Platform
CAGRfunds core offering is to make
investing simple and convenient to
execute. With this intent, the company
has developed its proprietary
investment platform which helps the
14
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
clients to transact with a click of a
button. It offers free investment service
accounts on their website to make the
investing process to be accomplished
in just fifteen seconds.
The company ventured into online
paperless platform to offer integrated,
innovative, yet easy-to-use features
that empower the users to invest,
redeem and track their portfolio at no
transaction cost. Powered by a strong
research team and a proprietary
investing platform, CAGRfunds is able
to analyze its customer’s investments
in a structured manner, along with
automating the easy investing process.
CAGRfunds strongly believes that
personal finance is a space which is all
about managing the client expectations
and helping them to become a better
investor.
However, it also believes that
technology is a strong enabler to
provide better services at a larger scale.
But “Even today less than two percent
of the Indian population has access to
financial savings and majority of them
are un-aware about financial security”
asserts the founders. Hence,
CAGRfunds constantly focuses on
making its platform better every day.
Its mission is to educate people and
create awareness among them.
Consequently, the entire team is
extremely passionate about driving
financial literacy and democratizing
investing. In addition, it provides
investment solutions in mutual funds,
NPS, PMS and AIF and also provides
tax planning and ITR filing services.
Guiding the Budding Investors
Being one of the few wealth
management companies, it works on a
continuous engagement basis. It
strongly believes that unlike the
popular notion, investing is neither
|SEPTEMBER 2018|
about buy nor monitoring on a daily
basis.
At CAGRfunds, the experts help young
and early investors to begin their
investments and guides & provide
tools to manage their investment
throughout their journey. This kind of
engagement becomes very necessary
especially in times of needs like
change in government rules, taxation
related updates, changes in fund
management philosophy, changes in
market valuations and so on.
Therefore, the experts help the budding
investors to take the right financial
decisions and ensure that they are
providing innovative solutions to their
client in order to stay ahead of the
competition. The company’s fund
selection mechanism is based on a very
comprehensive and proprietary data
driven algorithm, wherein it evaluates
the funds on several quantitative
metrics. Further, the company’s strong
qualitative analysis makes its
recommendations most suited to every
single investor.
Additionally, they ensure to conduct
annual review for their client’s
investment portfolio and suggest
changes, if warranted. They also help
their clients maintain asset allocation
as per their risk profile and do the
rebalancing exercise annually. Today,
they feel proud to have a retention rate
“
upwards of 99%.
“
WE MAKE INVESTING
‘CONVENIENT’ FOR ALL
Achievements Accomplished Within
Short Span of Time
In the span of almost three years of its
existence, CAGRfunds has achieved
several milestones. Firstly, the pilot of
the company's business started as an
offline platform with offices established
in Ranchi and Mumbai which led to a
kick start to the online platform in
October, 2016.
Secondly, in the month of October
2017, CAGRfunds launched the Beta
version to its Android App, where
individuals can make paperless
transactions and invest in mutual funds
without any further documentation
once their account is active. Finally,
the month of April, 2018 was filled
with New Launches which includes
portfolio review, NPS and ITR filing
and reached a user-base of close to
1000 users.
Tracking the Future Milestones
CAGRfunds aims to be a full-fledged
financial services company in the next
five years. It is seeking to become a
one stop solution for all financial needs
of the segment that it’s catering to. In
line with this, CAGRfunds is looking
forward to expand its presence into
insurance and lending in the near
future.
15

E-Learning
THE EMPHASIS
in
OF
BFSI
There is a significant demand for the competent and
knowledgeable employees in the BFSI sector.
FinTech keeps on introducing new and better
schemes, which raises the question for the companies- how
can they stay at the top of the game? Consequently, in order
to remain at the top, these financial organizations confront
unique challenges on regular basis to ensure that their
operators receive the necessary training to remain relevant
and efficient in the industry.
Multitude of Challenges
The various challenges faced by the industry are:
- Employees need to be well versed in the financial
regulations in order to stay compliant.
- The employees need to be updated regularly on the
software front.
- The information on the new product must be imparted
regularly.
- Training and assessment of a large number of employees
across branches and location need a lot of time and money
- The individual learning capabilities vary across the
organizations.
Regulatory Training
Any kind of mistake, whether unintentional or a minor
violation can lead to a hefty fine for the individual or the
company at fault. This will also result in the customer
dissatisfaction. Hence, the training of the relevant staff must
function effectively in the financial institutions. E-learning
brings the ideal solution for conveying the knowledge in
BSFI regulations. Even the mundane information can be
displayed in the interesting form. The simulation of the
real-world scenarios can further help the employees in
preserving the knowledge and in learning the application in
various roles and regulations.
Product and Schemes Updating
Banks and the financial institutions constantly adopt the
16
|SEPTEMBER 2018|

INFORMATIVE
Software and Information Security
Every software gets updated with time and is essential for
the attendants to keep themselves updated along with the
software. E-learning eases up such scenarios and makes
program training easy. The employees can learn the
program via clear and comfortable steps before committing
actual transactions and processes. Using the web, the
employees can understand the importance of data security.
Consequences of data breaches can be studied effectively
utilizing the computer-generated scenarios.
Avoiding Expenses
Insurance firms and banks have several branches and offices
in diverse locations. The traditional training to employees
via lectures, textbooks, and exercise books can be
expensive for the work hours and the time associated with
it. Additionally, finding the trainer and accessing the impact
of the training can also be time-consuming. E-learning can
provide the same training to the same operators at the same
time but at a different location. Online assessment through
quizzes, tests, and their result can be collected instantly.
Furthermore, the learning can be translated into various
languages or can be customized according to the diverse
regions. Such features are more practical in providing
education in language and culture of that particular region.
Individual Learning Capabilities
Using E-learning, the staff can understand the corporate and
financial courses at their own pace. They do not have to
bother about their peer’s going ahead of them. Different
teaching methods like a flowchart and interactive games can
increase participation in learning. Self-accessed quizzes can
further assist in evaluating their own education and at one’s
own time. This technology also facilitates higher
management and board members to get involved in the
training sessions. By this, they can easily promote their
company's vision for their employees.
new products or schemes to attract new clients and in
retaining the old ones. Financial instruments and products
are evolving and are forcing people to be imperative and
update themselves. E-learning provides a great alternative
in such situations. It can transform the traditional teaching
methods, as pulling a multitude of employees from the
working schedule can be impractical.
The E-learning style in finance and banking courses suit the
BSFI and corporate sector in many ways. This aids in
strengthening the worker's skillsets and assures that the
customers receive the utmost satisfaction. Availability of
multitude of options alongside easy customizing nature of
the computer-based education makes E-learning the
obvious solutions in overcoming the challenges in an
organization while exercising a sizable number of
individuals with varied skills and backgrounds.
|SEPTEMBER 2018|
17

