TechFin: The Future of Financial Services

The COVID-19 pandemic is a black swan event with unprecedented impact on business growth, economic development & consumer behavior worldwide. During these times, financial services sector has seen one of the most profound and radical transformation in recorded history.

Much has been discussed around how the pandemic has accelerated digital transformation across the sector. Financial Institutions have delivered superior customer experiences during the lockdown by embracing digital innovations and continue to do so. Technology has helped create value for banking customers and the financial services ecosystem, benefitting both internal and external stakeholders.

?TechFin: A Win-Win Partnership

As more and more financial services organizations are redefining their core business model, techfins are uniquely positioned to offer technology solutions that help their clients deliver a truly intuitive, best-in-class customer experience while protecting the interests of the internal stakeholders.

Unlike fintech, where financial services organizations adopt technology to improve their products and services, techfins are, first and foremost, technology companies by DNA that solve for critical problems with innovative, tech solutions that speak to the needs of financial institutions.

The core premise of techfin is a transformative value-unlocking partnership. Modernizing legacy infrastructures in incumbent organizations is often a protracted and complex process that comes with its own set of challenges, potential security issues and, more often than not, requires a substantial financial investment and a qualified workforce with robust technology capability. Techfins obviate the necessity for organizations nimble and strategic enough to weigh in on and expeditiously fructify a 'Buy vs Build' strategy. With the right Techfin partner, financial services organizations can build more robust and secure financial platforms and introduce innovative, safe, agile, and scalable solutions to customers at every step of their journey in financial services.

A TechFin Revolution at KFintech

At KFintech, our vision is to be the trusted technology partner to all financial service providers. As we expand our business to newer geographies and asset classes, we aim to provide end-to-end tech services to all types of financial institutions. We want to help financial service providers answer a critical question:

How do we improve delivery of financial services and customer experiences using technology?

Tech innovations for Mutual Fund intermediaries and service providers

Besides investors, we ensure that our innovations can also help internal stakeholders of the financial services ecosystem. Case in point:

For effective financial planning, the consistency in the financial pipeline and periodicity of economic income is critical, e.g. paychecks for employees by month-end, every month. Similarly, mutual fund distributors receive monthly commissions between the 8th and 20th of the month due to the complexities of big data computation and rate structures that changes every month. This erratic payout schedule results in unpredictability which adversely impacts their own financial planning

With distributors being the backbone of the industry, this underserving needed to be remedied. Through combination of big data framework and process transformation, we delivered an industry defining solution that facilitated timely payouts to distributors by the 4th of subsequent month, enabling them to plan their finances better.

By adopting intelligent character recognition technology, we automated application field data extraction and other processes that earlier required hours of physical paperwork and data entry. Result? Faster, efficient, more accurate, and more cost-effective data collection and improved customer service.?

Beyond mutual funds, the technology has tremendous applications in all types of financial service processes involving manual work. As a result, it can improve efficiency and productivity - a win-win for both financial service providers and end customers.

Compliance

Platform driven fit for purpose solutions that eases the navigation of complex compliance requirements for organizations. Offering Compliance as a Service to a variety of institutions aiding the organizations further core competency in their lines of businesses is a particularly satisfying endeavor at our end

Our tech-enabled tools like eAGM, eVoting, help listed companies adhere to the highest compliance standards and maintain their reputation and investor confidence, despite the restrictions of remote work.

Our secure, easy-to-use, and proprietary platform FINTRAK helps companies monitor insider trading, mitigate risks and ensure 100% compliance to SEBI PIT regulations 2015 and amendments.

?Wealth Creation

Our NPS solution, embedded with the latest technologies, helps governments and public sector enterprises automate the management of mandatory NPS processes. From an employee and user standpoint, the platform empowers pension holders to manage their account and easily invest in NPS for secure retirement planning.

Our digital channels help people invest in Mutual Funds, AIFs, eNPS, IPOs/Rights Issues, etc., providing one-touch access to all mutual fund investments promoting ease of transaction. Several platforms created for virtualization of physical construct have wider applications across industries

Way Forward

The aforementioned examples aren't necessary the imminent domain of Techfins. But hyperscale automation and driving business KPIs to best in class industry benchmarks surely is. Platform based business process solutioning that has wider ramifications across BFSI and beyond surely should be amongst the core outcomes techfins should drive to.

In a post-pandemic world, understanding customer preferences and changing mindsets will be critical to business growth. Techfins have access to a wealth of consumer data acquired over the years. By mining insights, techfins can help foster innovation and personalize changing consumer behaviour & preferences. With an increasing overlap of technology and finance, techfins enhance the capabilities of financial services organizations and allows them to thrive in a more challenging operating environment brought about by the pandemic.

I'm optimistic that the right financial services organization-Techfin partnership can incrementally disrupt the financial services ecosystem and deliver exemplary customer outcomes. The prospects have never looked brighter for all stakeholders!

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