Over the last few years, digital technologies have been having a profound bearing on the BFSI industry. It has affected the BFSI sector in a positive manner by allowing the banking, finance and insurance sectors to reach and engage customers on a broader platform. Innominds, with its expertise in advanced analytics, enables its clients to create risk profile and gather insights in customer behavior and predict fraudulent transactions.
Based on our experience in developing platforms and integrations for Robo-Advisory, Market Index and investment research solutions we have come to conclusion that alternate data (alt data) has attained one of prioritized and focused areas in the BFSI sector. Earlier, ‘alt data’ from being used for advising or developing investment strategies, has become mainstream channels for other high revenue impacted areas like fraud and risk management, marketing and advertisements. In the age of API Economy with BFSI industries exposure to ‘Big Data’ (transactional, demographic and customer) and intention to use alt data, managing data sets and making meaningful business use of data requires significant investments in Big Data, Analytics platforms and solutions.
Innominds, with its converged focus on Apps, (APIs), Devices and Analytics, brings to table experience of delivering and developing Big Data & Analytics platform and solutions enabling BFSI sector take informed decisions and making meaningful business use of their data.
Customer behaviour, in the field of BFSI, is changing at a pace not seen before. Innominds with its deep expertise in Digital Transformation in BFSI sector is well suited to cater to its client's needs. We have helped clients across the globe to cater to their banking and insurance requirements. We were able to assist our clients in eliminating manual review of recoverable indirect taxes, reduced manual efforts involved in Tie-Out process and generated information required for external auditors to authenticate for consistency to name a few.
Client: Client is a Big 4 Consulting Firm, which was looking to simplify identification, review and remediation of recoverable taxes.
Need: Eliminate manual review of recoverable indirect taxes performed by tax analyst.
Results: Automated invoices review reduced workload by 90%.
Client: Client is a Big 4 Consulting Firm, which was looking to make its audit functions more effective and less error prone
Need: Reduce manual effort involved in “Tie-Out” process to review financial documents
Results: Increased the quality, reduced the effort, and decreased time taken for Tie Out procedures and statement reviews
Client: Client is a consortium of bank looking for a solution to capture information required for auditing
Need: Replace existing platform for capturing attestation messages and requiring manual intervention to generate information needed for external auditors to authenticate for consistency
Solution: Utilized Ethereum based distributed ledger technology and UI Design and UX Engineering to develop the solution that captured daily attestations, detected anomaly, performed health reporting and acknowledgments
Results: The client managed to capture all the information required for auditing
Client:The client is a leading payment solution provider for all retail and e-commerce applications
Need: Enable businesses to accept credit cards from their customers on their Android device with an Internet or Wi-Fi connection
Solution: Once the free app is downloaded, the optional card reader is plugged in and users are ready to accept any Visa, American Express, Mastercard, Discover, or JCB card from their customers. Capture a Digital Signature on the screen and email a receipt, all from the business mobile device.
Results: Innominds successfully built a mobile payments application that enabled the client to accept credit cards from its customers on their devices