In the banking sector crisscrossing the world, Indian software companies bask under the glory of tech excellence as their retail finance software is the reigning monarch in the field of banking and finance. Actually, three major software drives the banking engine ahead, after being dabbled into coding, testing and development done in India.
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Such has been the finding uncovered by research firm Gartner in its quadrant which hovered around retail core banking as was released in February this year. The report shows massive involvement of Indian software wisdom so much so, that 3 out of 4 companies in top 5 are Indian, such as EdgeVerve System, which is a sister concern of Infosys that manages the banking software patented as Finacle. Then, we have Oracle Financial Services software, which was initially launched in India as iflex while it mushrooms outside India by selling the software Flexcube and then we have TCS, which unrolled the software BaNCS.
In the race, only two other software groups have made it into the Gartner’s quarterly delights, Temenos, s Swiss firm and Mambu, a German firm.
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We owe a bunch of thanks to this technology CBS (core banking system) for shortening our visits to local bank branches. Cutting-edge programming is what we have to pass through the daily transactions and to display updated accounts and records. It builds a network of branches and slides it into a bubble of tech excellence, to the customers’ delight in banking as one ceases to push through efforts.
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The typical banking framework is now inundated in innovative technology and has thus redefined key practices like deposits, loan and credit seeking and also furnishes an interface for general ledger systems and reporting.
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Clearly, by exploiting the potential of big data, cloud and data analytics, the banking ecosystem which initially emerged in the US in the 1970s is now more solemnized by sheer tech advancement unleashed from India.
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Mr S. Sadagopan, in the capacity of director and professor of IIT Bangalore, hails India’s dominance and credits our robust banking past for this outcome. As we have hundreds of banks operational across India which are in the public sector and private sector.
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He shares, “Furthermore, all the developers of the key CBS products whether it be Finacle, Flexcube or BaNCS, had excellent exposure to global products and services. Basically, we had good cooks and there was hunger, this is what results in a good meal”.
Now, Mr R Vivekananda steps forward to make a revelation about BaNCS that it caters to a vast customer base which is 30% of the total world population.
He is global head of BFSI products and platforms, at TCS. (Tata Consultancy Services for readers outside India) and access tech news updates in India here.
Under the BaNCS, they have an analytics engine, particularly designed to generate detailed (and reliable) analysis in a single string of data, which is post aggregating diverse data sets collected from multiple channels. At the same time, customer needs and preferences are also taken into consideration.
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Mr Vivekananda nurses hopeful sentiments concerning the BNCS insights as such are critical enough to goad them to develop such feature-packed systems. The solution entails AI approaches like natural language processing (NLP) and machine learning (ML) which dominates the data circuitry at length.
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Infosys floated Finacle in 2000s, whose VP and COO Sajit Vijaykumar confesses about the changing dynamics concerning financial services since then. In 2000, there were only 50% transactions registered in branches but now this number has swelled to about 95% as non-branch engagements.
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Mr Vijaykumar opines,” Not just that, in 2000 a cost income ratio of 50%-60% was considered respectable, but today, new age, digital only providers are operating at only half of that”.
Among a broader spectrum of solutions unfolded by Finacles Solutions, we have banking, payment, transactions occurring digitally, lending, cash and wealth management, AI and blockchain centred operations of finance institutions are also taken care of.
Mr VijayKumar adds, “The platform’s architecture also offers an extensive suite of open API’s along with API management tools to enable ecosystem innovations. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow and invest better”.
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This was in 2006 that Oracle got iflex solutions, which was among the pioneering Indian companies in IT products. Today, it offers a wide range of solutions from anti-money laundering systems to financial compliance
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Vikram Gupta, VP Banking Engineering at Oracle Financial Services Software, is jubilant, scrambling details highlighting the critical role Flexcube has played in shaping the strong digital dimension of banks and financial institutions around the world.
Even Airtel rides upon Flexcube to operate its digital payment framework in India and Nigeria. Tech news updates in India which can make a difference.
“Flexcube has enabled Airtel to add millions of banking customers month on month. Customers can open deposit accounts in minutes”, says he.
As a matter of fact, Oracle Financial Services caters to more than 700 (big size) customers across 140 countries and its finance applications cover about 15% of the world’s population.
IoT To Help Us Get Precious Items In Secured Way: Tech News Updates In India:
It was in 2018 that the news about the CBSE question paper leak rattled the mind of Prajwal Ajay who was himself busy preparing for CA finals. His thoughts diverted towards seeking exam papers through some physical device which would be secured from any unauthorized access though.
His attention was fixed on the IoT framework for security in addition to OTP protection. He also noticed loopholes in the delivery system of the pricey product range. We manage trustworthy tech news updates in India.
Such an intersection of thoughts and jumbling with lines of codes, made him to launch Gordian Technologies in 2019 and today the company is found space in the NASSCOM Deep TechClub listing too and assists in deliveries of high-value goods such as laptops, jewelry, phones while this list gets wider, to retail customers.
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Prajwal reveals,”There is a huge gap in offering secure hyperlocal logistics services, leading to a lot of inefficiencies in the supply chain. Today some of the players have armoured trucks with gunmen that are cost-prohibitive”.
There are IoT enabled devices which Gordian provides and such can be unlocked only by authorized duo (sender and receiver) with the help of OTP and no other entity can invade.
These precious items have real-time tracking and there are sensors installed purposefully to detect any wrongdoing or any such sinister plot. Tech news updates in India for better living.
Gordian carried out a pilot project aligning a gold loan company along Rupeek and validated the solution. Tech news updates in India is just a click away.
In the beginning of this year, it initiated the delivery of jewelry, on a retail and wholesale basis. Prajwal maintains that the vast and cluttered jewelry segment is worth 5,500 crore and has an equal shine in the opportunity worth 4000 crore.
Fear For Data Ensures Gains Indian Drone Companies:
Chinese drones have found a strange traction in the global market which is for bulk termination of purchase orders as the fear for data security getting compromised grows stronger. As an invert effect, the Indian market for drone technology gets a boost in sales orders for the mass supply of unmanned aerial vehicles.
This is chiefly because most of the Chinese drone manufacturers maintain servers in base country which has given rise to suspicion in their products teeming with labyrinths of electrical circuitry.
Especially in the US, Chinese giant DJI has earned the distinction “Unwanted” alongside some other brands from this Asian manufacturing hub.
Arjun Aggarwal, MD at Aerodyne, says, “We are making in India for the world now and orders have started pouring in from Japan, Asia and the Gulf among other places”.
For Aerodyne, it collaborates with ACSL of Japan and operates a manufacturing unit in Tamil Nadu while land is purchased to set up two more of such units in the coming months.
Vikram Singh, who founded Tech Eagle, hails the promise of Indian drones available at prices far lower than others.
Agnishwar Jayaprakash who has set-up a seat of CEO at Garuda Aerospace points out “reluctance for Chinese drones” as of now.
Let’s see how things unfold.
