Profinch Solutions - Revamping the Banking Industry with Integrated Oracle Solutions
Technology has gained considerable traction on the banking front, increasingly in the last couple of decades. From being a mere business enabler, IT has reinforced its role as a crucial business driver in the banking sector. At the heart of this transformation lie Core Banking Solutions (CBS) which have now been in place in most banks. As a technology enabler, CBS paves the way for automation of banks across multiple delivery channels. CBS has helped banks achieve centralized processing and consequently has enabled them to provide the basis for anytime-anywhere service to their customers. However, despite the numerous advantages of CBS, intense competition and changing market dynamics impose new market challenges on banks. Furthermore, fresh regulations and compliance requirements, the demand for the delivery of cost-effective products and services in quick-to-market mode, are factors that challenge financial service providers in the current times. As a result, banks and other financial institutions are constantly in need of agile technology partners who can address their changing needs to alleviate various pain points that arise in the business and address these with the right methodologies and solutions. In tune with these market realities, Bangalore headquartered Profinch Solutions services the Banking and Financial Services (BFS) sector with a growing product and service portfolio.
Incepted in 2014, Profinch Solutions is the brainchild of an energetic trio – Kiran Kumar, Jaskaran Singh and Ashok Kumar, who bring together a combined, multifaceted experience of over 60 years across Software Application Development, Implementation and Consulting, specially focused to the needs of the BFS industry. Their in-depth expertise in product development and services delivery, combined with an unyielding drive for innovation has driven the founders in their vision of conceptualizing Profinch, and this also drives them to create innovative and high-quality deliverables- which is now becoming a salient factor of their reputation in the markets that Profinch Solutions services.
Profinch Solutions, since its inception, has been catering to the needs of the BFS industry in terms of its offerings in the areas of Core Banking Implementation and Support, bespoke and packaged Application Development, Testing and Validation and Program Management. Based on its rich experience around Oracle’s suite of applications for the banking industry - primarily around Oracle FLEXCUBE core banking application, the company has been certified as an Oracle Gold Partner. Today the company has been involved in the development, support and implementation of products and services across Oracle’s entire portfolio. Among these wide-ranging services, Profinch focuses extensively on the implementation of Oracle banking applications including core banking, internet and mobile Banking and the data analytics space. “As an Oracle partner, our expertise lies in our ability to take Oracle’s solutions and ensure that they fit as close to the customers' needs as possible,” affirms Jaskaran Singh, co-founder of Profinch Solutions. “Our customers, primarily large corporate banks, have different perspectives of how they wish to manifest themselves to their customers. Our goal is to manage those expectations by bringing in our expertise, which comes from experience in a lot of countries. This become a key value-add for these customers,” he goes on to add.
Optimizing Core Banking Implementation with Oracle Flexcube
Oracle Flexcube core banking application is the answer to banks that grapple with complexities related to core banking transformation, and Profinch strives to unravel the market, technology and regulatory complexities with well-conceived core banking implementation strategies. “While core banking transformation is predominantly considered to be a complex process, we believe that the right skills when combined with the right methodologies and executed in an appropriate time, can resolve these complexities,” affirms Kiran Kumar, co-founder, Profinch Solutions.
With a comprehensive knowledge base of industry best practices for implementation, the company adds the ‘Profinch mark’ by templatizing tried-and-tested methodologies for every stage of the implementation cycle. Leveraging a team of adroit business analysts with extensive knowledge of the workings of Flexcube, Profinch builds accurate templates that are based on standard parameters and their own implementation experiences, to create a framework that facilitates seamless implementation as well as migration from legacy systems to Flexcube.
Through this framework, Profinch has empowered customers with seamless and agile implementations, reduced operational costs and increased efficiency.
“Since every customer is unique and may have a few requisites that don't fit into our standardized ways, we have extensibility and flexibility within our framework to cater to our customers’ specific needs,” adds Ashok Kumar, co-founder, Profinch Solutions.
Simplifying Banking Analytics with FinCluez
Banks and other financial institutions have begun to explore means of unlocking the tremendous untapped value of data generated by various internal transactional systems. Oceans of data emerge from multiple transactional sources, and when this is combined with the generic global abundance of data from sources as disparate as the internet and social media, making sense of the data is a key technology trend of this age. In harnessing this data to improve decision making, Profinch Solutions envisions an opportunity for its customers in the BFS segment.
