The BFSI sector comprising institutions and companies providing services like Banking, Financial Services and Insurance have steered India into the digital world. According to Government of India, the BFSI sector is valued at Rs 81 trillion and is expected to grow to become the third largest sector in India by 2025. At the crux of this bullish growth has been the immense growth of IT that boosted this phenomenal development. Here is a list of companies that have revolutionised the way Indians deal with money, mainly because of digital technology.
Payoda founded in 2005 is an ideal Digital Transformation partner for BFSIs as well as companies hailing from several other sectors. It provides cutting edge technology with innovative engineering practices and a human centric approach that enables easy use of technology at the consumer end. AppViewX, an application developed by Payoda enables central management of data, syncing multiple branches of bank to provide unified data, available at the click of the mouse. Other services like experience design, IoT, product engineering, robotic process automation are customised according to the need of the user.
NovelVox is a renowned name when it comes to providing automated and complete contact center solutions. This company has revolutionized the banking, financial and insurance sector too as it manages the critical element of communication between customers and institutions. With customised software for banking etc, it enables users to get access to information through agents anytime, anywhere without needing to visit the bank physically. Their flagship product Designer Studio enables drag and drop model to manage the vast sea of data. Thus the agents or bank employees can access the information whenever they want without toggling between screens during a customer call. CXInfinity, an omnichannel messaging and conversational AI go a long way in providing communication channels. The future of this industry seems to be in InfiBot, powered by AI chatbots, that will ensure that there is no scope for mistakes.
Paycorp provides automated, recurring payment solutions to companies. This means that the payments to vendors, salaries to employees, payment of electricity bills etc can be done automatically, on the right date, be it weekly, bi monthly, monthly or even yearly. This automated process means your employees are paid on time without the need for human intervention, and when bills are paid on time, it saves money that is wasted as a result of late fee arrears. Paycorp provides instant and assured B2B payments completed through ACH, UPI, cards etc supported by multiple touchpoints likelink push, WhatsApp, and portals. Paycorp has direct interface with six banks, enabling quick and secure payment.
While the other three provided software solutions for the BFSI sector, HCL has provided hardware solutions to them. Desktops, laptops, printers, were the foundation stones of this digital revolution without which even a single step would have been impossible. Today this hardware company is investing in FinTechs, APIs, application modernization as well as cognitive computing that helps in smooth transition from banks that relied on pen, paper and human efficiency to computers where most of the things are automated.
Mahindra group is known for its value-based services in India. The company has collaborated with Strands, a leading FinTech company that helps banks to grow by leveraging Artificial Intelligence, in all aspects of banking. Tech Mahindra known for world class consulting and business reengineering skills is moving towards digital transformation. It provides an integrated suite that will provide secure and customised digital banking solutions. Benefitting from this partnership with Strands, Tech Mahindra intends to provide data driven analytics of consumer behaviour that will eventually help the organizations to provide nothing but the best services to end users.