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Profinch is a bootstrapped Indian Fintech company founded in 2014. The company enables the 360-degree transformation of core operations, processes, digitization, data for banking, financial services, and insurance institutions, all by employing trendsetting practices and technologies that help customers to achieve their immediate and strategic goals.
Profinch currently works with more than 100 financial institutions across 50+ countries with 5 Fortune 2000 / Billion $ corporations as customers. With offices in India (Bangalore, Pune), Dubai, Singapore, Europe, and Canada, the company offers services to clients across geographies. The current team of 550+ strong work across offices and client locations.
Profinch was founded by Kiran Kumar, Jaskaran Singh Bhogal, and Ashok Kumar in 2014.
The founders decided to leverage their extensive experience and take a plunge out of the corporate after working for over two decades each in tech giants. The idea that started as a casual conversation over coffee soon shaped up into Profinch, a company offering innovative technology solutions to financial institutions.
Armed with an in-depth understanding of the financial services world, the founders identified gaps in the existing technology offering to create solutions to bridge some of these gaps. Profinch flagged off its journey by becoming Oracle's solutions partner, offering a suite of services for its financial products/technologies including consulting solutions, supporting implementations, upgrades, migrations, customizations, and support.
As Profinch grew in scale and confidence, the company launched its data and digitization products. The products have received a very encouraging response across markets, charting an exciting growth trajectory for the company, with both the products gaining wide acceptance in various markets.
The products space consists of two products built by Profinch: FinCluez and FinFlowz. The company has 20+ product customers proof pointed. Two of its customers are a Central Bank in Middle East and a global banking giant (multi-country rollout).
FinCluez is an award-winning packaged analytics and reporting platform with an inbuilt banking Data Lake and Data Warehouse, providing analytics and insights across banking functions. The product comes with a robust central bank reporting framework and is accredited by customers as one of the most comprehensive RegTech products. It has been built using a composable, platform-agnostic framework with low code and comes with pre-built banking data models.
FinFlowz is another award-winning omnichannel and mid-office digitization hub that focuses on process automation for BFSIs, branch-less banking, and agency banking through online apps/ offline apps / USSD rendered across platforms such as mobiles, tablets, and desktops. The use-case-specific modules of FinFlowz provide a composable enterprise experience across stakeholders (customers, agents, employees). Both FinCluez and FinFlowz are built on futuristic composable digitization platforms and data fabrics.
In the consulting space, Profinch focuses on core banking consulting, digital banking consulting, analytical and applications consulting, ERP consulting, revenue management, and billing consulting, lending, and leasing consulting through Oracle's suite of products. Profinch also provides managed and infrastructure services to financial institutions.
Profinch's products are 'made in India' with all the ideation and development happening in Bengaluru, India. The company has over 100 product innovation specialists. Profinch takes immense pride in the fact that its products enable customers to be data and insights-driven, digitally-driven, compliance-driven, and platform-driven.
The future belongs to companies that can move nimbly, keeping pace with ever-emerging trends and changing consumer behaviors. Artificial intelligence from a financial services context is driving change in a slew of areas including automated customer support, client risk profiling, trading and money management, regulatory compliance, security, and fraud management. Companies far and wide are focusing on unique use cases of AI in the aforementioned areas to drive value for FS organizations.
Big data has, to a far-reaching extent, revolutionized how the industry works and makes use of data. Credit scoring and hyper-personalization are some of the use cases already being worked upon by FinTechs. In a not-so-distant future, we will also see more regulators being open to the idea of partnering with FinTechs to fast-track their initiatives.
On the cloud front, end-user organizations are working towards cutting flab and making systems and processes more efficient and FinTechs are partnering with financial institutions in driving efficiencies through the cloud. The processing power that clouds computing guarantees along with the flexibility to scale up or down makes it lucrative for a business to invest in it.
More than 80% of Profinch's business is from repeat customers, which enunciates the values the company is able to offer to every single client they partner with. Innovation to the company is to "do everything to delight the customer". And it takes multiple forms; in the consulting business, innovation encompasses Profinch's processes, know-how, templatized frameworks to ensure all the company's projects are successful in meeting timelines and delivering exactly as per requirements.
In the products space, it is about developing fast and easy-to-deploy solutions, and solutions that fast-track ROI. Profinch uses the best-in-class technologies that are unified, configurable, low code, platform-agnostic, cloud-ready, collaborative, and secure. With an astute use-case-driven approach, the company is addressing specific industry problems and plugging critical gaps, which in turn is helping the company to scale its products and business swiftly.
As Profinch builds a brand that offers sustained value to customers and employees alike, one of the initial challenges was to retain young talent and keep them invested in the company's ethos and vision.
On the competition side, the market has been competitive with new entrants offering cheaper solutions that aren't innovative and tailored to meet specific needs.
Scaling rapidly and latching on to some of the opportunities initially was a challenge, but Profinch has managed to address that over the last few years with the company growing in scale and maturity. With an increase in scale, capacity, confidence, and experience over the last few years, the company has ramped up tremendously, and now at any point of time, Profinch delivers multiple diverse projects across an array of geographies.
Profinch has had many feathers in the cap moments. The company has been awarded Most Innovative IT Solution Company for Banks And Finance Organizations in 2017, Best Innovation Awards In Banking And Finance Industry- Technoviti 2017, Top IT Solution Provider And Implementation Partner 2017, One of the Best Tech Companies In Asia- Silicon Review Magazine 2018, Red Herring Asia 100 Winners 2019, IFM-Most Innovative Digitization Solution For Banks in India 2019, Most Impactful Project In Process Automation-IBS Global Fintech Innovation Awards 2020, and Best Innovation For A Financial Sector Enterprise in 2020.
From an Indian perspective, the entrepreneurial culture is enabling many young entrepreneurs to take risks, innovate and drive value in myriad areas in the financial services industry. This has led to mushrooming of start-ups in the fintech space. The private equity and funding ecosystems are also booming with entrepreneurs having easy access to funds. The space is further evolving and more areas are being catered to by FinTechs.
The traditional banking ecosystem is opening up and realizing the urgent need to embrace FinTechs to provide more innovative solutions, reduce time to market and be technologically savvier to tap consumers when young. The increased internet and smartphone usage have enabled consumers to meet almost all financial requirements through the click of a button, opening new possibilities of what can be achieved through mobiles. This is further fuelling growth in the fintech space.
Overall, Profinch envisions a bright future for FinTechs in India with the entire ecosystem strongly supported by favorable government policies and initiatives.
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