VSoft Technologies: Establishing Synergy Between Banking Operations and IT

CIO Vendor The Indian banking sector has been bolstered by execution of mandates and initiatives taken by policy-makers, ranging from automating business processes to changes in prudential norms to increased adoption of IT, mobility and other global best practices. However, the biggest challenge for banks and financial services today is to find the right synergy between operations and IT. While business thinks in terms of transactions and services, IT thinks in terms of servers and network. VSoft Technologies, headquartered in Hyderabad, synchronizes business operations with IT to help financial institutions improve service, reduce cost and maximize efficiency. Through creation of a catalogue of business services, manpower management, server consolidation, virtualization, and utility computing, VSoft has built a powerful platform where people, process and technology work in unison to drive, support and accelerate business transformation.

VSoft provides a comprehensive core banking solution (CBS) for co-operative banks built on advanced web technologies. Its platform-independent and open-system architecture gives banks the freedom to choose the hardware and software infrastructure of choice thus eliminating the CAPEX involved for banks. Besides offering core processing capabilities like accounts management and deposits, loan accounts, OD accounts, taxation and MIS reports, remittances and clearing; Iris CBS also offers a range of ancillary modules like Cheque Truncation, ATM cards management, and utility bill payments etc. The solution empowers the co-operative banks with modern banking channels like Internet, Mobile and SMS banking to compete with commercial banks and to remain profitable in this competitive market.

Omni-Channel Banking Platform
Modern banking has already eliminated the customers’ requirement to visit a bank branch to conduct transactions by introducing a range of banking channels like ATM, Internet Banking and Mobile Banking. However, these banking channels are heterogeneous in nature offering varied user experience and transaction limitations due to technology limitations. VSoft’s Omni-Channel banking platform aims at merging these multiple banking channels into a single unified channel where banks can offer same user experience coupled with a range of transaction facilities both financial and non-financial across multiple channels. “Imagine the possibility of filling a loan application at your coffee time on a laptop and saving it as a draft. Imagine if you could continue the process on mobile while commuting to office and by the time you reach office, there is a bank’s representative waiting for you to guide you throughout the process. All of this is made possible by Iris Omni-Channel Banking Platform,” says Satish Kumar, President, VSoft India.
The existing banking channels often have a learning curve which results in longer adoption time for customers. Language barrier just adds another obstacle in the process making it even worse. Iris omni-channel banking offers a unified user experience across the channels, eliminating the learning curve. Its multi-lingual support makes it even easier for the end user to easily conduct his transactions at ease.

The key value propositions of VSoft are greater flexibility to respond to changing business and regulatory landscape, enhanced speed to market of products and services, cost-effective innovation to compete with greater rigor, and a collaborative partnership approach towards transformation. Its domain expertise, choice of engagement models, business outcome pricing, solution depth, and hybrid model of delivery makes it uniquely qualified to offer next generation business services. Today, over 2,600 financial institutions use VSoft’s solution set. The company has an edge over its competitors owing to the processing efficiency of its solutions, specifically its unified platform, digital dashboard and single sign-on functionality. “Beyond the solutions themselves, our customers frequently cite the open, collaborative relationship VSoft extends as the primary reason for choosing us and for staying with us,” concludes Kumar.

Expanding geographical reach
VSoft pioneered cheque truncation technology in the USA many years ahead of the Check 21 Act. The company developed the “industry’s first new core system in years” (Bank Technology News, 2010) at a time when legacy core systems were hindering agility and innovation. Its automated clearing house (ACH) solution for next-generation electronic payments is being adopted today by many banks in India much ahead of the regulator setting a deadline for transitioning onto the new national payments network. VSoft is currently building a one-of-a-kind, cloud-based, farmer loan system that can revolutionize credit delivery to millions of rural farmers in India.

VSoft provides a comprehensive core banking solution (CBS) for co-operative banks built on advanced web technologies

From mobile cheque deposit apps for international banks in the USA to farmer loan systems for co-operative banks in India, VSoft’s solutions are functionally wide-ranging and geographically widespread. Having clients ranging from large multinational banks like Citibank to community owned credit unions in the US like State Employees Credit Union, VSoft is poised to further expand its global footprint across Asia, Europe, Africa and LATAM.