Somayaji Technolabs : Bolstering the financial services segment with exceptional implementation and support services

Krishna Somayaji, Managing Director

The Indian Banking and Financial services industry is undergoing massive changes today with the advent of Digital transformation. Having witnessed a shift from its traditionally competitive nature to a more collaborative one, the FinTECH Industry has been growing significantly in the last few years. The segment is more than welcoming proactive technological transformations owing to the Big Data boom, an increased level of outsourcing and the emergence of Payment Banks as well as FinTECH start-ups.

However, despite these advancements, the growth of the segment is still being challenged by a number of factors such as Competitive pressures, Changes in customer loyalty, stringent regulatory environments and major security concerns with the latter being the primary concern for the most part. These are pressurising organisations to take to new business models, streamline their operations and improve processes. Perfectly understanding these challenges and endeavouring to address them, Bangalore based SOMAYAJI Technolabs, the technology arm of SOMAYAJI Group, steps forward as a Consulting & System Integrator to assist organisations across the Financial services market, adopt the best Enterprise Solutions and deliver ably.

Incepted in 2013, SOMAYAJI Technolabs, specialising in solutions for the Banking and Education Verticals, has grown from strength to strength over the past 5 years earning and holding on to a reputed repetitive clientele, winning numerous awards for the efficiency in the executed projects, expanding operations, all the while being adept at latest Technology trends and Solutions to offer the best.

Speaking of challenges faced by the Financial services industry, Krishna Somayaji, Managing Director, elaborates, “While every possible measure is taken to prevent security breaches of all known kind during the implementation of a Technology Solution, it is the operational fraud and it’s handling that is tricky. In such a case, the turnaround time to fix a fraudulent security violation, and the subsequent damage control mechanism determines the effectiveness and quality of a Technology solution. SOMAYAJI Technolabs enforces all security measures prescribed by the RBI at Software level, Hardware Level[ATMs] and Card level to safeguard clients.”
Apart from SOMAYAJI Technolabs, SOMAYAJI Group provides multifaceted offerings through its two other wholly owned subsidiaries. While SOMAYAJI Investments & Ventures deals with development & management of institution infrastructure such as ATM Sites, eLOBBYs, Branches etc., SOMAYAJI Creatives is the creative arm which helps in branding, launches plus advertising content creation for the client to expand their reach by designing accurate, crisp and innovative messaging.

"While System Integration is our key area of functioning, it is our ability to go the extra mile to provide a complete on-site Support Services and Helpdesk, which stand out as our USP"

Krishna adds, “The purpose was to create a complete solution for the end customer. All the arms of SOMAYAJI Group go hand in hand and work in tandem –from conceptualisation, design, implementation of a Financial Technology Solution to creating its environment via suitable infrastructure and determining its reach through branding; SOMAYAJI Group provides a single-stop solution”

Implementing Business Driven Solutions for Banking
Recognising that banks today operate in unpredictable and challenging landscapes with continuously evolving Technology, and Customers' migratory behaviour to better services, the company provides Implementation and Customer Support for a number of enterprise solutions such as Core Banking, Antimoney laundering, Loan Originating, CRM, Enterprise Content and Business Process Management, BI, Financial Inclusion, Digital Signage, eProcurement, ATMs, Recyclers, Kiosks and the like. With latest Unified Payments Interface (UPI) and Mobile Banking Solutions at its bay, SOMAYAJI Technolabs is respected across the sector for providing the most potent solutions for clients’ needs.

“While System Integration is our key area of functioning, it is our ability to go the extra mile to provide a complete on-site Support Services and Helpdesk, which stand out as our USP. This in turn helps us not only retain our customers but also get repeat business from the same customers and acquiring new customers,” affirms Krishna.

Expanding Operations in Europe
Having delivered an expansive portfolio of offerings in the last 5 years, SOMAYAJI Technolabs has emerged as a distinguished Solutions provider that is widely commended for its work and preparedness. The company to date has garnered an esteemed and loyal client base of SMEs across Finance and Education sectors.

Moving forward, the company recently signed Strategic Alliances with European Firms to further expand its operations in Europe by launching its own branch in Brussels, Belgium. With several clients onboard, SOMAYAJI Technolabs is soon to enter the Retail and Hospitality Verticals as well.