C M Grover
MD & CEO
T M Manjunath
ED & CTO
S Sethuraman
Director
IBSFINtech:
Trusted IT Solution Partner for Treasury
and Risk Management
n award-winning FinTech
Acompany, IBSFINtech is the
market leader in Treasury
Management Solution providers in
India. The company specializes in
innovative, integrated and
comprehensive solution for Risk,
Treasury and Trade Finance
Management.
The company enjoys the benefits of
strategic partnership with Thomson
Reuters, which enables seamless
integration of IBSFINtech’s TMS with
market data feed from Thomson
Reuters. This empowers the corporates
using this solution with robust data and
market analysis, comprehensive view
of risk and access to FX liquidity.
Thereby playing a pivotal role in
helping the corporates to mitigate
operational risk, drive automation and
optimize business efficiency.
20
The Technopreneurs
The company was established by
ex-bankers named C M Grover (MD &
CEO), T M Manjunath (ED & CTO),
and S Sethuraman (Director), who
have more than 100 years of combined
experience in the financial services
industry. Having hands on experience
both in technology and domain, they
identified niche gap in the market for a
comprehensive & integrated solution to
help the corporates manage and
mitigate risks emanating from
volatility in the financial markets. This
need led to development of a Global
and Industry Agnostic Treasury &
Trade Finance management solution
which now automates the Treasury
operations of an organization and
thereby plays pivotal role in managing
& mitigating the attendant risks. Their
enthusiasm and passion towards the
company in order to achieve success is
what drives the employees to put their
persistent efforts to take the company
to newer heights.
An Award-Winning FinTech Product
IBSFINtech has developed an awardwinning
FinTech product which is
innovative, integrated and a
comprehensive solution. Its product
portfolio comprises Innovative
Treasury5.1i with exclusive modules
for Currency, Commodity, and Money
Market and Innovative Trade
Finance 5.1i with exclusive modules
for Import-Export Management and
Market Borrowings & Cash
Management.
Innovative TreasuryTM5.1i supports
Multi-Company, Multi-Location and
Multi-Portfolio environment. It aids in
managing exposure and offer tools to
mitigate operational risks. It provides
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
real time reports/ dashboards for
managing Open Positions vis-a-vis
MTMs, Cash-flows and Collaterals.
The investment module facilitates endto-end
management of mutual fund,
fixed deposit, commercial paper,
certificate of deposit, fixed maturity
plan, government bonds, T-bills, Repo
& Reverse Repo. The Commodity
Module supports end-to-end trade &
risk management in commodity trading
process right from the order placement
till maturity, hedging the trades, cancel
or rollover of hedges.
“
DELIVERING INTEGRATED AND COMPREHENSIVE
TREASURY MANAGEMENT SOLUTIONS THAT
OPTIMIZE THE BUSINESS EFFICIENCIES AND AUTOMATE
END TO END TREASURY AND TRADE FINANCE
OPERATIONS; WITH QUALITY SUPPORT AND
COMPETITIVE EDGE
“
Innovative Trade FinanceTM5.1i
optimizes trade finance operations by
implementation of Straight-Thru-
Processing (STP) and multi-user
control mechanisms to resolve
accounting complexities, and monitor
bank limits like availability vis-à-vis
utilization. A cohesive and holistic
treasury ecosystem of the company
enables enterprises to improve their
statutory compliance capabilities and
also handle the complete workflow of
transaction from initiation to
settlement.
IBSFINtech’s Strategies to
Overcome Obstacles
At the early stage of its journey, the
company has faced several key
challenges which include lack of
maturity of corporate treasury market
in India, absence of fit-for solution for
the corporate, fear of technology
adoption and establishing the brand
value.
To overcome these obstacles, it
generated awareness among the
decision makers about the benefits of
automating the treasury operations.
Firstly, IBSFINtech created proven
credentials for the company’s product
in the industry. Secondly, it partnered
with the right channel partners present
in the similar space such as the big
fours, forex advisory firms, and so on.
|SEPTEMBER 2018|
IBSFINtech also participated in startup
accelerators, events and awards in the
FinTech domain to increase the
visibility in the market. In addition, the
company remained focused on
enhancing the product capabilities to
suit the evolving market needs.
Over the period, the proven
credentials, exhaustive functionalities,
comprehensiveness and seamless
integration, helped build a considerable
position for the company in the market.
Thereby, making the heads of large
corporates turn, seeking
comprehensive treasury management
solution to automate its treasury &
trade finance functions.
IBSFINtech’s products have been
thoughtfully designed and developed,
keeping in mind the gaps in the current
TMS market. It is the perfect fit for the
existing ecosystem so the organizations
can smoothly accomplish their
transition and leverage technology for
automation. These products are also
flexible, adaptable and easy to
customize in order to fit the needs of
the organization. Apart from this, these
are also robust and scalable & easy to
use due to the ease of implementation.
Also, the products have a short
learning curve for less than five days
along with an Intuitive Data Capture. It
can be integrated with ERPs, existing
IT Infrastructure, and market data
provider Thomson Reuters.
Awards and Achievements
Being the market leader of Treasury
Management Solutions in India,
IBSFINtech solutions are leveraged by
the top organizations which include
Swiss Firm IMR Metallurgical
Resources AG, Maruti Suzuki India
Ltd, JSW Steel, Olam Agro India Ltd,
Mahindra & Mahindra, Future Group,
Sonalika (International Tractors Ltd),
Himatsingka Seide Limited, Sai Life
Sciences, IndoFil, HCL Corp Group,
Times of India Group, and Snapdeal.
Additionally, the company has gained
numerous awards which includes
Adam Smith Awards Asia, 2017;
Runners Up - FinTech Valley Start-up
Challenge, 2017; Winner - Thomson
Reuters FinTech Challenge 2016;
Software Product of the Year 2015;
Emerging IT Company of the Year
2015; and Solution Provider of the
Year 2015.
Future Endeavors
While talking to the technopreneurs
about the future advancements of the
company, C M Grover said “Our vision
is to become the most trusted IT
solution partner for Treasury and Risk
Management globally across
industries”.
21

