COMPENDIUM - Banking...

BANKING FRONTIERS TECHNOVITI 2018 1

KNOWLEDGE PARTNER

BANKING FRONTIERS’ AWARDS 2018

Vision Driven Innovation

C O M P E N D I U M

2 BANKING FRONTIERS TECHNOVITI 2018

TECHNOVITI 2018 JURY

Anup Purohit CIO YES BANK

Bhaskar Jutti CIOSBI Life Insurance

R. Venkattesh Head, Operations, Technology & Human ResourceDCB Bank

Kalpana Maniar President & CIO Edelweiss Financial Services

Patrick Kishore Chief Operating Officer IDRBT

Nabankur Sen Chief Information Security OfficerBandhan Bank

Mukesh Kumar Jain Group CTOReliance Capital

Sameer RatolikarSVP & CISO HDFC Bank

Shiv Kumar BhasinCTOState Bank of India

Gaurav Chaudhri Head of Technology Reliance Money

Mridul SharmaEVP, Technology IndusInd Bank

Joydeep Dutta Executive Director & Group CTO Central Depository Services Ltd.

Sriram Naganathan CIOLiberty Videocon Insurance

Sanjay Narkar CTO & Head, Technology IDFC Bank

C SenthilnathanChief Innovation Officer Citibank

Yagnesh ParikhCTO ICICI Securities

Jagdish NarayananCTO Aditya Birla Idea Payments Bank

Thomson Thomas CIO HDFC Life Insurance

Rajeev AroraDirector, Technology FINO Payments Bank

Areije Al-ShakarHead-Development Services Division, Bahrain Development Bank

Chaitanya WaghCTOJM Financial

Hitesh SachdevHeadStartups Engagement & Innovations ICICI Bank

Pankaj PandeyCTOIDBI Federal Life Insurance

Ketan Shah Associate Director, IT & Business Development Angel Broking

Ashutosh KhajuriaED Federal Bank

N. Rajendran

CTO

NPCI

Deepak Sharma

Chief Digital Officer

Kotak Mahindra Bank


Dear Innovation Champions,

Welcome to Technoviti 2018, the carnival that recognizes innovations in the financial technology realm!

I remember Kevin Johnson, head of SWIFT - Innotribe, the innovations division of SWIFT, once telling me during an interview that ‘While rating the fintech innovation, the first and only question that we ask is - does it solve a business problem and help the sector achieve its business objective? If yes, we should talk more.’ How true that is surely the starting point of all the innovations.

Innovators all over the world have had the perennial problem of marrying innovation with technology, business domains, business objectives and compliance, which makes it the most complicated task of all, especially in a regulation heavy industry like financial services. After achieving this, comes the next stage of reaching out beyond the heavily guarded fences of the BFSI organizations, which already have a long queue of influential contenders waiting for the first glimpse.

When we conceptualized Technoviti in 2013, we intended to help innovators to break a several barriers and present their products right in the sector. We received assistance from several entities, including consulting firms, in this endeavor during the last 4 years. This year, we are glad to onboard Sachin Sheth and Team EY as our process partners. They have done a commendable job of flawlessly supervising and executing the process.

We have some interesting innovations this year which have passed the acid test of going through the jury grilling and finally emerging as winners. We are glad to share these innovations with you through this compendium.

We do not wish to slow down the Technoviti journey but intend to take it to further heights.

Finally, I would like to quote Sir Ratan Tata: ‘I have often felt that the Indian tiger has not yet been unleashed.’ This essentially means that the best of the technologies is yet to come, and we are constantly uncovering those inspiring innovations from the Indian fintechs.

Wish you all Happy Innovating!

Thank you,

Babu Nair Publisher-Banking Frontiers


A key facet of modern India is the manner in which digital services and lifestyles have been adopted across the country to the extent that there is digital presence even in remote rural areas. Akin to the Industrial Revolution, where machines were modernized for ease of use, India’s Digital Revolution is altering lifestyles on the fundamental principle of timely convenience. In a rapidly evolving scenario where tasks are simplified to mere clicks, financial services are also adapting by adopting and internalizing digital innovations and practices.

This rapid evolution has been rendered possible due to the rise of financial technology, or fintech. In a new India of 21st century, where there will be digitally savvy urban population and less evolved financial ecosystem in the rural India, fintech companies are proving themselves to be an asset and partners for the more traditional financial institutions, which sometimes lack the technological prowess required to meet the ever-evolving demands of the consumers. An apt example would be the ease of transaction and the singular uniformity of payments ushered in by UPI and digital payment companies, which has revolutionized daily payments by replacing cash with digital currency for ground-level financial transactions. This form of technology came as a stark relief in the cash-starved environment generated by demonetization, thereby proving that even for a large-mass scale country like India, digital can prove itself to be a sustainable solution.

