Know Perfios Better

  • 9th May 2023
    The financial industry has undergone significant changes over the years, with new technologies and innovations continuously emerging. One such innovation is account aggregators, which are revolutionizing the way we manage our finances. Account aggregators are digital platforms, and part of the India Stack along with UPI, Aadhaar etc, that allow users to consolidate their financial data from multiple banking & investment accounts in one place. This has resulted in consumers benefitting from significant ease & security and financial service providers benefitting by being able to offer innovative services. Let's take a closer look at how account aggregators are changing the financial industry.
  • 4th May 2023
    In the previous article, we have introduced and discussed an opencv based solution to solve the Table Identification task. We have also discussed a few limitations that the rule based structure recognition methods have. We also gave some post-credits on using Graph Neural Networks for overcoming these limitations. To recall, let’s revisit the challenges before diving into the solution.
  • 26th April 2023
    In today's fast-paced world, Banks and other financial institutions are constantly striving to find new ways to simplify and automate their credit underwriting process to bring in significant benefits, both in terms of efficiency and accuracy. Today, close to about 40% of the loan life cycle in spent in manually underwriting an SME loan application. However, frequent changes to credit policies due to regulatory compliance, rapidly varying bank’s risk appetite, competitive landscape, and other external factors, coupled with the need to manage risk exposure, can make this a daunting task.
  • 20th April 2023
    Two friends Mr. Aditya and Ms. Sheela had always dreamt of starting their own businesses and when the right opportunity knocked both started working towards it.
  • 11th April 2023
    Meet Prachi, a loan credit manager at a lending institution in India. Prachi has been working in the banking industry for over a decade, and she has seen first-hand how tedious and time-consuming the manual loan processing system can be. She starts her day by checking her inbox, which is flooded with loan applications that need to be processed. Each application is accompanied by a bundle of documents, which Prachi must manually verify and validate before approving the loan. The documents include identity proof, address proof, income proof, bank statements, and business plans, among others.
  • 24th March 2023
    In today's connected environment, customer expectations have reached an all-time high. To remain competitive, businesses need to do more than just meet customer needs. The way a business interacts with its customers can significantly impact their perception of the brand, regardless of whether they make a purchase or not.
  • 17th March 2023
    In the digital era, the financial world deals with portable documents in the form of scanned images, pdfs which are digitized to extract the relevant transaction details and then processed for different use cases.
  • 3rd March 2023
    Perfios has come up with a novel solution Asset Drishti for RIAs to better leverage the account aggregator (AA) ecosystem.
  • 23rd February 2023
    Perfios Software Solutions was recently awarded as the 'Best Lending Tech Initiative of the Year' by the Economic Times at the ETBFSI Excellence Awards. The awards were held on 17th February 2023 at Sofitel hotel, Mumbai to recognize organizations which have demonstrated uniqueness, impact and innovation in the BFSI sector.
  • 16th February 2023
    Gone are the days when documentation used to mean piling up heaps of paper in the corner of an office. Along with the digital wave came the paper-less tide. Every enterprise today is making the shift towards becoming tech savvy and digital. While this transition is on the way, there’s still an enormous quantum of documents that are vital to the companies and are yet in the paper format. Manual data entry silos continue to exist in a state of not being entirely accurate, efficient or cost & time effective.
  • 11th February 2023
    VPN stands for Virtual Private Network, which is a technology that enables you to create a secure connection over the internet from your device to a server managed by a VPN provider. The connection encrypts your internet traffic and helps protect your online privacy and security by hiding your IP address and making your online activities less traceable.VPNs are commonly used to access blocked websites, protect personal data, and enhance online security.
  • 18th January 2023
    India’s largest SaaS-based B2B fintech software company Perfios Software Solutions was named “Best Fintech in Value Added Services” at the BT-KPMG Best Banks & Fintech Awards. The award was received by Mr. Debasish Chakraborty, Co-founder and CTO of Perfios from honourable minister Mr. Nitin Gadkari, eminent banker Mr. K V Kamath, and India Today Group Chairman and Editor-In-Chief, Mr. Aroon Purie.
  • 23rd December 2022
    OCEN (Open Credit Enablement Network) is a decentralized credit network that aims to provide a platform for connecting credit providers and borrowers in a transparent and secure manner. With OCEN, borrowers can access a range of credit products from different lenders, and lenders can offer their products to a wider pool of borrowers. The goal of OCEN is to create a more efficient and accessible credit market that is free from intermediaries and barriers to entry.
