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“We Would Like to See Complete Digitization of The BFSI Industry”

By: DT News Network
June, 29, 2017

The banking sector is like a lifeline of a country and banks provide various financial services to the customers. Banking sector have adopted several ways to become digital which is quite beneficial for banks their customers. VSoft Technologies is a digital banking solution provider and serving in multiple continents. Mr. Murthy Veeraghanta, Chairman & Managing Director of VSoft Technologies shares his views on growth and challenges for BFSI industry in India. He also takes us through overall marketing plan for Indian market in a recent interaction with DT. Read the excerpts below:

DT: - What is your outlook about the Indian BFSI Industry? Brief us about the challenges with this market? 

Mr. Murthy: - The current state of the BFSI industry in India is extremely promising. Considering the volatility of today’s global economy, the RBI and the private sector in India have ensured that our industry remains robust and effective. You might hear a lot about the future of the BFSI industry being digital, but the fact is that that is no longer the future—it is the present. The challenge this presents is exciting for a company like VSoft, because we are always striving to be at the cutting-edge of India’s remarkable technological innovations. It remains important to find ways to incorporate India’s vast population with its growing financial clout, and provide everyone with effective, easy-to-use financial products. 

DT: - What are your major solutions for Banking Sector?

Mr. Murthy: - VSoft offers a host of solutions for the banking sector, centred on our innovative core banking product. Much focus in recent years has gone into ensuring that products are catered towards customer ease and satisfaction, but we have always maintained that that means nothing if the institutions themselves have to struggle with inefficient or difficult-to-use products. That is why all VSoft products are aimed at providing end-to-end optimization for everyone. Our Digital Banking Platform is designed to provide banks with the same intuitive and user-friendly experience as is provided to the general public. 

We also believe very firmly that in today’s world, no one should struggle to have access to their money and the integrated banking and payments system. That’s why we have developed the Kisan Loan System, a product aimed at synching up the PACS with their respective DCCBs, which provides end-to-end connectivity for the agricultural loan cycle; a faster and more efficient agricultural loan cycle is beneficial to everyone—the farmers, the loan distributors, and the general health of the Indian economy. 

DT: - How has been the journey of VSoft Technology so far? 

Mr. Murthy: - Having been set up in 2004, VSoft Technologies, the India-arm of Atlanta-based VSoft Corporation, has been a journey of exploration and discovery. All of our development work is done in VSoft Technologies, and we have been able to produce products of the highest quality. It continues to grow, today, with offices being set up in Vijayawada, Mangalagiri and the future capital of Andhra Pradesh, Amravati. What has been the most pleasing aspect of the journey so far is how our dedicated and talented team has been able to ensure that VSoft Technologies can compete on the same level as companies that are much bigger than we are. If we can play David to the Goliaths of the BFSI in India, we cannot wait to see what happens as we continue to grow and expand. 

DT: - What are your key targets for next couple of years? 

Mr. Murthy: - We would like to see a complete digitization of the BFSI industry within the next few years. It is already well on its way, but there remain significant chunks that still rely on out-dated methods of record-keeping and banking. We would also like to see more all-encompassing financial inclusion, a cause that we have been championing for some time. It is a real tragedy in 2017 that there are still people who do not have access to the banking and payments system, a state of affairs that significantly impacts people’s lives. As an organisation in this industry we feel it is our obligation and responsibility to ensure that this changes. That is why we have built products to cater towards both of these goals. We recognise that these are major undertakings, but if you’re not aiming for the stars, what’s the point? 

DT: - As you provide solutions to different bank, so how do you assure the reliability, security and safety of data? 

Mr. Murthy: - In the BFSI industry, perhaps more than anywhere else outside of Government, the safety and security of data is of paramount importance, and VSoft, as a company, has always placed this as a top priority. The architecture that our products are built in are designed to ensure that this security is an essential part of the product, rather than an add-on at the end. All data is encrypted and backed up, and this is very much a part of the trusting relationships that we have cultivated with all of our customers over the years. If you cannot ensure data protection, you’re in the wrong industry. 

DT: - How do you provide technical support? What strategies you own to offer excellent support? 

Mr. Murthy: - At VSoft, we believe that it is important for customers to have easy access to our technical support, and that we are never more than a few moments away. In today’s world, everything happens at lightning speed, and our technical support structure is set up to cater to a variety of customer needs, and the speed that they require. We have legacy support in the form of the Tier 1, Tier 2 and Tier 3 setup, where customers can call in and are directed to the necessary technical support depending on the nature of their problems. We also offer e-mail based support for those problems that require textual interactions. And, finally, we have also implemented real-time online chat support, for individuals who would prefer to interact via chat rather than the telephone.

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