InteGREAT: Maximizing Digital Advantage Across The BFSI Value Chain

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.

Nevertheless, the inherently paper-based and iterative processes, decentralized verification systems, suboptimal communication, and limited visibility still exemplify Indian banking operations, affecting both the service providers and the consumers. Recent studies have revealed that 67% of the Indian banking insiders, considering the apparent opportunity costs of such loopholes, prioritize customer experience and engagement, and 57% are pitching for improved employee productivity.

Building an emphatic solution

Simplicity and relevance have been embedded into the design philosophy of InteGREAT when Perfios conceived it as the industry's first low-code SaaS platform for real-time financial data analysis and decisioning. It can ingest a broad spectrum of data sources and accelerate multiple use cases across the BFSI domain.

InteGREAT is the culmination of over a decade of research into the persisting functional gaps in the Indian BFSI domain traditionally known to contravene bottom lines. In response, the platform has been purpose-built to help BFSI CXOs to transform, scale, and affordably eliminate technology debt across the value chain. It involves multiparty digital interventions, including Sourcing channel partners, Field Agencies, and Collection Agencies, at both the service consumption and the delivery ends. 

Helping BFSI leaders and operations team to be more productive

InteGREAT can replicate the branch hierarchy of a BFSI organization and enforce role-based access control. It eliminates disconnected processing, establishes a single source of truth, and saves administrative overheads. 

Further, InteGREAT has customized dashboards and reporting to paint a common operational picture of the application statuses and TAT at each stage, encouraging a composite decision culture for the FIs. The insights can be readily consumed at the top to support strategic business decisions and at the middle and bottom tires for driving day-to-day functions. With InteGREAT, tracking everything in real-time, it is possible to rapidly generate reports in a prescribed format for internal auditing, internal MIS, or regulatory MIS and compliance roles. 

Allowing Banking IT to be agile, affordable, and compliant

Here the modular nature of InteGREAT allows the business heads to drive cost leadership by picking and choosing the exact components that support the institutional digital transformation intents. A series of pre-built integrations and ready-to-use plug-ins are available on the platform for powering various use cases. It includes risk score calculation, automated underwriting decisioning with AI-based analytics, Amortization schedules, mandate registration for standing instructions (SI), SI presentation and instant disbursements, loan restructuring, and fore-closure facilities. Due to this flexibility, with InteGREAT, lenders of any size can go live with digital within 45-60 days while staying comfortably within their budget. 

Also, InteGREAT is consistently future-proofed to be in sync with all anticipated regulatory changes. It uses a workflow engine with the dynamic rule engine for orchestrating the entire customer lifecycle in real-time. 

Simplifying customer onboarding and transactions

Perfios values superior UX and believes that the customer onboarding and navigation experience should strike the right balance between simplicity and detail to empower those on both sides of the Digital Divide equally. 

For this, InteGREAT incorporates the BranchOffice Portal to allow FIs to rediscover their customer onboarding cycles at the branch level. BranchOffice Portal can ingest information in digital formats like ePDFs or as images of the physical copies, encouraging prospective clients to commence engagement using readily available documentation. 

Suppose the customers are not digitally proficient enough or too pressed for time. In that case, the InteGREAT platform offers an interface for the sales agents and RMs to trigger the application on their behalf and push it towards underwriting. 

Also, since Perfios maintains a series of system integrations with all the major FIs, the customers can share the online statements directly from their net banking accounts without sharing online credentials. Once onboarded, InteGREAT features a Borrower Dashboard where the customers can log in to view the status of their application, examine loan repayment status, pay the EMIs online and apply for new loans.

Improving the efficiency of the underwriting teams

The gross NPA in the Indian banking industry is estimated to rise to 15.2% and even as high as 16.3% in very severe stress scenarios in 2021. Today, the incentives are incredibly high on improving the quality of underwriting and rationalizing the cost of lending through precise, accelerated, and multi-dimensional due diligence.  

Moving away from siloed verification workflows, InteGREAT enriches the underwriting experience through a single pane of glass maneuverability. Perfios has plugged its acclaimed Fraud Check & Verification suite into the InteGREAT platform, enabling it to pull data in real-time from a broad range of sources. InteGREAT also features Cross Document Reporting capabilities to converge and analyze related data streams. For big-ticket lending and asset-backed lending that involves mandatory due diligence, the underwriters can assign cases to investigation agencies directly from the platform and consider the findings to support financial decisions. 

Conclusion

According to Sabyasachi Goswami, Chief Business Officer, Perfios, the mantra is to add simplicity wherever possible without sacrificing relevance and technical prudence. InteGREAT is an embodiment of this wisdom. It allows FIs to attain digital transformation within budget and make significant headway in terms of reliability, experience, and transparency across their value chains. Indeed, they are intangible assets that are no less significant for robust brand building in a closely-contested market.  

Click here to maximize your digital advantage with InteGREAT.

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