The future of the financial services is increasingly dependent on the digital because of the policy reforms initiated by the government. India has leapfrogged into an era of innovation in financial sector by adopting the latest in technology. Today’s digital age and hyper-connected environment require financial services to re-imagine their business continuously by providing converged services across industries (lifestyle, telecom,

eCommerce, eGovernance) through digital channels. Indian financial institutions are making great strides when it comes to true digital transformation. A manifestation of this phenomenon is the UPI, which allows multiple and various financial transactions from one source, thus eliminating erstwhile layers and processes.

The financial sector’s initiatives are re-drawing their strategies on funding micro, small and medium enterprises (MSMEs) and government reforms like GST are improving the MSMEs’ credit profiles and enhancing their borrowing capacity. Fintechs will play an important role in further creating a favorable environment for the MSMEs by adopting digital technologies and making the lending process fast.

This year, Technoviti received several nominations from diverse financial technology players from both B2B (providing innovative solutions to existing financial institutions) and B2C (directly offering digital solutions to consumers) for their initiatives in technology and innovation to bring efficiencies across financial supply chain as well as improve customer experience. EY being the knowledge partner, defined a diligent and careful evaluation matrix for the judging panel. The evaluation matrix had 6 defined parameters structured broadly across business impact, scalability, security and solution exclusivity to celebrate and recognize the best innovations from the financial sector. It’s our privilege to work together with eminent jury members for selecting innovative applicants for this prestigious award.

Technoviti is playing an important role in recognizing the innovations in the financial sector that’s been positively moving the industry forward. This compendium will throw light on the opportunities for innovation in the financial sector and will also recognize the ground-breaking achievements of organizations in digital and innovation space.

Sachin Seth Partner – Financial Advisory Services, Digital, Fintech and Innovation Leader, Ernst & Young LLP

Catalysts in the digital journey


Personal Finance Manager

Perfios PFM provides a 360-degree view of one’s personal

finance automatically, covering bank accounts, credit cards,

equity ownings, insurance and MF on an online platform. It enables

individuals to seamlessly manage finance - planning, monitoring

and execution, and income tax planning and filing as well. This is

done with least manual intervention. The application supports more

than 300 different auto-updatable accounts and 1500 plus types of

e-statements, including bank statements, credit card statements,

mutual fund statements and contract notes. The system incorporates

user supplied consents ensuring security of the application and

providing significant comfort for the user.

The application affords a complete overview, automatic alerts and

reminders, extensive reporting, real-time and automated data fetch

and aggregation, auto categorizing, portfolio tracker, insights to

enable informed decisions, analytics tool and income tax integration.

Perfios


Twixor is an actionable engagement platform for enterprises

backed by a powerful workflow automation engine. It is intended

to improve business functionality, reduce errors, afford ease of use,

integration and simplification. Twixor makes communication from

a bank to a customer dynamic, 2-way and with undiluted call to

action. It has a unique Push-Feed-Timeline (PFTL) format allowing

easy adoption by the last mile customers, who are on WhatsApp

or Facebook. A customer can trigger action like instant account

opening, digital KYC, paperless transactions with the bank’s

enterprise systems capturing such actions into a node.

The benefit is that a bank can automate many tedious customer-

facing transactions into simple and proactive call to action, reducing

errors. In addition, Twixor affords a conversational experience

across channels like SMS and PWAs, mobile apps, web timelines

and chatbots. Banks can reach their customers through channels

they are most engaged with.

Twixor

Appiyo Technologies


Twixor

Appzillion is a digital banking tool with end to end capability. It

consists of ready to use digital solutions for customers, staff,

management and agents covering all customer touchpoints such

as mobiles, web, kiosks and branches. It can be easily adapted on

self-service channel solutions like mobiles, internet, kiosks, social

media as well as on assisted channels like agency banking and

bank branching solutions. For users, there is consistent experience

across channels, devices, operating systems and browsers, there

is a comprehensive widget and chart gallery to create easy-to-use

and engaging experiences and of course personalized themes and

facility to reconfigure app layouts. In terms of technology, it has a

micro-app-architecture that helps modularize app development

and significantly reduce maintenance effort; the app development

is automated so that it allows import of enterprise services

and creates front-end screens as well as integration adapters.