  • 23rd September 2022
    Amidst global slowdown of economy, constant push for accelerated digitization and keeping up with regulatory ups and down, the Global FinTech Fest held last week in Mumbai was a much-needed platform for FinTechs and Regulators to gather at a single forum to display how vital the role of FinTech is for a strong growth trajectory of the Indian financial landscape
  • 5th April 2022
    Back in the day, Perfios was the first to introduce a cloud-hosted, completely automated finance management solution in the Indian market. We then followed it up by building our data platform, capable of generating customized reports using our home-brewed ML techniques. Today, we are a solutions provider of 75+ products specially designed for the BFSI sector in 18 countries globally. While the fourteen-year journey looks like a dream today, trust us when we say it has been anything but so.
  • 23rd March 2022
    In the digital era, most processes are supercharged and are completed in a fraction of what they used to take earlier. Loan processing is one such process where financial institutions have significantly cut down the turnaround time, enabling their customers to have faster access to credit.
  • 8th February 2022
    So far, this series of blogs has taken the reader into a close at hand inspection of one of the contemporary debates in the alleys of the Indian economy: The Account Aggregator (AA) Framework and its implications for financial services growth in the country. Undoubtedly, amidst an industry landscape that is being progressively Digitalized, the democratization of customer financial data reveals unprecedented opportunities for Financial Institutions (FIs). They stand to reap the most of it through a deliberate choice of a partner for the AA-enabled solutions.
  • 7th February 2022
    As an idea and a technology concept, Account Aggregator (AA) responds to the demands of a digital economy, necessitating the democratization of data for expanding financial services access. With its gradual mainstreaming into the Indian banking parlance, our previous blog post took a deep dive into its origin and the benefits that BFSI institutions stand to reap by being onboard the AA ecosystem. Nevertheless, while the conservatives stand to miss the first-mover advantage to innovate on a platform, that is, by law, the way forward, gaining AA awareness is only winning half the battle! What characterizes an excellent AA solution, and how are the benchmarks defined for a successful implementation for those willing to transform?
  • 1st February 2022
    Business transformation exists at the intersection of enriched customer experience and greater operational control. Nevertheless, while Digital, the motive force behind transition in the 21st century, has made noticeable inroads into the Indian BFSI landscape, significant challenges still persist on both sides of the banking desk. But in the New India that is surging ahead, is it fanciful to imagine a reality where data is democratized, trust is distributed, and the need for confidentiality does not necessarily stymie financial services growth? With the rollout of the Account Aggregator (AA) Framework well underway, such a future might be much nearer than we think!
  • 15th December 2021
    The COVID-19 Pandemic has accelerated an otherwise slow digital adoption within the banking segment. With changing customer expectations and the growing aspiration for personalized services combined with the rise in FinTechs, banks have identified a ‘digital-first’ plan that will help them reduce costs, enhance operational efficiency and mitigate operational risks.
  • 10th December 2021
    The Pandemic has forced a significant transformation in the banking industry - dependence on digital infrastructure and assets. The shifting consumer behavior, the need for personalized solutions, and the drive to provide operational excellence have led to this alteration. Despite the push for digital excellence, a lot of banking operations still rely on manual methods. There is an underlying need to automate these processes, not just for speed and productivity but also to mitigate risks and prevent fraud.
  • 10th December 2021
    The financial services sector is continuously evolving to match the customer’s growing expectations. In the penchant to offer enriching experiences to the customers, the banks have vigorously invested in ensuring seamless front-end operations. Despite the front-end operations going digital-first, many back-end activities are still dependent on legacy systems and processes. From managing credit analysis to disbursing loans and processing the payments, many procedures are done manually.
  • 2nd November 2021
    Evolution into the current human race took over a million years but income analysis of borrowers and lending process would evolve quicker! From the former times of complete paper based analysis to a digital version- we have indeed come a long way. But the most taxing, time-consuming, and indispensable task is still the evaluation of the borrower's financial statements to assess the creditworthiness of business entities. This dilemma stems from the massive amount of disjoint financial data, a lengthy process, and the shakiness of risk models. In any financial institution, banks or NBFCs, lenders need to assess both, the accounting and finance documentation to know the overall financial position of the borrower’s entity.
  • 28th October 2021
    In the highly competitive lending market, appraising the creditworthiness of borrower entities with accuracy in short periods is an absolute desideratum for success. Lending is a risk-based business, to reduce risk is essential, increasing accuracy imperative and speed is a necessity.
  • 20th October 2021
    For years, valuable institutional bandwidth has been lost in the tedious compiling, cleaning, and dissection of financial data to deliver actionable insights . Tools driven by automation, analytical tools, machine learning (ML) or deep learning (DL), when run in unison with the sheer volume of generated data, can improve data quality and optimize planning processes. In the financial services sector, with technology intertwined with every aspect of the business, CFOs are increasingly asked to reconsider using technology to optimize their finance operations.
