"If we talk about the lending market, all the solutions have completely changed because risk used to be treated as a part of the back-end system. Now the risk evaluation system has come to the forefront. These problems have been solved over a period of time and we’ve devised methodologies that help us implement these solutions quickly and effectively"
"The biggest problem when we started was adaptability- how are people going to adapt to insurance service over a digital platform? Covid worked as a catalyst for the entire industry and gave us confidence that digital transformation will pave the way for the future. Considering the Indian market has easily embraced digital solutions over the years, we started a complete journey on a cloud model to ensure there is no issue in scalability"
"All new NBFCs have found it difficult to deal with acquired liability or dead capital. To deal with this challenge of liability, we have been able to publish and announce our aspiration to have a 20,0000-crore book by 2025. We will have 50% of AUM off-book and the rest will be on-book. And I think our efforts on co-lending and coordination with the large banks has helped us pave our way to this target"
"Institutions and especially leaders of these institutions have the onus of implementing faster and digital enabled services and products. This is possible and sustainable only if the focus is always on trying to leverage the data that is available within the organizations- be it client, product, vendor or supplier information. We need to aggregate data that is critical, in order to be able to digitally transform."
CEO, Care risk solutions pvt ltd
“When we look at cloud, there are so many transformation engines and tools available. Technologies have moved ahead- like relational databases have moved to graft databases. Now big data has moved to the cloud. We are making a lot of changes in our technology stack to stay ahead of time. All risk parameters and fraud parameters today are data-driven. So a structured data-driven approach is imperative in our industry”
Chief Information Security Officer, Acko
“Technology market has rapidly increased and so has technology risk. If we offer people work from home, there is a huge threat to customer data. How are we going to manage the customer data is a challenge? But the pandemic has made one thing very clear- that without adoption of next level technology, businesses won’t be scalable and will not be able to sustain”
Chief revenue officer, Ugro capital
“The Question is whether the company’s tech-stack is able to evolve and consume the available data and make meaningful decisions out of it. We call ourselves datatech lenders and essentially rely on data. This evolving ecosystem has helped our cause. Today with our tech stack being able to consume this data by leveraging our proprietary low score model which is our model of credit assessment for customers, we have been able to keep up with the curve but also be pioneers in using this data to give credit-line to the customers.”
“Data in silos will not serve any benefit. It has to be synchronized. Today every decision is being made on the basis of some specific tools that decode data into information. From the perspective of Oracle, if you have to implement something such as an EPM solution or an ERP solution and if you host each one of these on a cloud - then that makes your data an integrated powerhouse. That gives you the ability to continuously monitor the progress and stay harmonized to the needs of the customer. At the same time, it allows you to stay on top of the anticipated requirements that would probably come up in the future. It becomes your forecast tool as well as a continuous planning tool. And this also gives you the ability to stay ahead of the competition in the marketplace.
"Post Covid, companies have become more inclined towards adopting automation processes. Data security has become a very critical aspect. Various data security patterns have come up. Hence, if you look at further growth of cloud and IoT, built-in cloud security is required. We look towards that as a plan of action."
"Customer demands have changed. Every customer now expects value for money and can compare their options easily. Offering the right service is a very common challenge in the insurance domain. Customer servicing is a high-priority area for the FSI industry and needs integrated planning at all levels and functions"
"Companies have to be agile and nimble with what is available in the current ecosystem. The new-age customer expects agility that can only come with proper integration"
"We know organizations which lapped up the opportunity to take a leap in the industry during Covid times, because they thought a little ahead of their times. They had specific planning tools already implemented and had picked some nuances of EPM products of Oracle. They were leveraging these EPM solutions, not only to implement the planning solution but also to automate their processes. All this started by integrating information that flowed between operations, marketing, and distribution. What you need is probably a standard simplified way of looking at processes including data, transactions and information"
Director- Business Innovation & Strategy, Oracle India
Today every decision has been made on the basis of specific tools and these tools are leveraging nothing else except data. From an Oracle perspective, if you were to implement something like EPM or ERP and you host each one of this on a cloud, that makes you a powerhouse, that gives you an ability to continuously monitor the progress and stay harmonized with the need of the customer.
Oracle Cloud Enterprise Resource Planning (ERP) provides a modern, integrated finance cloud platform with a common chart of accounts across the group, a centralised and consolidated accounting rules engine, and seamless integration with the general ledge (GL). It also supports corporate, management, and statutory reporting.
Oracle Financial Services Profitability Management enables bank to provide risk-adjustment performance management (RAPM) by calculating profitability information by product, channel, segment, and individual customer.
Oracle Fusion Cloud Procurement helps organisations streamline, standardize, and automate the source-to-settle process.
MIT Technology Review, "2021 planning (Financial Services): New Business Models, Big oppurtunity," November 2020
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For more information please visit- https://www.oracle.com/in/industries/financial-services/