Banking and Finance sector is one of the pillars for the economy’s development. This development is integrally linked to the country’s development. Today, digitization has engulfed the Banking and Finance sector, just like it has engulfed every other sector. It is necessary for the businesses in this space to adapt to the same and remain ahead of their peers. But then again, digital transformation for this sector is very complex. Profinch Solutions Pvt. Ltd. is one such company that aims to reduce these complexities to enable successful and timely execution of transformation programs.
Profinch is an IT products and services company focused on banking and financial services. It provides solutions across core banking transformations, digital banking, banking analytics, and compliance regulatory services. Profinch is passionate about delivering solutions that provide high value and agility, and hence help build lasting relationships with customers.
The Trio Driving Profinch
The roots of Profinch are its three co-founders Kiran Kumar, Jaskaran Singh Bhogal, and Ashok Kumar.
Kiran is a well-seasoned professional with the experience of more than two decades in the banking and financial services industry. He has worked with various organizations like Oracle Financial Services Software and i-exceed solutions for bfsi consulting and enterprise mobility. He has led and managed diverse teams in the software industry- including client management, delivery, implementation and support- spanning across all continents.
Its other Executive Director, Jaskaran has over 24 years’ experience in a variety of industries. He has held leadership roles in consulting practice across the globe as an accomplished professional in end-to-end conceptualization of strategies and execution of projects towards fulfillment of the strategy. His earlier experience in a variety of industries enables the development of a holistic view of strategic tasks and goals.
The third pillar of Profinch, Ashok, has been involved in various roles in development of software, and implementation projects involving planning, analysis, design, interfacing, migration and support. He has displayed dexterity in management of complex deployment projects involving multiple stakeholders, especially for Citibank, worldwide. At Profinch, he heads the Development, Implementation, Support, R&D, Finance, Admin, and the HR team.
The Two Lines of Business
Profinch has two lines of business- Consulting and Products.
Being an Oracle Platinum Partner, the company does consult for Oracle Suite of Banking Applications. These include consulting of” FLEXCUBE” the world class core-banking solution from Oracle, digital banking solution “Oracle Banking Digital Experience (OBDX), Oracle Financial Services Analytical Application (OFSAA) and Oracle Revenue Management and Billing solution (ORMB). The company resells and implements Oracle products that target the banking domain; both its domain cells, functional as well as technical.
Secondly, Profinch has also built two products around the banking sector- one for the digital side and the other for the data side of the industry. The intelligent product from Profinch, FinCluez, offers business apps that cater to all roles of Bank CxO to operational users and business users. Where most of the other companies are focused on digitizing the customers, Profinch is digitizing the back-office staff as well. This platform works on a phone, a tab, or even a desktop and enables smooth workflow of entire banking operation.
On the data side, Profinch provides a huge product line for data lying in the banks, be it for core banking, cards, ATMs or any application. This data normally lies with the respective system, the data is collated into a single system and organized to make the further process smoother. To ease the workflow of an organization, Profinch offers a product named FinFlowz.
Outshining its Contemporaries
Most of the team of Profinch, which comprises of 160+ professionals today, are from the Oracle background. The founders have more than a decade of Oracle Flexcube experience. Therefore, the company has an advantage as an Oracle partner with its deep domain knowledge and vast experience in the industry. Being agile helps Profinch to work without many constraints, enabling more innovation to generate a lot of prospects.
One of the main factors distinguishing Profinch from its peers is that the company has built tools, templates, and strategies to reduce large core banking transformations, this helps to reduce the timelines and generates accuracy. “That is why the customers are really fond of us now. We are delivery-based organization and not a sales-based organization. And we have been growing based on our credibility only. Over the period of four years now, we have over 42 customers and all of them are referenceable,” says Jaskaran.
An Indigenous Assistant to its Clients
Along with assisting its clients incredibly, at some places Profinch has corrected its clients in a large way.
A large Bank in Mauritius has successfully implemented OFSAA with the help of Profinch and became preferred vendor for the bank. Today the bank has utilized most of the products and services from Profinch’ s offerings.
A large bank from Ethiopia being one of prominent clients using legacy system was looking to migrate to FLEXCUBE, leveraging Profinch’ s experience the bank went live with FLEXCUBE in less than 7 months, bank has over a million clients and 300 branches, Profinch was awarded by the bank for its impeccable work and reducing the timelines of delivery in a big way.
Recognitions and Accolades
The firm has received several prestigious awards and felicitations throughout the years for its products as well as implementation. These include recognition as the top amongst 50 Best Asian Companies by a popular magazine and award for 1st at the top 10 at Technoviti event, India. Alongside, the African Banking Summit has awarded it as an Emerging Implementation Partner in Africa.
Overcoming its Challenges
Innovation is our driving fuel, we always think out of the box to predict future trends and requirements of the industry, this is what leads us to develop products and solutions that are future ready. adds Ashok.
Consultation being one of its services, the company has started to productize the consulting and building the right tools. Along with that, it has started building products for the data side as well. Adopting all the emerging technologies has helped it to plug the holes and make automation even better.
Additionally, Profinch goes beyond the belief “Customers are always right” to “We ensure customers always gets it right”.
Converting Threats into Opportunities
“Opportunity and threats both together for me is one word- Growth. Growth comes from opportunities as well as threats,” says Kiran. The company foresees a lot of opportunities in the market for growth. It currently has offices and Bangalore, Dubai, and Singapore and has been migrating towards expansion. Since, Profinch has worked purely on quality and credibility and not just on getting orders and executives, it is on a journey where people see it as a value provider. With this goodwill and opportunities in three large markets- risk compliance and regulatory reporting, core banking transformation, and digitization of data– it is poised for tremendous growth.
Addressing its three major threats- compromise on quality, creating enough skills, and cash flows, Profinch has beautifully converted them into opportunities. Quality is the company’s forte; it has done tremendous automation to mitigate that. To create the skills, from day one it has invested heavily in hiring fresh talent and generate a training environment. Along with initiatives like Employee Recreation Room, the work environment itself is positive and ambitious. Profinch promotes fun and work and hence, all its employees are happy and are continuously developing their skills. Coming to the third issue of cash flow, till date, it has self-sustained itself and will grow in the future.
Profinch has been growing at about 1.5 to 2x times and it plans to continue the same. However, there is the thirst for more; it wants to move up to 5 to 10x times, for which it continues to build products. In terms of market, the company is fairly in position in Africa and recently in Middle East. It plans to spread deep roots in Asia, this year. After that, it intends to expand in South America and Europe.