India has the highest concentration of banking entities globally and these form the backbone of the economy, contributing immensely towards GDP. And, thus Processware system is ready to create their bench mark in the banking sector. Processware Systems Pvt. Ltd. (an AS 9100C and ISO 9001:2008 company) is a leading solution provider in banking, manufacturing, education, and aerospace markets around the world. The company was set-up in 1989 focusing on the enterprise products for the Indian market and product development services for overseas markets. Processware has been successful in bringing prudent business solutions through its innovative products for enterprises in India. Their products like; Banksoft, ProdMaster and EduSofthave gained a vast reputation with customers in their respective segments.
Visionary Behind the Evolution:
The man with a vision: Guru Murthy, Founder of Processware Systems, is a person with immense personality and farsighted vision. He has a very impressive educational background, with a Masters Degree in Computer Science & Engineering from the University of Missouri, US. After completing his masters degree, he started working with Schlumberger, as a Senior Computer Scientist. During his job tenure, he always thought of transforming SMEs with cutting edge technologies in India.Under Mr. Murthy’s guidance Processware proved to be one of the first products focused software company to be established in the year 1990. Mr. Murthy also has a keen interest in Research and Development, and he has published several research papers related to Software Engineering and Embedded Systems. Exploring his teaching passion he has also worked as a guest faculty at IIM Banglore and RICM Banglore.
Transforming Challenges into Opportunities
The first and foremost challenge a business faces during its initial period is; lack of financial support. So, establishing a business in India is difficult as compared to other parts of the Western World. At the establishment stage the biggest challenge for Mr. Murthy was to arrange sufficient funds to convert his idea into a product.Back in 1990’s there were no options such as Venture Capital in India and bulk financing firms were only focusing on Software Service Companies but not on Software Product Organizations. Even industry bodies such as NASSCOM were also not interested in Software Product Organizations. Even today in India the entire product development eco-system is still in its developmental phase, so the banks don’t provide financial support as intellectual property is not considered as a collateral or an asset for the organization.
The second challenge was to create a team of bright people who collectively believe in building a Enterprise C lass Product. As Product Development expertise is significantly different from the Product Service approach, so the team has to be ready to move to a new project after the maturity of the old project. Building a team with a passion to build an Enterprise Class Product , has been one of the greatest challenges faced by Processware during it’s establishment.
Today, after successfully transforming challenges into opportunities, Processware is well established with their product BankSoft,which is being used by more than 400 clients over the world.
Contribution to Attain Success
For Processware “Persistence and Focus” have been the key attributes towards success. They have always been keenly focused on financial service industry and built their credibility based on strong customer support.
Processware is one of the few organizations who organizes annual customer meet, where customers get a platform to speak about the product, express their views and discuss with other customers effectively. They always believe that, customer satisfaction is the only key to success.
Impact of Present Industry Scenario
As Fintech is generating a lot of interest from investors, analysts and technology companies. So the industry is ready to witness a paradigm shift in next few years. The Banking industry is undergoing a major transformation and more people are diverting themselves towards main stream banking.
So, technology is all set to take over the center stage of this change. As digital payments and mobile based transactions are becoming a norm and are providing better transparency in the business environment. So, Processware is ready to be a part of this revolution with BankSoft as its revolutionary product.
Expert’s Advice to the Aspiring Startups
Focus on the customer rather than focusing on the technology. Raising more money then required always hampers the profit making possibilities, so the financial plan needs to be perfect during the establishment stage. Aspiring entrepreneurs need to be humble and learn as fast as they can from the environment and harness skill sets of the millennial population, who are willing to take risks and work for the start up.
Mr. Murthy always believes that: “Opportunities exist, to build the next Google or Microsoft, from India. Be patient and prepare for the long haul”.
Processware is always poised to grow significantly. As more and more institutions are adopting technology to process financial transactions, Processware is ready to be the game changer by proving themselves as the backbone of all UPI transactions on the mobile and integrate it into their Core Banking Solutions. Processware’s mission is to provide clients with the optimum software solutions across product families, operating systems and hardware platforms. The strength of the organization lies in analyzing the customers problems and providing prudent software solutions to address those problems.
They are also trying to become the key player in the defense sector by providing technologies to emerging platforms.
Their dream is to have each village in the country linked to the formal financial sector and lead them towards the trend of plastic money or cashless transactions.
Mr. Murthy says: “The day, we enable the small merchant on the sidewalks to accept a Rupay card, we can say that India belongs to the developed world”.