INVENTIVE TECHNOLOGIES
Streamlining the
BANKI
G Space
22
|SEPTEMBER 2018|

TECH-ADVANCEMENTS
ince 1969, the banking industry has undergone
Stremendous changes. Banks have shattered their
traditional functions and have been coming out with
the new services to serve to the increasing needs of their
customers. Enormous branch enlargement in the rural areas,
utilization of savings and expansion of credit facilities to
small-scale industrial and agricultural areas, other preferred
sectors like export sector etc. have caused in widening the
financial infrastructure and have transferred the major
character of ‘class-banking’ into the ‘mass-banking’.
The recent trends are growing competition, reinforcing risk
management systems, product branding, and emphasis on
technology. Many safety features, such as advanced
cryptography and biometrics, will effectively provide
protection against the bank scams, and remote applications
to perform banking operations without visiting a branch and
this experience will prove to be more customer-friendly.
Blockchain Technology
Blockchain technology is all ready to renovate the banking
and financial services. It disperses the financial
management from a central authority to a vast network of
computers. In this technology, the financial transactions are
fragmented into ‘blocks’ which are converted into the
computer code which is then encrypted to achieve enhanced
Cybersecurity. With its high potential to improve numerous
facets of banking, there is no doubt that Blockchain will
change the face of the banking industry.
Chatbots
Various banks are now embracing AI (Artificial
Intelligence) and deploying it across multiple business
process functions whether it is front-end or back-end
functions; which reduces the response time to the customers
considerably. Chatbots and intelligent digital assistants with
M2M (Machine-to-Machine) learning capabilities and selflearning
concept are providing seamless customer
interactions for many banks and players in the industry.
Upgraded ATMs
The concept of ATM was incepted in the bank-tech system
in 1967. Since then, it has been undergoing various
up-gradations serving the banking customers with the
efficient and unique services. Furthermore, the next
astounding revolt of ATMs is going to involve contactless
|SEPTEMBER 2018|
23

payments with which one can easily perform contactless ATM transactions with a smartphone. Latest inventions like
biometric authentication are already executed in India and iris recognition technology is implemented in UAE’s National
Bank ATMs. This way, the technologies are uplifting the overall bank security by preventing ATM hacks.
Mobile & Digital Banking
The mobile and digital transformation in the banking space has just begun and its growth is explosive. Today, banks are
investing largely in the digital banking technology, in which the customer can access the banking services through mobile,
web, or digital platforms. According to a recent survey, around eighty-percent of banks indicated that these types of services
show their top technology investments.
Partnerships
Irrespective of the banks' high investment in technology, the fastest way to bring in the financial innovation is probably going
to include strategic partnerships. The evolving companies that are undergoing a new wave of tech or social media platforms
could create excellent partners for traditional banks which would boost the customer experience. Various marketing
companies which involve in data analytics, is partnering with several financial institutions to influence secure purchase data r
to tailor the marketing based on consumer’s use of the card.
Smart-Wearable
Smart-watches will probably bring the booming future for the retail banking experience, according to a recent survey. For an
instance, the banks could use the bluetooth beacons to push personal greetings to the customers’ smart-watches when they
enter a banking location. Smart-glasses which is another unique wearable invented for the bank tellers would process
customer banking information for the employee when they are busy performing other customer service tasks.
The trends in smart devices and consumer behavior are gearing the banking technology in the direction of convenience. The
application of remote technologies will allow one to interact with the bank right from the palm of the hand. From dwelling
over the email inbox to visiting a branch, one can expect to encounter a whole new transformed customer experience in the
coming days.
The Rise of Non-Banking Organizations
With the advancements in the technology, banks are anticipating faster delivery methods as well as transparent experience to
the customers. Nevertheless, a huge portion of their resources is essentially devoted for dealing with the security, compliance,
and other industry-specific requirements, with which the non-banks or financial service providers to embellish the banking
industry. The non-banking companies can contribute a larger percentage of their assets to the enactment of financial
technology; as they might bring in rapid innovations than the traditional banks and might attract tech-savvy customers in the
process.
Transcendent Future
Today, banking system is re-constructed with the information technology and it is obvious that the future of banking will
offer more sophisticated services to its customers with the continuous product and process innovations. Implementation of
strategies like strict prudential norms and higher capital standards, better risk management systems, reception of
internationally accepted accounting practices and the increased disclosures as well as transparency will ensure the Indian
Banking industry cope with other developed banking systems. The industry will further multiply its growth and complexity
while being an important agent of the economic growth and combining different segments of the financial sector.
24
|SEPTEMBER 2018|