  • 22nd September 2021
    In today's ever-changing dynamic market, the speed with accuracy has become the need of the day. With digitalization being the new norm, Perfios provides an intelligent solution to speed up processing large volumes of unstructured data, thus minimizing manual paperwork while generating a faster response to new opportunities. This solution provides its customers with improved compliance, transparency, powerful automated workflows, valuable insights and quicker turnaround times.
  • 21st September 2021
    Technology is constantly rapidly racing ahead, bringing about the invention of newer and better techniques constantly, each promising more competitive advantages to industries than the other. With the outbreak of Covid-19, tech-innovators are continually striving to upgrade the existing technologies and replace them with enhanced tools that will reduce pressure on manpower leading to cost-savings and maximized accuracy.
  • 9th September 2021
    Vivek Sharma has been an innovator at heart since his kindergarten days. A green technology evangelist and a firm believer in the climate cause, it has always been his dream to contribute meaningfully towards the Net Zero vision. So, no one was surprised when Vivek declined cushy corporate job offers in the final days of engineering and resolved to incorporate his waste-to-energy (WTE) venture to power SMEs in rural India.
  • 7th September 2021
    India's economy is at an inflection point, manifesting unmistakable signs of recovery. However, the incumbent risk assessment practices come short in sustaining a resurgence in credit access, limiting the nation's aspirations to be on a high economic growth trajectory. Dated evaluation tools struggle to accommodate the explosion of data that characterizes modern businesses and individual lifestyles, failing to paint an applicant's risk profile in totality.
  • 17th June 2021
    The financial services sector in India is perhaps one of the earliest beneficiaries of the surging digitalization wave in the country. The transformation of banking that has continued with varying tempo has received a shot in the arm with the expanding connectivity coverage, the fintech revolution, and a National resolution to drive inclusion. Today, stakeholders on both sides of the counter are exceptionally aspirational.
  • 2nd June 2021
    Digitalization has delivered the adequate impulse for the Indian Banking Story to turn a corner. The marriage of progressive digital constructs with legacy business models and services architectures has allowed financial institutions to innovate faster, explore deeper, and transform to scale with high reliability. The development has provided the means to convert revolutionary proof of concepts into sustainable revenue streams, allowing lenders to redefine their tactical and strategic postures.
  • 27th April 2021
    Once a wealthy merchant navigated the high seas going from one state to another when his boat got caught in a raging storm and capsized. The Merchant was marooned, holding onto a log of wood and trying not to drown. He was sure he would die before the night passed.
  • 19th April 2021
    Before I quit my secure, high-profile banking job to become a technology entrepreneur, I was unsure and uncertain for months. I kept pushing the decision because I wanted to feel “ready” before taking the plunge. Until one day, I concluded that I could not keep looking out for the right time. The feeling of wanting to be ready was imaginary, and time would never make me ready. Making a move would, and I had to make the move.
  • 17th April 2021
    A few of days back, I was speaking with a mentee about dealing with difficult bosses and difficult colleagues. The conversation was regressing into self-pity, the world is unfair mode, and I did not want to get pulled into anything negative.
  • 9th April 2021
    This evening I was in a conversation with a friend who was complaining about something someone had done, and I reminded him about the story of the two travelers. I have taken his permission to share the story. Some of you may have heard of it.
  • 30th March 2021
    It is a scientific truth that water becomes steam when it is heated to 100 degrees centigrade. Now imagine we put some water in a container and put it on a stove, and just as the water is heating up, we move the container from the stove. What will happen? The water will cool down naturally. However, if we continue heating the water long enough, the water transforms from a liquid state into steam as soon as the temperature hits the hundred-degree mark.
  • 10th March 2021
    An `Escrow Account` is a financial instrument in which an asset or escrow money is under the purview of a neutral third party, which is essentially a bank or a recognised lender; during the process of completion of a transaction. Being an age-old method adopted globally, the same is about efficient risk management and simplification of complex transactions for all parties.
  • 27th February 2021
    Across our personal and professional domains, we are all accountable to people with more power than we do, and they will take decisions that impact how we feel and what we do.
  • 21st February 2021
    Have you blocked chunks of time consciously in your calendar to focus on the actions, tasks that matter for you? Or are you under the impression that scheduling is not needed? That everything will happen naturally, on its own.
