The growing demand for cloud computing and need for uninterrupted banking and payments services have forced the financial institutions to look at innovative solutions. Consequently, data-driven approach has become the key to business growth. More and more businesses are engaging in data mining and hence, it is important for technology providers to offer solutions that are ready for the future. Teknospire, a FinTech business company is leading in similar way, which delivers “BaaS” – Banking as a Service platform –over the cloud infrastructure. It focuses on FinTech platforms with an active presence in emerging markets. As the name of the company suggests, everything it creates is inspired by technological innovation.
Meet the Entrepreneur
Vishal Gupta as the CEO leads the financial inclusion strategy of the company along with the core team, delivering together a solution that is most relevant and required by the financial institutions and population in the last mile. According to him, the only way to enable the digitization for over two billion people globally is to obtain a holistic banking payments solution to the financial institutions, who serve that market.
After realizing the fact that almost fifty percent of Indian population is still unbanked and the lack of transparency, Vishal came up with an idea to have a banking solution with features like mobile compatibility and offline data access for last mile. The solution should be lightweight, easy to use and should be compatible with any handset. Finally, Teknospire was born with the idea planted firmly in the ground to enable banking as the fundamental.
The Flagship Product
The only way for financial institutions to evolve digitally would be to adopt “Digital Banking Platform” in a box and the company’s flagship product “FinX” address all the digital banking hindrances. “FinX”-cloud ready- is the digital banking platform in a box, which ensures that these financial institutions can gain on digital growth quickly with capital, resources, and integrations dependencies.
FinX integrates with the CBS/ESB of all the sponsor banks via open APIs based interfaces, for smaller banks to carry out the micro-payments in the semi-urban and rural areas where setting up branches and executing banking operations are CAPEX intensive. The smaller FIs can enjoy their brand equity in their respective markets while riding over the core connectivity engines through sponsor banks.
“FinX” has the modular, cloud-ready, open APIs enabled platforms, which offer services such as; Lean Banking, Mobile Banking; Digital Wallet Services Suite, Micro-Payments switch, Digital Cash Management, and cash collections platform, BI and Analytics Engine, Reporting and Reconciliation platform, Merchant Payments platform, and much more.
Solving Financial Quandaries
Financial inclusion along with the digitization of transaction set at last mile has been a challenge for the financial institutions over the past few decades. There are various reasons behind the lack of digitization at the last mile.
-The mid-size financial institutions serve the last mile, which includes corporation banks, RRBs, DCCBs, Agri Banks, MFIs etc. These institutions have been trying to replicate similar technology stack as of the bigger banks working with CBS vendors, ESB vendors, merchant payments platforms, and agency banking platforms from multiple vendors.
-The lack of technical resources to support multiple technologies and understanding the integration and support structures presents a major challenge.
-The lack of capital to be able to procure the minimum set of institutional platforms towards the digital transformation can halt companies in digitizing process.
Packing all of this in a “Baas” offers the banks to reach to remote areas very quickly and build new consumers and revenue streams.
The company states, “Sharp minds work the best when they are let free and that has been the strategy for us, which has worked amazingly well. We follow a flat organization structure, open seating with open discussions policy. It’s a small family and friends working together”. The firm celebrates every single milestone and believes that it helps in keeping the employee spirits up. One measures employee development at Teknospire largely with cross-functional accountability and ownership.
In terms of benefits gained by the client, Teknospire has made choices on databases such that, all the transactional data uses the relational properties of a DB while the non-relational and big-data properties allow the firm to build the analytics layers on it with specific data structures. This has really helped the company in churning the relevant offerings for its clients.
With the mission to enable banking for every individual, Vishal and his team have expanded their reach to other countries like Mozambique, Zambia, Nepal, Bangladesh, and Zimbabwe. The firm is on a mission to build and deliver the right technology, and keep it rolling with its partner banks for the masses. Teknospire has made an impact with quick adoption of the flagship banking platform “FinX” across four countries and had completed over twenty million transactions towards digitization.
Teknospire wants to stay as a global technology provider and wants to support thousands of financial institutions and SMEs. It will continue to build use cases for the various transactions. It will improve its integration with APIs that will allow multiple participants, including producers and consumers, to connect and interact with each other, and create value beneficial to all stakeholders. Through API integration, the firm will establish consistency in common operations such as authentication, authorization, data models and entitlement.