Abhishek Marwah
Founder and CEO
Marwah Financial Services:
A Specialized Independent Advisor in
Financial Decision Making
aunched in 2008, Marwah
LFinancial Services (MFS) is a
customer focused financial
services firm which offers personalized
services. The company aims to be a
trusted advisor for its clients personal
on a platform of transparency and
performance.
Driven by an entirely investor-centric
approach, MFS is an appropriate mix
of investment expertise, resource
bandwidth and process orientation. It
endeavors to simplify its investor’s
journey to meet their financial goals,
and also provides a good investment
experience through innovation,
consistency and sustained risk adjusted
performance. At its core services, their
customer needs and requirements
separate them from other firms who
believe in just selling financial
26
products. Since the company follows a
due diligence after knowing their
customer return expectation and after
understanding their risk, it blends
different financial instruments for
maximum wealth creation with
minimal risk.
Thus, MFS is a one stop solution for
all financial needs, be it advisory or
services across different asset classes
like Mutual Funds, Debt, Corporate &
Government Bonds, Equity,
Commodities, Portfolio Management
Services (PMS), Real Estate Advisory
and so on.
A Financial Strategist
Abhishek Marwah is the Founder
and CEO at Marwah Financial
Services. Abhishek has done many
professional certifications in financial
markets in equities, derivatives,
commodities, financial advisory and
more. He is also a certified
professional financial advisor (CPFA),
NSE certified market professional
(NCMP) and AMFI certified mutual
fund advisor.
During his graduation days, he noticed
that the financial service was the sector
prone to hard selling and miss-selling,
a service which everyone needs from a
service class employee to a high networth
investor (HNI). Being from a
middle class and having his father from
a banking background, Abhishek
immediately spot an opportunity to
create a customer-focused and serviceoriented
firm in the sector. Hence, he
founded Marwah Financial in 2008 to
offer affordable and authentic
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
investment advice. The industry which
then set off late has started to move
from a sales oriented to advisory
oriented industry. Still now, the
importance of financial planning
cannot be ignored by the founder in
these times of volatile markets and
economic instability.
Specialised Services for Clientele
MFS provides premium services from
personal financial advisory, wealth
management to financial planning. It is
driven by the passion of touching the
lives and not just managing client’s
wealth. The company is capable
enough to disengage their clients from
the arduous task of managing their
wealth.
The specialised services that MFS
offers are Advisory Broking, Wealth
Management, and Financial Planning.
Accordingly, it’s USP has been to
‘deliver’ more value than asked for,
understand needs and risk in detail and
then provides active portfolio
management.
The benefit provided by the company
to the clients is described as assured of
trust, which is extremely important in a
fiduciary relationship. The main idea of
having an advisor is to understand that
the customers can focus on their core
work, job, and business by leaving the
capital management to experts, who
are carefully watching and scanning
the dynamic investing environment.
Led to Prosperity
The journey from developing the
|SEPTEMBER 2018|
“
WE ALWAYS BELIEVED IN
THE THEORY OF STABLE GROWTH
interest in the financial markets to
setting up the company has been very
satisfying yet extremely challenging.
Whereas, any new business goes
through a lot of challenges from
arranging finances to having the right
people on board in creating a niche and
acceptance for the products and
services. But in fact all these
challenges and overcoming them is
what makes the whole experience
extremely satisfying. During this
journey, MFS has formed important
partnerships, created a qualified and
competent team of people. It has also
set up the required systems and
procedure required for the company to
make it customer centric and
operationally efficient. The biggest
challenge right now is to build a team
of passionate and capable people to
take the business on to the aggressive
expansion path.
Today, MFS has over 1000 marquee
clients with both domestic and NRI
clients. Thereupon, the company
delivers services primarily from
Delhi/NCR. It also focuses on
executive’s works in the corporate
sector. Further, it values the importance
of professional financial advice as
proper financial planning is intertwined
“
with all lifetime family & personal
goals.
Future Ahead
From a humble beginning, MFS has
been able to grow out clientele to a
sizeable proportion. A lot of financial
services and advisory firm started
during the boom of 2007. However
most of them did not survive the
financial crisis, the company survived
and grew through different business
cycles. Additionally, it has a minimal
customer turnover which speaks
volume about the service clients, who
have received from the company.
Nowadays, MFS is working towards
two fronts, firstly to diversify the
geographic base of the clients both
nationally and internationally by
setting up a branch in Dubai to tap the
broader NRI market. Secondly, it is
operating on providing the best techbased
customer interface to their
clients, by doing the relevant tie ups
with different tech firms.
http://marwahfinancial.com/
27

Prashant Kataria
Partner
Lexygen
28
|SEPTEMBER 2018|

CXO Standpoint
Private Equity
Industry in India:
Upsurge & Tribulations
About the Author
Prashant Kataria is a Partner at Lexygen, a Bangalore-headquartered law
firm (with an office in Singapore) with a pan-Indian focus on providing
services connected with M&As, Joint Ventures, general corporate commercial
services, PE/VC and Project Finance. Apart from this, Prashant is an alumnus
of the prestigious National Law School of India University, Bangalore.
He has over 15 years of legal transactional experience in the areas of venture
capital, private equity, M&A, and infrastructure privatization projects. Over
the course of his career, he has garnered significant experience in advising
several corporates on diverse corporate-commercial matters, including
employment/labor law, real estate leases, trademark licensing, telecom
regulatory, and so on.
oupled with the robust growth of the Indian economy, the Private Equity (“PE”) industry in India has been
Cgrowing from strength to strength with total PE deals in 2017 valued at around USD 26.4 billion as opposed to
USD 16.8 billion in 2016, an impressive increase of 57% (India Private Equity Report 2018 by Bain & Co).
Factors propelling this unprecedented growth are positive actions taken by the Government of India to address nonperforming
assets in the economy, including the introduction and implementation of the Insolvency and Bankruptcy Code
(“Code”), taxation reforms through a unified Goods and Services Tax mechanism, stable GDP growth and continuance of
policy reforms, especially by way of further easing of sectoral restrictions on foreign direct investment (“FDI”).
|SEPTEMBER 2018|
29