  • 18th February 2021
    There have been many times in the last year after I started my daily blogging where I have told myself, ”I can’t do it, I can’t write my blog today because other pressing matters are consuming my attention. I don’t have the inspiration or the time to write something meaningful and of value for my readers.”
  • 17th February 2021
    As we wrote earlier, Account Aggregation is poised to become the UPI of data by providing a scalable, interoperable and expandable data architecture. However, a world-class platform is by itself necessary but insufficient in deriving business value. Success will need you to design new products, use cases, customer experiences, as well as redesign processes which suffer from data friction.
  • 8th February 2021
    The last decade has seen the financial services sector of India undergo a transformative change. With the emergence of new-age technology solution providers or technology-driven start-ups in the financial space, established financial institutions have begun shifting from traditional legacy systems to partnership models with these technology start-ups.
  • 31st January 2021
    Take a moment and think about this question. What are the three choices we always have in our life? I picked up the answer to this question as a nugget of wisdom from a Biography, The Almanac of Naval Ravikant by Eric Jorgensen. Naval Ravikant is an Indian-American entrepreneur, investor, and a brilliant mind. This book captures a collection of Naval’s wisdom and experience over the years, shared as a curation of his most insightful interviews and reflections.
  • 21st January 2021
    Jealousy is an extremely toxic emotion. When I was young, I had a lot of jealousy. Though others may not have noticed it, I felt it in full force inside me. But, over the years, I have managed to tame it a lot through some aggressive mental gardening.
  • 20th January 2021
    At different times in our life, we face difficult choices that involve doing or NOT doing something. The difficulty is that the outcome of the choice we decide on will significantly impact our future life.
  • 19th January 2021
    The topic of “Compound Interest” has always fascinated mankind. Einstein is supposed to have said that “Compound interest is the eighth wonder of the world.”
  • 7th January 2021
    Perfios Software presents a One-Stop resource center for everything you need to know about RBI’s Account Aggregator framework. The Account Aggregator (AA) ecosystem is live as of 28th December, 2020. As a leading financial institution you may already be a part of this ecosystem, or evaluating your entry strategy, perhaps through a TSP (Technology Service Provider).
  • 24th December 2020
    Indian society has evolved from a savings-focused and debt-averse country to a more consumption-focused, leveraged economy. With the growth of India’s credit economy and rising number of consumers applying for credit each month, this market is paving way for some interesting trends in the credit card industry.
  • 20th December 2020
    As a tumultuous 2020 winds down heralding the new year, many go into their Christmas and year-end break, hoping to unwind and rejuvenate. Everyone must take a break from their daily routines to relax and rejuvenate.
  • 18th December 2020
    A few days back, I was in a coaching conversation with a young friend who was feeling stuck in his career. As we got chatting, something triggered a train of thoughts for him, and he said. “I just realized that I have been stuck in a web of comfort of my own making. I have been working very hard on things that are in my comfort zone and resisting anything that does not feel comfortable. It’s time I did something different.”
  • 18th December 2020
    All our stress comes from resisting the present moment- When we want the present moment to be different from what it actually is. Our car can breakdown in the middle of heavy traffic, or someone could lose a job or the business results don’t come as expected. Many situations cause discomfort or deep pain in our lives. The pain is real and cannot be avoided in those moments when something bad happens or when something is not going the right way.
  • 1st December 2020
    One of the fundamental human needs is seeking personal growth. It is human nature to try and grow across both the material and spiritual realms of our life as we age. Material and Spiritual dimensions are the guardrails of our life. They need to evolve in tandem. If not a sense of imbalance creeps into our lives.
  • 30th November 2020
    When it comes to decision making, all of us struggle with some types of difficult and complicated choices. You are a business leader, and you have been asked to execute a redundancy program, and you have to let go of 10% of your teammates. You are conflicted. “How do I decide, what is the right call to take.?”
  • 16th November 2020
    There is a distinction between Survival and Survival Thinking. Many times in our life, we encounter challenges and problems that could significantly impact our experience in that moment of crisis.
  • 14th November 2020
    In the late 1960s and early 1970s, Stanford psychology professor Walter Mischel ran a fascinating social study known as the Marshmallow Experiment. In this study, a group of 32 children aged 3 to 6 years was put through a test of self-restraint. The experiment involved every kid being taken into an isolated room where a single Marshmallow was strategically kept on the table.
  • 13th November 2020
    Having an open mind towards everything that happens in our life can be very tough. Every one of us has some core beliefs and values, and we reinforce those throughout our lives by exposing ourselves to situations and people that represent similar values and beliefs.
