Below are Views On The industry has seen faster adoption of digitally enabled products By Lalit Mehta, Co-founder & CEO, Decimal Technologies
“COVID-19 induced lockdown in India, Digital transformation had become the mantra and crisis resistant strategy for all BFSI companies. Organisations have created separate teams, taken quicker decisions and become bolder than before.
We, at Decimal Technologies, witnessed a positive impact on our business. We focussed our energies on crafting solutions such as Video KYC, Remote Assisted digital journeys, using lead & activity management systems etc., which became the need of the hour due to increased demand for digital financial services by businesses and end users alike. We launched two new large products - Saarathi (AI-enabled digital lending marketplace for DSAs and Lenders) and VahanaHub (API Aggregation platform for all KYC, financial data, geolocation, biometric etc APIs across various providers). We doubled our investments in business development by doubling our team in the first 6 months of lockdown. We also started a Customer Success function, increased our efforts in digital marketing and inside sales. All this put together has led us to attain more than 40% growth in revenue, 40% increase in team size, launching of new products and shaping up of newer, futuristic revenue streams.
In the last one year, the industry has seen faster adoption of digitally enabled products. Adoption of video KYC increased to avoid physical contact. The banking industry saw adoption of Straight Through Processing (STP) for account opening and retail loan products during the lockdown. There’s also been an increased pressure on pricing instead of CAPEX/Enterprise models. Companies are now looking for readymade products on a OPEX/SaaS model. The nation-wide lockdown put spotlight on Cloud. Not just in BFSI, but across India Inc. cloud has become more and more acceptable as it saves a lot of time to market and works out economical, if architected well. There’s now immense push on First Time Right (FTR) processing and moving towards being a paperless economy.
Overall, with some hiccups here and there, and learnings, we have come out stronger from the global crisis. COVID-19 pushed us to think differently. All our customers are back to their pre-COVID or better numbers. They are now looking to invest and grow while being cautious, especially on digital lending. Home Loan and Gold Loan are also seeing good demand and growth since the pandemic. Digital will continue to remain the mantra of the post-COVID economy.”
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