Besides, a digital repository at the lowest level granularity helps

discovery and reuse of digital assets. The main features include

integration with different core banking systems, payment

gateways, regulatory APIs, etc, a comprehensive suite of solutions

for customers as well as staff and an in-built admin module that

helps in app management and enables insights into app usage.

For security, there are in-built controls to ensure secure access to

data and multi-factor authentication using face recognition,

fingerprint, voice, signature, etc.

Appzillion

i-Exceed


Ascent AutoRecon is a reconciliation software, a first of its kind in

the industry that is readily configurable, real-time and powerful

and affording an end-to-end enterprise-wide scalable solution to

manage banking reconciliation and handle exceptions for complex

business process in large- and medium-sized banks. The web-based

software is built on a high performing reconciliation platform, which

can efficiently manage the diverse data pre-processing, validation,

enrichment, reconciliation, exception management, enterprise

reporting, downstream information flow, risk repository, archiving,

auditability and financial control. It also provides for higher level

of STP through multiple matching rules, rules driven exception

processing and automated follow-ups. The tool is a SaaS level 3

maturity application, hence supports multi tenancy/institutional

deployment. It can be implemented centrally at a group/ head office

level and web-based access can be given to various other locations

thereby effectively. The multi-layered matching rules achieves

above 99.9% reconciliation, replaces paper and spreadsheets with

automated reconciliation, provides proactive exception handling

and verifies the data daily and real-time to eliminate settlement

differences at in-house or interchange level by eliminating the manual effort.

Insights

Perfios


Digital Loan Origination System, or DLOS, is perhaps the only AI-

powered digital lending solution that helps banks and lending

institutions decide on sanctioning loans digitally. DLOS is built with

machine learning capabilities that enable banks for digital and

omnichannel origination of loans. The system comprises modular

components that integrate with the banks’ CBS/loan management

systems so that the whole process becomes end to end digital

lending. DLOS boasts of 58 plus pre-built integrations for powering

STP loan processing, it has omnichannel origination and interaction

capability and has data driven and AI powered early warning

systems and credit decisioning. It also employs a service-oriented

architecture for digital readiness and has IoT based insights. DLOS

affords 700% reduction in go to market and implementation cycles,

had pre-integrated lending analytics and facilitates seamless

integration with external sources of data.

Digital Loan Origination System

Kuliza Technologies


Payment BOTS Cloud from InfraSoftTech is the result of integrating

BOTS, Robotic Process Automation, Artificial Intelligence and

Machine Learning with banking solutions. It comprises several bots

focused on payments ecosystem to facilitate end to end payment

services for end consumers and back-office automation and

efficiency improvement bots related to payments. Conversational

user interface uplifts the user experience of conducting payment

transactions. These bots can be informational bots focused on

responding to user queries related to payments, semi transactional

bots assisting customers to raise complaints or provide feedback

related to a specific transaction, fully transactional bots like Wallet

BOT, Mobile Banking BOT etc. or Operational BOTS where bank’s

back-office teams can query the status of open tickets, trigger

reconciliation jobs, schedule settlement cycles through the BOT

interface. All these BOTS are available on web browser for website

integration, integrated with mobile apps and social channels. These

BOTS are multi-lingual in nature and are voice ready to interact

and interface using voice commands. Inter-BOT communication

forms a channel for BOTS to communicate with each other to

execute multiple task against single or multiple transactions. Key

components of the solution revolve around a NLP engine, Artificial

Intelligence and Machine Learning and multi-channel and multi-

lingual capability.

Payment BOTS Cloud

Infrasoft Technologies


Payment BOTS Cloud

Assembly is a tool that inspires, gathers and realizes a team’s

best ideas through an innovation platform, which is built

ground-up for banks to create a mature innovative culture. Some

of the capabilities of the platform include its capability to empower

CXOs to launch innovation events in a few clicks, dream, create and

inspire employees to participate in the contest, sharing of innovative

ideas anytime, anywhere, an upcoming chatbot option to guide

users for sharing their ideas, facility for review of ideas by mentors

and enhance ideas and implement ideas, monitor, compare and

track progress real time. Assembly digitally engages an institution

and the contestants right from the time of inception of an idea till it

turns out to be an innovation. It captures, gathers, collates, monitors,

compares and tracks progress of ideas in real time. This helps

innovation heads to spearhead and launch innovation events in a

few clicks. Contestants are given the flexibility to share innovative

ideas anytime, anywhere.

