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BFSI

BFSI

Digital Transformation in BFSIOver 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.

Success Stories

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.

1. Cognitive Technology to Generate Tax Information from Structured and Unstructured Data

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.

Solution:

  • Perform transactional data extraction and automate batch pulling of source documents from a variety of ERP systems
  • Built scalable capacity to handle significant volumes of data to conduct a complete, thorough review
  • Use cognitive technology to convert unstructured data into normalized data and associate the data with client AP data using Optical Character Recognition
  • Extract taxes paid for each line item and identify taxability of each line item
  • Use Machine Learning models to identity the taxability of each invoice. Tax team has to determine taxability only for few invoices, which is used to train the ML models
  • Reduced manual errors by 80%

Results: Automated invoices review reduced workload by 90%.

2. Automated Auditing of Public Accounting Tying Out Financial Statements

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

Solution:

  • Developed Audit Tie-Out app to transform how client audit practice delivers services to its clients
  • Analyzed financial statements for specific text
  • Used natural language processing techniques to recognize document parts
  • Implemented Machine Learning to make the algorithm self-learning

Results: Increased the quality, reduced the effort, and decreased time taken for Tie Out procedures and statement reviews

3. Monitoring Log Solution that Captures Attestations from Participants to Assess Consistency

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

4. Mobile Payments Application Enabling Businesses to Accept Credit Cards

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.

  • Processed all sales, refunds, and pre-authorized payments
  • Daily, weekly and monthly to date reports in real-time
  • Completely secure and PCI compliant – No card data is stored on the device
  • Individual merchant account with individual’s description showing on their card statement

Results: Innominds successfully built a mobile payments application that enabled the client to accept credit cards from its customers on their devices

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