Recent Trends in the PE Industry
While PE investments have been made
across the spectrum with much
success, it is crucial to discuss a couple
of trends witnessed over the course of
last year in the PE industry, which are:
(i) inclination amongst Indian
promoters to dilute larger stakes for the
right valuation, which wasn’t the case
earlier, (ii) significant increase in largeticket
deals like investments by
Softbank in Paytm, KKR and CPP
Investment Board in Bharti Infratel,
GIC in DLF Cybercity, etc., (iii)
successful large exits, especially in the
banking, financial services, insurance,
consumer tech, media and telecom
sectors like Softbank, Accel, Naspers
and Tiger Global from Flipkart, Qatar
Foundation Endowment from Bharti
Airtel and Fairfax from ICICI
Lombard, (iv) focus on quality over
quantity, as evidenced by the fact that
the top 15 deals in 2017 accounted for
almost half the total PE deal value as
opposed to the top 15 deals in 2016
constituting merely 30% of the total PE
deal value., (v) Booming consumer
business, including consumer-tech,
food and beverages, retail and related
industry, (vi) Renewed thrust in
manufacturing and industries, owing to
the Government’s Make in India
policy, (vii) Interest in the insurance
and defence sectors, which are still not
attracting adequate attention owing to a
49% sectoral cap (FDI in defence
sector can technically go up to 100%
under the government approval route
(Requiring the prior approval of the
Reserve Bank of India (“RBI”) or the
relevant sectoral department/ministry
of the Government of India), but the
stringent and ambiguous conditions are
a major roadblock), whereas foreign
investors look for a controlling stake.
It is widely believed that these trends
will continue in the near future, and for
good reason, since these have been a
major contributor to the robust growth
in the PE industry and in building
confidence amongst the investor
community at large.
Regulatory Changes Affecting
Foreign Funds
It is pertinent to note that foreign funds
have been instrumental in the blitz last
year and hence their trepidations
towards regulations governing foreign
investments into India is quite
understandable. The liberalisations
introduced by the Government earlier
this year to India’s FDI policy through
the Press Note 1 of 2018 (“PN”) have
been welcomed by the foreign investor
community. A few significant changes
brought about by this PN are:
(I) Permitting 100% FDI under the
automatic route (Not requiring the
prior approval of the RBI or the
relevant sectoral department/ministry
of the Government of India) in Single
Brand Retail Trading (“SBRT”), where
only 49% was earlier permitted and
that too under the government approval
route. While most of the conditions
attached to FDI in SBRT remain, some
changes to the conditions have been
announced, including permitting nonresident
entities to conduct SBRT
either directly or through a local entity,
(ii) Permitting 100% FDI under the
automatic route into an Indian
company which is engaged only in the
activity of investing in the capital of
other Indian companies and in Core
Investment Companies (Companies
holding not less than 90% of their net
assets in the form of investment in
equity shares, preference shares,
bonds, debentures, debt or loans in
group companies and categorised as
Non-Banking Financial Companies by
the RBI). Earlier, such investments
were allowed, but only through the
government approval route. However,
the automatic route is available only if
the above activities are regulated by
any financial sector regulator,
(iii) Permitting issuance of shares
against non-cash consideration for
sectors allowing FDI under the
automatic route, subject to certain
conditions. Under the erstwhile FDI
policy, issue of equity shares against
non-cash consideration involving
pre-incorporation expenses and import
of machinery was only permitted under
the government approval route. These
recent changes should give a fillip to
FDI in these sectors.
Way Forward and Factors to be
Guarded About
While a lot of industry pundits and
soothsayers portray a path ahead for
the PE funds to be strewn with roses,
one must also keep their ears to the
ground and occasionally listen to
naysayers as well to correctly ascertain
ground realities and the prospective
pitfalls and challenges. Below are a
couple of factors and issues that I
believe ought to be borne in mind
while navigating the said path (i)
While much euphoria has been created
about the viability of distressed deals
through the Code, and though it is a
welcome move, PE funds ought to
tread with caution as opportunities are
exciting but fraught with regulatory
uncertainties and much work is still
needed to be done on this front, (ii)
The dispute resolution system in India
continues to be painfully slow. While it
is important to have clearly drafted
contracts, rational mechanisms for
dispute resolution outside India shall
continue to be relevant, (iii) Investors
ought to be wary about tax related
representations and warranties and
indemnifications due to uncertainties
surrounding their enforcement, and
(iv) the recent implementation of the
General Anti Avoidance Rules, which
might make may PE fund houses
re-visit their structures.
To sum-up, while the PE investors
appear to be prudently optimistic about
the Indian market, it is those investors
who successfully pass the crucible of
unique Indian business and regulatory
challenges that shall be triumphant.
30
|SEPTEMBER 2018|

Thomas Waltair
APAC Regional Head & Director
Neptune’s
Delivering Mission Critical Universal
Corebanking Systems
oday, the Indian banks have
Twitnessed a radical change
from conventional banking to
convenience banking and they are
poised for 'digital banking' at a rapid
pace. Apart from this, the banks across
the country have highly recognized the
importance of enabling technologies in
the banking sector to deal with the
changing customer demands, improve
operational efficiency, and enhance
regulatory compliance.
32
In 2006, Neptune INDIA established
the operation in Chennai which is a
direct 100% subsidy of Neptune UK.
The company has developed core
banking products like Rubikon &
Orbit-R, using these the customers can
transfer money or pay for goods with
just the push of a button. The group
also has the ability to deliver strong
business results reducing time-tomarket
and TCO by developing
innovative solutions and improved
productivity. With nearly two decades
in BFSI sector, Neptune has the
capability to deliver end-to-end
solutions to over more than 85
financial services which include retail
banking (including public sector
banks), commercial banks, industrial
banks and world largest microfinance
clients across the continents. In
addition, they are having their own
regional group implementation offices
in Kenya, Ethiopia, Tanzania, Uganda
and Nigeria.
Apart from this, Neptune has kept a
long-term committed relationship of
more than ten years with the top most
clients like Tanzania Postal Bank,
Berhan International bank, and FINCA
International.
Thomas Waltair is the APAC
Regional Head & Director of
Product Development at Neptune
Software Group, India. As the first
employee of Neptune India, he has
meticulously formed a team of young,
vibrant and dynamic people who know
their craft well. The task of building a
team from the scratch is difficult, but
Waltair has performed exceedingly
well in leading the team from difficult
to positive times.
Waltair directly oversees universal
core banking product engineering,
global product support, presales and
post implementation support and
branding. He has handled all requests
across the continent to build Gartner
listed universal core banking products
like ‘Rubikon & Orbit-R’. He brings in
over 18 years of experience in product
engineering, software lifecycle & core
banking technology.
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
Waltair is amiable and easily
approachable, who puts employee
satisfaction at forefront that makes his
ward to do all the wonder for a
successful business. He believes in flat
hierarchy and that’s how it works in
Neptune India. He is an avid traveler
and an active philanthropist, who
always wants to contribute to the
society he grew in.
“
WE ENDURE TO PROVIDE OUR
CUSTOMERS WITH INNOVATIVE SOLUTIONS,
IMPECCABLE CUSTOMER SERVICE
“
An Innovative Technology
The new technologies are constantly
developing and banks can seamlessly
adapt to changes will be in the best
position to offer their clientele highquality
customer experience.
Therefore, the traditional bank groups
are looking for brand based or Tier-1
Company’s core-banking system. It is
not too far to select the technically
merit based and robust system but the
banks need to evaluate the system
properly before selecting it. Also, the
banks must prepare for the next
evolution of digital banking and meet
customers’ shifting expectations.
In other words, transaction of money is
definitely the prime function of a
financial institution, but it is not the
only function which a financial
institution has to perform. The
implementation of the new technology
will not only make the transaction
easier, it will make banking faster and
safer in different ways.
Today, innovative technologies are
changing the banking business and
Rubikon's implementation of its latest
version in banks has been beneficial to
both the banks and its customers in
terms of Fraud Reduction, KYC,
Cheaper and Secure Payments, Trading
Platforms and Loans & Credit.
Rubikon is a 100% Java interpreted
which embraces JEE standards and
web services for integration. The
|SEPTEMBER 2018|
system is built with modular
architecture. The use of JEE
standardizes a number of different
technologies to provide a robust
platform for building distributed multitier
enterprise banking applications.
Rubikon reacts to all real time
transactions even in the Multicurrency
Systems which reflect immediately in
the GL codes. The end-of-day
processing intended to run in parallel
with the availability of the system.
Further, workflow engine is a part of
Rubikon core banking system with no
hidden charges or additional costs for
new branch rollouts. Within minutes, it
is possible to roll out or activate the
new products and new business units
without any help of technical team.
Benefitting the Clientele
Over the years, Neptune Software
Group has supported several micro
finance clients with its flagship product
which includes Berhan International
and Tanzania Postal Bank. Firstly,
Berhan International is a commercial
bank in Ethiopia that started with just
one branch in 2007 as now turn to run
with almost more than 173 branches
with the help of nine years solid
relationship.
Secondly, Tanzania Postal Bank is one
of the oldest public-sector savings
bank in Tanzania. The bank was
established in 1925 as Tanganyika
Postal Savings Bank that conducts
banking services through the network
of post offices. The bank aims to
provide financial services to the
common Tanzanian and promotes
financial inclusion. Later on, TPB
collaborated with Neptune Software
Group in the year 2003 with the
implementation of the Equinox legacy
system. Recently, the bank migrated
from the old Equinox to Rubikon. With
nearly two decades of relationship,
they have helped the bank grow
substantially across all key financial
parameters. Today, TPB provides
banking services across various
channels: mobile banking, e-banking,
agency banking, tellers and more.
Future Expansion
In the year 2008, Neptune
implemented its first core business
solution to the market with Rubikon.
But, within ten years, the group has
achieved nearly 45 core-banking
deployments across the continent and
over 80% workforce is working in the
company for more than seven years
without attrition.
While talking to Waltair about the
future advancement of the company, he
said “We are planning to reach 100+
deployments, looking for an Indian
client and implementing Neptune
FinTech Digital Products 2.0”.
33

