“We Will Continue to Focus to Deliver Efficiency Through Constant Innovation”

March, 20, 2018

Today, banking sector is one of the sectors where the demand of reliable and innovative digital solution is very high. The solutions used in this sector must be very reliable, fast and secure. VSoft Technologies is among the few players who provides such solutions to Banks and Financial Institutions. DT had an exclusive interaction with Mr. Srinivas Dronamraju, Chief Operating Officer at VSoft Technologies to know more about company’s current market strategy and upcoming growth plans.

DT: What are the major factors which are fuelling the growth of banking and payment solutions market in India?

Mr. Srinivas: There are several factors that have been helping this market to grow. Following are some of the factors that help the most:

  1. Availability of Mobile Apps from the banks and other financial and insurance companies.
  2. Availability of competitively priced smart phones.
  3. Availability of stable and robust connectivity even in remote locations.
  4. Ease and convenience of operations and use of the apps.
  5. Exposure to technology and use of gadgets by the commoners. 
  6. More and more options being provided in the Apps at cheaper transaction cost for digital payments.

DT: Tell us briefly about the product & services offered by VSoft to their clients. What is your key product or service, which has huge demand in the market? 

Mr. Srinivas: VSoft offers the complete payment products suite with use of open source applications, which make the products very cost effective. We are market leaders in the area of Cheque Truncation, feature proofed products in ACH, Mandate Management, Unified Payment Interface based application, Digital Banking, Aadhar Vault services, CKYC, Core Banking, Switch services, and a state of the art application for handling Agriculture Loans both in Cooperative and Commercial Banking segments. Of the products that are developed by VSoft, the flagship products are ‘eDesk’ Cheque Truncation System, 'On View' Remote Deposit Capture (Cheque Truncation with mobile scanning), ‘Arya' Digital Banking application where Mobile and Internet banking are combined into one, Aadhar Vaulting Services and ‘Roots’ an ERP application for Agriculture Loans. 

DT: What kind of challenges you face in placing VSoft product & services in today’s competitive market like India. 

Mr. Srinivas: While healthy competition is always welcome by VSoft as it sharpens the delivery and cost of the products and services, as most parts of the country are highly cost conscious but not quality and features conscious, the local un - organised vendors developing the local products price their products very aggressively and it becomes an unequal competition. However, the customers usually do not compare an apple to apple. Regulators are also to be liberal by pushing some of the activities to the private sector IT and ITES companies rather than restricting to Banks like PSP for UPI, Clearing House membership. 

DT: What is the USP of VSoft Technologies? And how impactful it benefits the user by executing the VSoft services? 

Mr. Srinivas: All the products are developed taking into account the various regulatory compliances, as banking has always been a heavily regulatory compliant business. We use technology, which is very cost effective but robust and very sturdy. Since we have officials with hands-on experience in handling banking which helps making the design light and the operations highly scalable. Since we cater to the requirements of the customers in other geographies like US, Latin America, caribbean islands etc., we bring-in a combination of best of the technology and processes across the globe. Moreover, VSoft offers its products and services on a hosted model which makes convenient for banks and financial institutions of all sizes use best of the technology at affordable pricing.   

DT: What are your plans in the near future to deliver and design the services that offer best user experience? 

Mr. Srinivas: We endeavour to deliver customer focussed, technology driven, cost effective, risk free, operationally highly scalable applications and services which strictly adhere to all regulatory compliances. We also ensure that the applications become intelligent to handle complex transactions, vertically and horizontally scalable, feature proofed products which will not be subject to technology obsolescence in the short and medium terms. Since we have a complete understanding of the Cooperative and Commercial segments of banking, VSoft serves as a one-stop shop for all the banking needs of the customers. 

DT: What are the key services offered by VSoft that are proving to be influential in the market? Please share details about your current business distribution model. 

Mr. Srinivas: Apart from the products being state of the art and affordable, VSoft offers all its products and services on hosted model which enables the bankers to use their capital for banking needs rather than building IT infrastructure and managing IT resources. It also helps in the banks in having best of the technology at affordable pricing. Constant innovation and improvements in the design and operations make VSoft applications cater to the contemporary requirements of the customers and changes by the regulators adopted easily from time to time. Since Banking is a more regulatory compliant business and the dynamic competitive environment that we have now in the Banking industry makes it difficult for one to constantly update their technology, whereas with VSoft’s hosted services, the same becomes possible within the time frame as desired by the regulators. We have large Public Sector Banks, large Private Sector Banks, MNC banks and large Cooperative Banks as our customers. VSoft has its footprint across the world and has an established track record in all the geographies it operates. Products are customised to suit the operations and compliance as required for each of the geographies that it caters. We will continue to focus to deliver efficiency through constant innovation to facilitate excellence customer operations. 

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