Established in 1995, Processware 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.
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-in-class 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 non-performing 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 had been used for decision-making tasks in the banking industry.
Processware is the first protuberant 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.
During such a tough phase, one key-factor 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 Android-powered 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.
Source :-The 10 Most Prominent BFSI Solution Providers In 2018