The
Importance
of Location
Intelligence
in the BFSI
Industry
The banking, financial services, and insurance industry (BFSI) has evolved over the recent years alongside other
sectors and now has become a commodity-driven sector. With the growth of competition, there are various available
producers like loan and mortgages selling at their own unique selling point providing customers the different
varieties to choose from. Furthermore, companies are listening and observing the customers and are designing products for
their needs. Consequently, the digitization and virtualization have totally transformed the BFSI industry. Companies are
compelled to ask specific questions regarding the industry. For example, how do you provide a service to the customers that
are embracing the technological changes? How do the BFSI sectors can set its pace with these changes? Companies have
taken actions and are in the middle of the various thought process, finding solutions to these questions. From industries point
of view, the location intelligence attribute can bridge the gap between the physical and digital world.
The Banking Sector
The giant corporations in the banking sector are using the technologies like geo-fencing, which creates virtual geographic
boundaries through the software. This triggers the response time when a customer enters or exit from an area. Therefore,
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|SEPTEMBER 2018|

Essential Methodology
location intelligence can detect and prevent the frauds. It can be used to trace the debit and credit card transactions through
the mobile net banking. All the fraudulent transactions can be prevented with location intelligence.
The Financial Sector
Metro cities like Mumbai and Chennai are prone to natural calamities like floods and rain. The financial sector corporations,
with the use of location intelligence, can access the damage rapidly and can create a relevant plan of action. These firms can
rely on the strategic models for the accurate assessment of the forthcoming catastrophic events. There are limitless
possibilities regarding the location intelligence. It plays an important role and helps in gaining efficiency and creating better
opportunities in selling, cross-selling to its customers.
The Insurance Sector
For the insurance brokers those who work with multiple insurances, location intelligence can help in many ways. These
brokers can adapt the e-commerce models and start capturing the location of each customer. The challenge they face is due to
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35

the lack of connection in the remote areas as there are no
insurance companies in the rural areas to serve customers.
Therefore, the insurance companies work in the remote
locations using the location intelligence where the
connection is the biggest issue.
The Life Insurance Sector
The digital life cannot be imagined without the location in
the overall picture of the BFSI industry. The insurance and
banking sector has moved away from branch models and
soon the physical presence will not be required and the need
for customer walking in transactions will be eliminated. On
the contrary, the companies are approaching the customers
now and will continue to do in the upcoming years. In the
end, for a business to go fully digitally, the aspect of
location plays a key factor in reaching a potential customer.
Housing Loans
The three important aspects in the housing loan sector are:
- Sale pitch should be appropriate and the target audience
should be properly segmented.
- The properties review should be favorable and perfect.
- In the case of LPS (Lender Service Provider), it is
important how one collects money from the company.
In these three aspects, the location intelligence will play an
important role.
Data Analytics
For a data analytics company, a data whether it is related to
a credit card or a phone is treated as a vertical. On the
reverse, the location is treated as horizontal. The company
observes the location and decides the creditworthiness of
that location. Corporations are working hard towards
breaking the data especially the big GST data. The firms
can create a geo-profile coupled with many variables. These
variables can track growth, pin code area, competition
market, assets, and delinquencies. Location intelligence is
central to all these variables.
Digital Lending Market Place
The digital lending companies are always on the difficult
side of the lending as it serves the underserved. These
underserved companies comprise the ten-twenty percent of
total SMEs population when compared to the remaining
companies. When any transaction is completed, its location
comes into play, which can further help in tracing the
potential market.
Building Customer Relationships
Location intelligence can play an important role in the
relationship with customers. The location can help in
creating basic customer data and in identifying the top
markets, which can be easily penetrated. The location also
provides the opportunities for building a high-value
neighborhood data.
The banking and financial services are focusing on
innovation to prepare for a technology-driven future.
Technology is helping banks, financial service providers,
and insurance companies in creating personalized channel
executing customer engagement and satisfaction. Location
intelligence is definitely one of the key ingredients and an
important parameter for BFSI firms that help analyze data
spatially to give better insights for potential market
discovery in the future.
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|SEPTEMBER 2018|