Assembly

Versify Tech Solutions


IceWarp 12.0.3.1 is a concept that changes how teams share

information online. It is an all-in-one collaboration platform with

new family of apps that put powerful collaboration tools right at

user’s fingertips by integrating everything they need under a single

login - email, team chat and storage. It has integrated zero-hour

security and is an on-premises and on-cloud solution, with capability

to co-exist with O365 and/or MS Exchange and or G Suite. It is also

described as a solution to secure emails, for scheduling, real-time

collaboration, cloud storage and document editing and Microsoft

Outlook integration. It is functional on the server as well as on the

company’s cloud with a choice of data centers.

Icewarp 12.0.3.1

IceWarp


FinCraft Integrated Lending Management Solution is built using

the mobile-first and cloud-first approach. It includes an Android-

based mobility solution and web-based application tailor-made to

suit lending operations of banks, NBFCs and MFIs. It provides an

end to end functionality right from customer onboarding to loan

appraisal, loan disbursement and collections. Most of the front-end

functions like customer onboarding, collections, lead management

can be performed with people having basic school education

through a very simple to use interface of mobile which is also

available in local language. The integration of portfolio management

and financial accounting results in more transparency and improved

operational efficiency. It can be one solution for various loan

schemes thus saving efforts required for reconciliation. There are

modules like SHG, JLG, DMS, workflows and real time integration

with third parties. Being a mobile solution, it helps the field force

in multiple ways resulting in higher loan disbursements and higher

market penetration.

FinCraft Integrated Lending Management Solution

Nelito Systems


FinCluez from Profinch Solutions is a packaged financial business

intelligence solution intended for out-of-the-box analysis of

banking transactional data. The tool has facilities incorporated for

intuitive exploration, smart search and smart visualizations. FinCluez

can monitor credit risks at various levels, track collection metrics across

agents and units, measure targets for RMs - sales, NPA and assess

business and operations performance. It can provide 360-degree

customer insights highlighting key opportunities and threats. In the

process, it reduces manual excel sheets and automates flow of data

from various sources. It can be deployed across Accounts, Loans,

Trade Finance, Budgets and Targets, General Ledger and Treasury.

FinCluez affords smart and responsive visualization and discovery to

quickly gain critical insights, in-memory processing, columnar data

store, on-demand aggregations, automatic associative indexing,

smart search, storytelling, unrestricted mobile analysis, role and

attribute-based security management, governed self-service and

database agnostic, extensible for other systems.

FinCluez

Profinch Solutions


HCE Secure IT Services has launched the world’s first PKI

secured SWIM, or Software Wireless Identity Module, platform.

Security is its key USP, since it offers unique digital identity to every

user ensuring traceability and non-repudiation, it has ability to sign

electronic contracts, it can provide log of all the activities and has

strongest possible user and device authentication. Among its other

features are offer of new ways to make offline and online mobile

payments and can be one-stop shop solution provider offering host

card emulation (HCE), blockchain, bitcoin wallet, e-cash proprietary

cards, loyalty cards, API banking and UPI. Card issuers have access

to an end-to-end HCE tokenization and authorization for cloud-

based wallet service. It is open to their ecosystem of partners

and developers, while meeting the requirements of the payment

card industry with state of the art data protection. It maximizes the

customer experience and minimizes the possible liabilities.

HCE Swim PKI Platform

HCE Secure IT Services


InfrasoftTech Omnichannel Banking Platform enables multiple

digital channels such as mobile banking, mobile wallet, payment

solutions, internet banking, conversational banking, tablet banking,

social media banking, smart watch banking and kiosk banking.

The differentiation factor is the integration of various consumer

centric chatbots and operations chatbots powered by back-office

bots and Robotic Process Automation capability and presenting

a unified platform for the next generation banking. It supports

complex, distributed business software applications, which

includes web servers, application servers, transaction servers and

similar tools that support application development and delivery.

It facilitates creation of business applications and provides core

services like concurrency, transactions, threading, messaging,

and Service Component Architecture framework for service-

oriented architecture applications. The platform is responsible for

centralization of customer, account and product data. The solution

is architected to be scalable with the increase in user base with

high uptime. Business rule engine facilitates vertical scalability and

flexibility. To enhance customer experience, this platform can be

the support framework for financial and non-financial transactions

across multiple channels.