  • 8th November 2020
    In a conversation with a friend recently, a question cropped up. “We all have some self-improvement goals like being calm or being more organized, or not telling white lies or being disciplined about personal commitments, etc. But we keep slipping every so often on these goals. How do we course correct and come back on track when we slip up?”
  • 7th November 2020
    Have you ever felt this way? You spend the day finishing many tasks, but somehow, you think nothing much has been done at the end of the day. There is a simple reason for this feeling. You were likely to be efficient instead of being effective. These two terms may sound similar, but there is a big difference between them. Efficiency is when you perform any given task, it doesn’t matter if it is important or not, in the most economical manner.
  • 2nd November 2020
    The 42nd Goods and Service Tax (GST) Council meeting was held on 5th Oct 2020 and the 43rd meeting on 12th Oct 2020, chaired by Finance Minister Nirmala Sitharaman, to discuss the GST compensation for state governments for FY21. Amidst all the speculations, the GST Council has however brought some relief to businesses intending to enhance Ease of Doing Business and improve the compliance experience.
  • 26th October 2020
    Everyone has been talking digital, something Financial Institutions wanted to do but in the foreseeable future. The pandemic changed this for everyone and brought it to the forefront. It has become the hot topic in most webinars and events today and we now accept that this change is irreversible . The flip side of jumping on the digital bandwagon is trying to get there too quickly and not recognizing the nuances that come with it.
  • 20th October 2020
    “Pramod, having a cluttered table is bad Feng Shui. It blocks the free flow of the energy within you, and it will harm your performance”. This was a comment made by an ex-colleague of mine when he saw my workspace with piles of folders, books, magazines, and other Knick-knacks. Somehow that chance comment has stayed with me.
  • 30th September 2020
    When I am in coaching conversations, things get confusing sometimes. In some situations, the course of action could be “Be proactive, go out there, push or hustle,” and in some other situations, the course of action could be “Don’t push too hard. Give your best and let things pan out.”
  • 28th September 2020
    The turmoil in global markets has impacted multiple sectors with expected losses ranging from moderate to even significant. Ravi has manufacturing units of packaging materials in 9 states in India. Ravi's organisation is one amongst many of the banks' MSME customers who run their operations from various locations in India. Having operations severely impacted in 5 states, he reached out to bank(s) seeking immediate help for the survival of his business and was faced with an uphill task of convincing a growing list of circumspect lenders of his credit-worthiness under the prevailing business climate.
  • 24th September 2020
    The Supreme court directions on NPA classification post moratorium is a new challenge before lenders, while we await the final hearing on this. How can lender decide, which borrower to extend the facility, the one’s in stress need most help, but for lender there is the highest risk – can lender make big leap of faith, rely on past performance of the borrower than the current aberrations.
  • 22nd September 2020
    All of us need Opportunities to showcase our skills, capabilities, talent. But, where do Opportunities come from? They come from People who bring opportunities in our life. Opportunities don’t fall from the sky. Even if you believe in some higher power, destiny- those higher powers deliver the opportunities to us through people.
  • 28th August 2020
    There's a new kid in the town. The buzz word that's capturing the attention of VCs and PEs. It is called Embedded Finance, deemed to be the Future of the Economy! In this quick writeup below let us see why this is real and the hype is justified especially in India, and also see what are the factors that are accelerating its growth. Also, let's take a sneak peek into some of the aids available to accelerate the growth in this sector.
  • 13th July 2020
    Depending on your LinkedIn Objective, identify what are the type of people you want to reach on LinkedIn (TG) and what are the keywords they will search to reach you.
  • 20th May 2020
    Does this picture sound familiar? I have seen it being used on several occasions to describe an MVP strategy. The picture seems perfect. I myself couldn’t have expressed such an important concept in such a simple but profound way.
  • 1st February 2020
    There is a Buddhist saying that our mind makes an excellent servant but a terrible master. To relate to this saying, we need to acknowledge a simple fact.
  • 24th December 2019
    At Perfios, we serve over 200 Indian banks, NBFCs, Fintechs, wealth managers and mutual funds. We extract, categorize, aggregate, and analyze over 2,000 types of (un-)structured data from over 400 banks and financial institutions.
  • 20th December 2019
    Over the ten years to February 2019, AUM of Mutual Funds in India have grown at a CAGR of 16% to reach INR 23.2 Trillion . An average CPI of 7% in that period , and therefore effectively negative interest rates on bank savings, prompted investors to seek relatively higher risk and higher return investment options.
  • 5th March 2019
    Small and Medium Enterprises (SMEs) are integral to the economic development of any country. They constitute the backbone of an economy providing employment and contributing significantly to the national GDP (gross domestic product).

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