Guru Murthy
Founder & CEO
Processware Systems:
Fortifying the BFSI Space with its
Ground-Breaking Solutions
stablished in 1995,
EProcessware Systems is the
leading organization which has
been providing unique software
solutions to the BFSI segment since its
foundation. Processware has designed
and developed a host of digital banking
solution including core banking
solutions which have been offered on
the cloud on a subscription basis. The
company is spearheading through its
technology initiatives like Data
Analytics to predict Non-Performing
Assets (NPA), AI-based chat bots for
loan origination to name a few.
38
The Leading Light of Processware
Systems
A dynamic and an influential leader,
Guru Murthy is the Founder & CEO
of Processware. Guru has been the
key-person in architecting the best-inclass
products of the company. He
returned to India in the early 90’s with
a vivid goal of revolutionizing the
BFSI sector.
Guru has a deep understanding of the
sector requirements and articulates the
solutions which best suits the customer.
He constantly challenges his
developers to build interactive products
to meet the varying requirements of the
clients. Under his leadership, the
company is continuously bringing in
new products in the marketplace which
has assisted Processware to gain and
retain a large number of customers.
A Wide Array of Trailblazing
Solutions Benefiting Clients
Processware provides a complete suite
of products for digital banking. The
suite of the products embraces Core
Banking Solution, Internet Banking,
Mobile Banking, Branchless Banking,
AI-based Loan origination chat bots,
Analytics, QR Code based CRM
system, and NPA Predictor.
It is one of the initial companies in
India to adopt analytics to predict nonperforming
assets in the financial
sector. The company in association
with the Indian Institute of
Management (Bangalore) has
developed this solution using various
data-intensive algorithms which was
partly funded by the Government of
India. The researched solution allows
financial institutions to predict NPA
during the process of granting loans to
customers. This was a revolutionary
research made by Processware in
association with IIM in the Indian
BFSI sector. For the first time, big data
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
had been used for decision-making
tasks in the banking industry.
Processware is the first organization
which is offering core banking solution
on the cloud since 2011 and has
enabled many small and medium
financial institutions to adopt the
technology, without spending a lot of
money on capital expenses. The cloud
has also facilitated them in gaining
operational efficiencies and hence,
reduces the cost per transaction.
The customers of Processware gain a
plethora of benefits which comprises
branchless banking, decreasing the cost
per transaction, increased level of
regulatory compliance, a variety of
delivery channels to meet customers’
expectations, formulating the internal
IT Policies through the company’s
association, developing new products
to meet each segment of customer
base, and many more. “Our customers
have been the inspiration for
Processware to keep developing
leading edge technology products for
the sector”, says Guru.
Welcoming the Challenges,
Revealing the Opportunities
Since a couple of decades, Processware
has faced many challenges during its
journey. Processware was one of the
first software products company to
operate in India. Initially, the software
sector predominantly consisted of
services companies and Processware
found it difficult to raise funds for the
product development and promotion.
In the early days, banks did not
recognize Software Products as a
sector and even NASSCOM was not
willing to support product companies
during the 90’s. Hence, finding product
development skillsets was difficult in
India during those days.
|SEPTEMBER 2018|
“
PROCESSWARE SYSTEMS DESIGNS AND
DEVELOPS PRUDENT APPLICATION
SOFTWARE TO OFFER UNIQUE
BUSINESS SOLUTIONS
During such a tough phase, one keyfactor
which assisted Processware was
the continuous invention of innovative
solutions which contributed largely to
the financial sector. The company
designed and developed branchless
banking solutions to run on Androidpowered
tablets. Today, these solutions
have been widely used across the
world to provide the finest financial
services to customers at their doorstep.
A Glimpse of Government Initiatives
& Innovatory Technologies
Government has been pro-active in
providing the necessary support in the
BFSI sector by relaxing the KYC
norms for Jan-Dhan accounts to
achieve financial inclusion.
Government’s UPI platform has
processed more than 200 million
transactions in June 2018.
Technology has been the prime factor
in transforming this sector which has
brought in the ease of doing financial
transactions for end-users. The rise of
smartphones across the country has
given immense capability for the
financial institutions to reach out to
more customers.
Acknowledgments Received by the
Company
Processware has been accredited with
“
several awards over the last decade for
its astounding and unique services. The
company was selected as ‘One of the
20 Most Promising Banking
Technology Solution providers in 2016’
by CIO Review. Processware was also
selected as the vendor by Karnataka
State Cooperative Urban Banks
Federation to provide core banking
solution on the cloud to UCBs.
Tapping into a Glorious Future with
Tech-Advancements
Every year, Processware keeps itself
abreast of the new inventions in the
industry and focuses to consolidate its
leadership position in the financial
sector. It has stepped into new markets
outside India, which are Myanmar,
Mozambique, Cambodia and Papua
New Guinea which offer immense
growth opportunities.
Processware is planning to build new
products to aid decision-making
process in the financial institutions
using Artificial Intelligence and
Analytics. These distinctive products
will be available on the cloud for
smaller to bigger institutions to benefit
from the technology advancement. The
company has also been working on the
emerging technologies such as Block
Chain and Crypto Currencies to deliver
apt products to the financial sector.
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Technology
Impact on Mobile Money
Future
Lending Segments and its
India has always had relationship driven banking &
lending. To open a savings account in the State Bank
of India, one still needs “an introduction from a
respectable person / a customer of the branch”. The local
auto garage only gets loans from the neighbourhood bank,
if the branch manager knows the proprietor personally. This
seems like a great mitigate of risk. With NPAs soaring, this
seems like a reasonable strategy to control bad loans.
However, this is only a false comfort. Most of the NPAs
come from large accounts greater than INR 1 Crore. What
this relationship driven finance has done is that it has made
credit very exclusive. Credit cards are seen as a luxury
when it needs to be a necessity like mobile phone &
internet. Credit is essential to break out of the poverty
cycle.
Technology is yet to disrupt the lending space as it has done
in entertainment, e-commerce and payments to some extent
in Banking. Everyone is watching videos & live events on
their mobile phones. Amazon delivered packages to 99% of
India’s pin codes. Tea vendors on bicycles are accepting
Paytm Payments. Banks no longer want customers walking
into their branches. However, lending is lagging behind.
While the loan or the credit card application process has
been digitized, there is a lack of awareness among users.
Many are still are apprehensive of using lending apps.
Submitting sensitive information like ID proofs, IT returns,
Bank Statements through a mobile app is still a challenge
for most. The underwriting policies are still archaic in most
lending institutions. They are yet to embrace data science
when it comes to the lending decisions. Post approval
formalities are still largely paper-based. The customer still
has to sign agreements and provide post-dated security
cheques.
Disruptions happen on the back of platforms. Disruptions in
other industries happened on a strong backbone of internet,
GPS & mobile penetration. For lending, in addition to
mobile & internet, the disruption enabling platform is India
Stack. The stack consists of different layers including
Aadhar eKYC, eSigns, UPI & consent driven data sharing.
The process from identifying a user’s intent to borrow all
the way through to repayments will happen paperless &
presence less. In the next 5 years we will see all users
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|SEPTEMBER 2018|