InfrasoftTech Omnichannel Banking Platform

Infrasoft Technologies


Next Bank is a ready to use, PSD2-compliant open banking API

platform. It offers standard patterns from PSD2 and 150 APIs

are categorized under 24 ready to use ones. There is therefore

a clear and defined way of implementing APIs with pre-defined

templates. Besides, it affords a clear direction and ready to use

digital transformation engine to bring controlled collaboration in a

planned manner. Next Bank has five key features:

• ability to import different formats, control parameters plus API

visibility and transformation

• partner/developereKYCbasedonboarding,pre/postAPIbilling

along with test/live sandboxing, team management, dynamic API

documentation

• ready plug and play PSD2 and beyond standard. 150 API

templates to choose from and ability to add more

• click-based dashboard with code generation automation

removing technical dependency6. Gives non-intrusive no-code

change API gateway

• plug and playmodules from PSD2 and PSD2++with backend

connectors

Next Bank

Blue Bricks


CredenTek’s MSME application is specifically designed for SMEs.

The responsive nature of the application allows it to render

itself on Android, iOS, Tab and iPad devices. The main objective is

to provide a single platform for performing both retail and corporate

transactions. The application has device binding feature along

with maker/checker concept. It can undertake bulk transactions,

document upload, create and manage maker and pin pending

tasks. It can also offer account summary, transfer funds, list items

pending authorization, open and view FDs, contact RM and get

trade summary.

MSME

CredenTek Software & Consultancy


Recon on Cloud facilitates reconciliation on the cloud. It is a

‘pay as you use’ model with total data security, better mobility

and easy rollout of new version to all customers because of SaaS

feature. Besides, it has flexible capacity and is highly scalable.

Other features include disaster recovery. The system has a real-time

and interactive dashboard supporting all types of input data files,

pre-defined templates for standard file formats, auto execution of

reconciliation methodologies, one to one, one to many and many

to many reconciliations, listing of unreconciled transactions, MIS

reports and support for multiple legal entities. The auto reconciliation

is possible 24x7 and is database independent.

Recon on Cloud

CredenTek Software & Consultancy


CS Infocomm’s Remote Relationship Manager is suited for

banks, manufacturing and distribution companies, portfolio

managers, insurance companies, travel firms and financial services

companies. The need for such a tool is determined by factors such

as customer experience, move away from the standard agent

concept as every employee in the enterprise can be an agent, on-

demand chat/voice agent based on business rules, savings on real

estate and 24 X 7 access to customer service. The system ensures

that every interaction happens through the central system, there

is better interaction control, FCR is achieved since the experts

can be easily reached basis the interaction history, omni-channel

interactions through a single interface and internet (3G/4G) RRM’s

screen recording will be transferred to the central system, as soon

as authenticated RRM enters in Wi-Fi zone.

Remote Relationship Manager

CS Infocomm


Serial Number Recognition (SNR) for ATM dispensing is a trust

factor that global banks are demanding. Glory Global Solutions

International has introduced its SNR-enabled ATMs which uses a key

enabling technology which acts as the arbitrator when challenges

occur to the authenticity of the notes delivered by the ATMs. It is

a module added to the ATM dispenser transport which records

the serial numbers of all banknotes dispensed in each transaction.

The module captures the picture of the note, identifies the serial

number and translates it into optical characters so that they can be

added to real-time data base. The serial numbers are then related

to the customer ATM transaction which can be accessed if a claim

is made of receiving a counterfeit note. The solution offers a secure

and incorruptible platform building trust within the community.

The product was originally designed for Chine, which has laws

prohibiting distribution of counterfeit currency through ATMs.

Glory SNR-enabled ATMs

Glory Global Solutions International


SBI Mutual Fund wanted to digitize the conventional process of

investment to make it more quick and secure and Web Werks

India offered it a solution - Partner Mobile Application - which ensures

an organized and convenient mobile based platform to manage

investors and portfolio. The system has ARN based login access

making it secure. The distributor can view investor information and

portfolio information on the platform and also analyze the business.

The salient features of Partner Mobile Application are:

• ThedistributorhasARNbasedlogintoviewinvestorinformation

• Thedistributorcaneasilyaccessallacquiredbusinessdetailsin

an organized manner

• The distributor can easily manage all the investors with their

investment details

• Thedistributorcaneasilyfilluptheonlineformforinvestorfolio

creation

• The distributor can initiate different types of transactions for

investment forms like SIP, lumpsum investment, switch, redeem,

STP and SWP

• Thedistributorcaneasilyaccessalltheinvestortransactions

• Onsingletap,thedistributorcangenerateandsendtheaccount

statement to investors

• Thedistributorcanview,add,updateanddeletetheirsubbroker

information using partner application.

Partner Mobile Application

Web Werks India


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