Banking Process Automation service demand rising
Banks turning to service providers for BPA says Finesse
Demand from regional financial institutions for Banking Process Automation as a service provision is growing dramatically, according to software SI and BPA provider Finesse LLC.
The company says that improved economic conditions have increased business for banks in the region, but the sector is turning to service providers to manage the demand, rather than increasing their own fixed costs.
"We have seen volumes grow substantially," said Raju Ramesh, Co-Founder and CEO at Finesse. "I believe it is a reflection of the uptick in the economy. Volumes have grown on a compounded basis by over 15% in the first six months of the year. Currently we process over three million transactions every month."
The company offers services including cheque clearing, verification and reconciliation, financial document management, post dated cheque management, invoice factoring, remittances, settlements and payments, cash management and credit analysis as well as credit process automation. The growth in demand for these services has contributed to year-on-year doubling of revenues for Finesse, the company said.
Sunil Paul, Co-Founder and COO added: "Following the recession banks want to be cautious about growing their fixed costs exponentially too soon. At the same time they have business to service. Our offering helps because we charge on a transaction volume basis. Therefore if business is impacted at some point their costs go down proportionately. Banks pay only for costs that they incur to service their customers. It works out to a win-win situation because we bring knowledge and efficiency from our experience with all customers and applications to the table that they would not have access to otherwise."
"At Finesse, the emphasis is always value addition to the customers, be it in the form of process efficiencies, enhanced customer experience or innovative solutions. Finesse works closely with key stakeholders in all engagements and provides the services of domain experts in any area where the customer faces a pain point" said Sekhar Thodla, Strategic Advisor at Finesse. "This allows customers a solid sounding board to bounce their thoughts and ideas for validation."