CXO Standpoint
authenticate themselves with Aadhar and sign agreements
with eSigns. UPI 2.0 will automate payments and remove
the need for physically signed cheques. A consent driven
data sharing layer will make the process of submitting bank
statements, IT returns and utility bills seamless & secure for
the users.
An important piece that needs to mature more is
underwriting process. While there are many smart NBFCs
that have automated the underwriting process, the larger
ones still rely on human intervention & subjectivity. This is
due to the myriad forms in which an applicant’s data could
come. Address proof, for example, can be one of 20+
document types each of which has no standard format. Data
science, ML & AI are ripe to start experimentations in this
space. Once the data formats are standardized, algorithms
can munch through personal documents & financial
statements in no time and without human errors or fatigue.
These algorithms can learn over time to discern between
good & bad borrowers. There is ample research to prove
how psychometric traits like impulsiveness and delayed
gratifications are strongly related to a person’s financial
discipline. We will see more this in the coming years. One
word of caution though - AI & ML can go horribly wrong.
While we avoid human errors, computer bugs and faulty
mathematical models will crop up.
Data privacy is an area for regulation to catch-up. Lending
organizations will have access to private data of potential
and existing borrowers. The need of the hour is to make it is
easy for the user to know what data is being collected and
constraint the sharing this data with 3rd parties. European
Union has just taken a bold step in this direction with
General Data Protection Regulation (GDPR). Something
along similar lines needs to emerge in India also.
Credit has not reached people who need it the most.
Technology is yet to disrupt lending like some of the other
industries. Mobile & internet penetration along with India
Stack is a transformative platform that will launch the
lending industry. What we require is careful, innovative
experimentation and data privacy regulations.
|SEPTEMBER 2018|
41

Sagar Tanna & Sameer Tanna,
Founders
TrackWizz
A Unique and Self –Enhancing
Product Suite of TSS
here are a whole lot of
Tsolutions that are available in
the market but only a few can
be experienced in compliance and
operations. To resolve this, TSS
Consultancy Pvt Ltd is committed to
focus on making new enhancements
with different solution for the
compliances. It offers quality
compliance solutions that are
extremely efficient and available at a
desirable cost.
Over a decade, TSS Consultancy is one
of the fastest growing technology
solutions providers in the financial
industry. It is targeting on building
innovative products for financial
institutions with the help of its
compliance and operations. The
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company is growing consistently from
its inception by serving more than 150
institutions across BFSI with its
TrackWizz. A product suite launched by
TSS Consultancy has different modules
and is used for compliance and
operations. Apart from this, it has
secured the second position
continuously in a row from Crisil for
its MSME Ratings. The company's
vision is to become a trusted partner
for the progressive institutions by not
only with its compliance and
operations but also with the support of
its 140 professional experts.
The Magnificent Duo’s
Sagar Tanna and Sameer Tanna are
the Founders of TSS Consultancy Pvt
Ltd. Sagar completed his graduation in
Bachelor of Information Technology
from Atharva College of Engineering,
while Sameer did his graduation in
Bachelor of Computer Science from
Cornell University.
Since the Tanna brothers belong from
an engineering background, they
gained their financial service
experiences from their own family
business of equity broking and external
organization through which the
brothers established TSS Consultancy.
They started by introducing Anti
Money Laundering compliance in 2008
which was very new and capital
markets were required to comply with
the norms during that time. Later on,
the brothers seized the opportunity of
|SEPTEMBER 2018|

The 10 Most Prominent
BFSI
Solution Providers In 2018
AML solution by serving over 150
institutions across the BFSI sector.
A Unique Product Suite
TrackWizz is a product suite which
offers several modules of compliance
and operations. It is self-enhancing
while keeping pace with the changing
landscape. These includes customer
life cycle, anti-money laundering
solution, insider trading & research
analyst regulations, process &
document management, franchisee /
channel Partner and spend
management.
The company commits to deliver its
services for free with a new version for
every quarter of the year. This is
allowing the organization to focus on
the growing business while it protects
the risk arising out of the noncompliance.
Presently, this compliance
and operations suite is available at a
subscription fee / pay per use model. In
addition, TrackWizz CKYC solution is
helping most of the top five banking
sector to submit and exchange
information with central KYC registry.
This single product is contributing a
major share in uploading the records to
the central KYC registry space.
Tailored- Customer Services
TSS Consultancy is also driving its
culture in every possible way in order
to help its customers to meet their
needs. Some of the excellent initiatives
|SEPTEMBER 2018|
“
WE ENDURE TO PROVIDE OUR
CUSTOMERS WITH INNOVATIVE SOLUTIONS,
IMPECCABLE CUSTOMER SERVICE
of the company, firstly appointing a
FATCA CRS Consultant to help its
customers who have subscribed to its
software, plus gets free consultation
about FATCA CRS compliances and
opinion in black and white. It has tied
up with Thomson Reuters; a world
check for data feeds which helps the
company to screen its customers
through largest repository of global
data feeds.
Being a software service model
provider, the company enriches in
keeping pace with the changing time
and requirements. This model can be
afforded by every institution, be it big
or small, as the software comes at per
transaction cost or pay per use. The
company delivers free services
regarding new changes as per the
request from its customers and in a
time bound manner. Free tax consultant
advisory is helping the customers to
get black and white opinions from
experts at no additional cost. Even the
company arranges knowledge webinars
taken by industry leaders for its
customers.
“
Apart from this, it is one of the leaders
in capital markets having more than 90
percent market share among
institutions using an AML Product.
Currently, it is serving more than 100
institutions. It has also earned a
reputation of reliable partner with a
robust offering and significant
contribution to a majority of bank
brokerages & commodity stock
exchanges.
Future Endeavors
TSS Consultancy always believes that
a strong foundation product can help a
company to serve its customers in a
long way. So, it has built TrackWizz to
perform as one of the best compliance
and operations suite in the world.
While talking about the future, Tanna
brothers said “We see ourselves as a
premier technology partner trusted by
the most progressive and credible
institutions for their compliance and
operation’s needs.”
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