Digital transformation is not a new term for the banking and financial industries, but it has definitely become a hot topic focusing on current challenges and business continuity. In addition, disruptive innovation is becoming more and more important, which makes it essential for the financial industry to cooperate with solution providers to maintain relevance and agility. In the process of understanding the changing livelihoods, Rashi Aditi Ghosh of Elets News Network (ENN) interacted with Alok Bansal, MD, Visionet Systems India, and global head of BFSI business.

1. COVID has brought some challenges, but it has also paved the way for digital transformation. How does Visionet use this opportunity?

In the past few years, the impact of Covid-19 on the economy, health and life has been incomprehensible. The pandemic restricts people to their homes, forcing everyone to work and transact digitally. The world has been moving towards digitalization, despite the different speeds of different companies and countries. But with the emergence of COVID-19, companies and countries are forced to accelerate their digitalization plans. In fact, if it were not for COVID-19, these plans would take one to three years.

During the pandemic, we also saw a sharp drop in housing loan interest rates, triggering a boom in the mortgage sector. In order to expand business opportunities, companies in the banking and financial sectors are rapidly optimizing their technical capabilities, especially in artificial intelligence (AI). As artificial intelligence has taken a central position in the highly digital financial system, the BSFI department is further exploring this technology to accelerate the mortgage loan process, which is the key to accelerating revenue generation.

To deal with lengthy paperwork, lenders are choosing advanced digital business process management (BPM) solutions. As an experienced BPM solution provider, Visionet has also recently developed a future-oriented intelligent document processing solution called DocVu.AI, which can help lenders process large amounts of data quickly and accurately.

By combining optical character recognition (OCR), intelligent character recognition (ICR) and machine learning algorithms, this solution takes document processing, classification, and data extraction to another level. DocVu has a fully integrated workflow engine and automatic task assignment function, as well as a centralized QA list triggered by manual or automatic operation rules. DocVu accelerates the detailed process of mortgage closure.

Also read: Simplifai helps companies integrate intelligent process automation in their workplaces: Daniel Kohn, Chief Commercial Officer, Simplifai

In addition to facilitating remote work, DocVu.AI also ensures compliance, thereby increasing efficiency, reducing losses and ultimately creating revenue opportunities for the company. Fast and safe procedures can also build customer relationships and improve customer satisfaction.

With the perfect combination of digitally optimized operations and a customer-centric approach, we look forward to building synergies and supporting the company's leadership in the pandemic economy.

2. In your opinion, how does disruptive technology redefine the BFSI department? Which market segments in the industry are undergoing major changes?

With the development of artificial intelligence, cloud, blockchain, and microservice-based architecture, the BFSI industry is undergoing rapid transformation.

Artificial intelligence-driven technology has changed the BFSI department.

Although almost no part of the BFSI field has not been affected by AI, its impact is more obvious in services involving massive data management, such as the mortgage industry.

Advanced artificial intelligence tools such as Intelligent Document Processing (IDP) solutions bring efficiency and speed to data management, completely changing the way unstructured and semi-structured information is converted into consumable data. Handwriting, email, PDF or structured-regardless of source and format, IDP solutions can extract and process data at speeds and costs that cannot be achieved manually.

By reducing human intervention, IDP also improves compliance. This end-to-end automated data extraction and its export in the workflow has brought unimaginable efficiency and speed to business operations. Another advantage of using computer-trained algorithms for data analysis and extraction is that they can also ensure strong security. By minimizing the risk of fraud and improving reliability, they help create a secure trading platform for businesses and customers.

Also read: The pandemic makes us more agile than ever: Ravi Subramanian, MD and CEO of Shriram Housing Finance

The cloud is very large at this point in time. And more adoption of the cloud will usher in a big change. The capital expenditure of hybrid cloud is low. It can also be set at the customer's premises. This increases the convenience of conducting business. New players enter the field, further reducing costs. With better cloud security, BFSI participants, especially banks, can adopt the cloud as a long-term option.

Globally, the banking industry is transforming from a single setup to a more liquid and responsive entity. Customer experience will be the key. The next generation of banks will achieve this goal through structural transformation. The adoption of a lighter and more flexible microservice architecture will help this process.

Blockchain and data security are on the same level. Although its adoption has been slow, blockchain is adding robustness to the data security needs of the BFSI sector (including banks). Blockchain also brings the benefits of information reliability and keeps the risk of fraud away. Last but not least, blockchain also helps reduce costs.

Now, such high-end technologies are imperative to simplify business operations, improve compliance, reduce costs, and increase output. In order to survive in this highly competitive market, customer satisfaction is the key, and BSFI participants are reshaping themselves through this lightweight and flexible microservice architecture.

3. In the world triggered by the new crown virus, what new trends do you predict for the BFSI industry? Will the current deployment be relevant in the next five years?

The BFSI industry is witnessing some interesting new trends. These include digitalization, omni-channel banking, the use of artificial intelligence, robotic process automation (RPA) and blockchain-led services. The focus of these trends is to put customers at the center of industry actions and make their lives easier.

Also read: The key forces that undermine the onboarding process in the BFSI industry

In India, there are currently more than 330 million Internet users and 240 million smartphones. Since the price of available data is the cheapest in the world, even in the hinterland, the demand for financial services is rising. But in these small towns and villages, it is not the big banks that promote inclusive financial activities, but the payment banks. In the coming time, we will see more such payment banks all over the country in small towns and rural areas.

4. What is the unique solution that sets you apart from the competition?

Under the increasing relevance of data integration and analysis and the pressure to speed up the process without any gaps or fraud, DocVu.AI technology is undoubtedly the winner. This technology enables companies to extract, process, analyze, and interpret data in seconds, regardless of the source and format of the data. The advanced white glove service we provide further accelerates and improves the process. This intelligent automated data collection, extraction and processing solution provided by Visionet brings transparency, convenience, security and unparalleled speed to business processes, making us an inevitable choice for continued growth.

Our expanding business in mid-sized banks, credit unions, and other mortgage service providers reflects our reputation and positioning in the industry. Our go-to-market strategy focuses on entering new markets and industries and gaining a foothold in these industries.

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