The market has been witnessing an interesting turn as banks and financial institutes achieve the goal to reinvent themselves not through a breakthrough product, but rather through innovative business processes. Oracle has remained an undisputed leader in the banking and financial solutions space enabling these institutions to enhance their customer service as well as to reap benefits.However, an installation of an Oracle solution isn’t enough. Banks and financial institutes still have to go through the arduous task of customising the product to meet their specific needs. This process of customisation calls for Oracle experts who at the same time are well versed with the banking and finance sector. Strategically aligned with these specific needs of the institutions is ProgFIN Technologies, an Oracle Gold Partner and Oracle FLEXCUBE Reseller, which is based in Bangalore extensively delivering their solutions across Africa and Asia. ProgFIN leverages on Oracle FLEXCUBE Universal Banking Solution, a leading core banking solution that is fast becoming every bank’s choice of enterprise application.

Providing an insight into the expectations of the clients, the Managing Director of ProgFIN, Arun Satija says, “You may have a world class tool but it will not yield the desired results unless you customize the tool specifically for the requirements. Banking is a field which calls for a lot of customization to fulfil the niche requirements of the banks. This is where we come in.” Oracle FLEXCUBE caters to the global banking requirements.

ProgFIN provides an array of services in the Banking and Finance sector such as Core Banking, Channel Banking, Microfinance and more. Core banking is one of the crucial bank functions that attracts heavy traffic. ProgFIN exerts great dexterity over this domain with a comprehensive set services, framework and delivery tool that aims to transform all aspects of core banking.

With multiple channels making their way in with the internet, mobile etc making banking accessible from different points of convenience, ProgFIN leverages on Oracle FLEXCUBE which comes with the capability to integrate with such different channels. And added advantage to this is that they come with built-in analytics which can be fed into the banking systems that enable banks to offer personalised monetary benefits such as loans to their customers.

ProgFIN is a gateway toall banking and financial solutions, Krinal Gupta, CEO says “The Biggest challenge that a bank faces today is to keep the banking solutions synchronized with the current global industry requirements. This is a daunting task. The primary reason being the business of banking is not the same across all geographies. A Solution fit for South East Asia is not an ideal solution for Africa. The variation is not due to the banking products;it is the underlying processes. At ProgFIN our solution functionalities have evolved over several years of experience of responding to client demands, riding on the waves of technology transformation.”

With the FinTech companies catching up, the need of the hour for banks and other financial institutions is to adapt to these newer and more innovative products. These are not core banking functions but nevertheless a popular and highly availed service. What sets ProgFIN apart is that they enable banks to adopt these new models of transactions into their services and move from the traditional mode of services.

Additionally, ProgFIN has designed the Business Continuity Model which has been developed to enable banks to share the cost of implementation/maintenance onsite and offshore along with the expertise of the engineers at ProgFIN. With ProgFIN, clients are at the advantage of 24x7, 365 days of support offshore as well as onsite support at a minimal cost. The BCM model is designed to meet the cost-conscious market of Africa and Asia.

Organisational development is a continuous process. But the pace of change has increased manifold. In a volatile global world, organisations enhance competitive advantage through business process re-engineering (BPR) by radically redesigning selected processes. BPR implies transformed processes that together form a component of a larger system aimed at enabling organisations to empower themselves with contemporary technologies, business solutions and innovations. Aditya NR, Director – Banking & Financial Services at ProgFIN, says “BPR benefits customers through significantly reduced transaction time, flexibility in servicing and improved value chain of service. Banks are benefited by increased volume of business and higher productivity, reduced operating cost (due to dismantling of unwarranted tiers) leading to higher profitability, improved employee loyalty and sense of belongingness.” Innovative banking practices enable banks to incorporate strategic innovative customer-centric schemes to bridge the service and product gap inherent in the banking system. These changes are increasingly reflected in product and service revamping by introduction of product and service schemes (such as credit cards, hassle-free housing loan schemes, educational loans and flexi-deposit schemesetc), integration of the branch network by use of advance networking technology and customer personalisation programmes (through multichannel and anytime banking).

ProgFIN is committed to deliver easier access to information, availability of cheaper,efficient and experiencedresources, reduced time to market levels, reduction in direct administrative employment and customisation of product/service unmistakably. ProgFIN promises an impeccable level of performance in terms of three key parameters viz. Customer Service, Product Innovation and Operational Excellence and a clear leadership in one dimension.