Processware Systems: Facilitating Digitalization of Financial Institutions
With the world going more digital, there is an increasing need for online assistance or solutions to meet the financial needs of the users. Banking service comes under the category of most essential service. Today, banks have no choice but to adopt technology at a rapid pace to be relevant in the marketplace. Most of the people of young generation lead their life digitally, more on the mobile phone, and expect their bankers to offer services digitally. They are least interested in visiting a branch of the bank. Therefore, having access to banking service anytime is more possible with online services. Financial institutions should be able to provide online services, financial inclusion so that maximum people can benefit from these services anywhere and anytime. Several fintech companies in world have been able to capture a large slice of this market, by offering digital services.
Processware Systems Private Limited is one such organization which has focused its efforts on bringing new innovations to financial services industry. Its vision is to enable financial institutions across the world to adopt the necessary technology to foster their growth in terms of customer acquisition, financial inclusion, and product innovation. It is one of the earliest software product companies in India. One of the Stories of Inspirational Entrepreneurs Guru Murthy is CEO of Processware Systems Private Limited. Established in 1989, Processware focuses on enterprise products for the Indian market and product development services for overseas markets.
Designing and Implementing Novel Solutions
Processware’s three-decade journey has seen the software product industry in India grow to newer heights. During the early years, many software companies in India focused on providing services to customers, whereas Processware focused on developing mission critical applications for financial services industry.
Processware was the first company in 2011 to provide BankSoft — a core banking solution on the cloud. It is a comprehensive solution aimed at meeting the requirements of the financial institutions. Built on latest technology platform, the solution offers unparalleled scalability and security to banks.
Processware has firmly established its position in the software market, as a solutions provider. The company has been able to gain the customers confidence in providing quality solutions to business problems. In an ever-changing IT scenario, Processware has been able to design and implement novel solutions for its customers, both in India and abroad.
Addressing Financial Inclusion of Excluded Population
Processware has a unique suite of solutions to address financial inclusion. The solutions are completely integrated into BankSoft Core Banking solution. These solutions enable financial institutions across the world to continuously innovate and serve the excluded population. The strategy of having hub and spoke model, where branches have extended arm (through agents) to address larger section of population in hard-to-reach areas will help in reaching the goals towards financial inclusion.
Being Innovative and Providing Comprehensive Digital Services
Pandemic has been a catalyst in promoting the online banking services. Even conservative bankers have realized the importance of offering digital banking services to their customers. Pandemic has accelerated the adoption of technology in the financial services sector.
Constant innovation in the product line and excellent customer support have been the two key factors in BankSoft being popular in the market. Processware’s complete digital banking suite are helping financial institutions to transform from legacy operational structure to a complete digital banking environment. It is offering a comprehensive suite of digital products for retail banking including digital customer acquisition, credit origination, AI based credit scrutiny, and doorstep services through assisted channels.
Covering All Aspects of Banking
Processware provides financial institutions various digital solutions covering all aspects of banking including customer acquisition, account opening, transactions, and application for credit. It helps banks to connect with their customers digitally to promote the products and offer several services.
Providing Much-needed User Friendly Features
Processware has been successful in bringing prudent business solutions through its innovative products for enterprises in India. BankSoft, ProdMaster and EduSoft have gained vast reputation with customers in their respective segments. These enterprise-wide solutions enable customers to effectively manage their operations and provide much needed user-friendly features. BankSoft was the first cloud-based core banking solution in India, which was launched in 2011. BankSoft has processed more than 50 million transactions on the cloud as on date. BankSoft — suite of digital banking solutions is helping financial institutions to attract millennial customers.
Ensuring Secured Access to Financial Data
Mobile banking allows the financial institutions to extend their customer reach, without investing in physical infrastructure of establishing a branch. Processware has developed a full-fledged mobile banking application running on Android. The application allows the user to manage all their accounts and transactions with their bank. The solution has a built-in 2 factor authentication to ensure secured access to financial data through mobile devices. Mobile banking solution is completely integrated into BankSoft Core Banking Solution. The user will be able to view all their accounts and perform necessary transactions on the mobile.
Ensuring Successful Journey in Digital Space
Mr. Murthy says that entrepreneurs should have patience to work in this financial services sector. He says that the customers expect lot of handholding in the digital space, since the staff in the bank sometimes may not be quite skilled in using these platforms. Hence, Mr. Murthy says that entrepreneurs need to work with customers in ensuring their journey in the digital space is successful.
Envisioning to be a Pioneer in Digital Banking Space
Processware attributes its success of having long term relationships with their customers through constant interaction. The company conducts annual customer meets to communicate to them the changes in technology, regulation, and customer behavior. It aims to increase its customer base to 1000 in the next five years and be recognized as a pioneer in the digital banking space.