There are still several barriers that impediment the effective understanding of such widespread data. While trends like big-data-analytics are becoming buzzwords, providing a focused view of transactional data remains at large. Most FSI customers are looking to effectively use analysis of transactional information to improve their operational processes. Addressing this need, Profinch facilitates banks with a complete banking business intelligence and analytics suite in the form of FinCluez- their packaged solution for simplified banking analytics and business intelligence. FinCluez is a solution that is pre-integrated for core banking data inputs, and it enables banks to use the vast amount of transactional data at its disposal to derive financial insights and shape actionable insights and critical decisions. The solution is available to various levels of business users, and eliminates the need for software developers, designers and data scientists for common cases of transactional analysis. With an interactive user interface, comprehensive data models, business user-driven dashboards and an intuitive exploration and discovery platform, FinCluez provides its business users with the ability to utilize and create flexible, interactive visualizations that explore qualified information. The security features from a centralized security management module, secure user authentication, object-level access privileges and reusable security filters further add to the secure, seamless and integrated omni-channel experience offered by FinCluez. On the whole, FinCluez offers a self-service business intelligence and analytics platform, with quick and scalable analysis, robust governance models, future-proof architecture and anytime-anywhere analytics.
ther Service Offerings
The Profinch team also specializes in providing Program Management services, where the company ensures a robust governance structure that will enable software and business teams to work together effectively for complex implementation programs. In such programs, a pyramidal hierarchy needs to be set up so that adequate governance is ensured at every level. Whether as part of their own core banking application transformation projects or for other ongoing engagements, Profinch believes that the key element to program management is effective communication at every stage and level. In complex program management engagements, the company undertakes continuous monitoring with periodic checkpoints and regular measurement of progress. “Our customers are enrolled in this design of project management, where weekly team meetings are organized and each level is monitored by the one above it, thereby ensuring adequate governance at every stage. This management strategy has been largely responsible for the timely completion of all our projects,” enunciates Ashok.
Despite a recent beginning in the market, Profinch Solutions has grown to be a trusted solution provider in this domain, having procured an esteemed clientele in the BFS segment across the globe. The company, which began as a six-member team, has grown in leaps and bounds since the acquisition of its first customer and now hopes to experience exponential growth in this space. Today the company has more than 100 full-time employees across its offices in Bangalore and Dubai. Having already established its mark in India, Africa and the Middle East, Profinch focuses on expansion into the APAC region, and later move into the South American and European markets in the years to come.
Simplifying Banking Analytics with FinCluez
Banks and other financial institutions have begun to explore means of unlocking the tremendous untapped value of data generated by various internal transactional systems. Oceans of data emerge from multiple transactional sources, and when this is combined with the generic global abundance of data from sources as disparate as the internet and social media, making sense of the data is a key technology trend of this age. In harnessing this data to improve decision making, Profinch Solutions envisions an opportunity for its customers in the BFS segment.
CBS paves the way for automation of banks across multiple delivery channels. CBS has helped banks achieve centralized processing and consequently has enabled them to provide the basis for anytime-anywhere service to their customers
There are still several barriers that impediment the effective understanding of such widespread data. While trends like big-data-analytics are becoming buzzwords, providing a focused view of transactional data remains at large. Most FSI customers are looking to effectively use analysis of transactional information to improve their operational processes. Addressing this need, Profinch facilitates banks with a complete banking business intelligence and analytics suite in the form of FinCluez- their packaged solution for simplified banking analytics and business intelligence. FinCluez is a solution that is pre-integrated for core banking data inputs, and it enables banks to use the vast amount of transactional data at its disposal to derive financial insights and shape actionable insights and critical decisions. The solution is available to various levels of business users, and eliminates the need for software developers, designers and data scientists for common cases of transactional analysis. With an interactive user interface, comprehensive data models, business user-driven dashboards and an intuitive exploration and discovery platform, FinCluez provides its business users with the ability to utilize and create flexible, interactive visualizations that explore qualified information. The security features from a centralized security management module, secure user authentication, object-level access privileges and reusable security filters further add to the secure, seamless and integrated omni-channel experience offered by FinCluez. On the whole, FinCluez offers a self-service business intelligence and analytics platform, with quick and scalable analysis, robust governance models, future-proof architecture and anytime-anywhere analytics.
ther Service Offerings
The Profinch team also specializes in providing Program Management services, where the company ensures a robust governance structure that will enable software and business teams to work together effectively for complex implementation programs. In such programs, a pyramidal hierarchy needs to be set up so that adequate governance is ensured at every level. Whether as part of their own core banking application transformation projects or for other ongoing engagements, Profinch believes that the key element to program management is effective communication at every stage and level. In complex program management engagements, the company undertakes continuous monitoring with periodic checkpoints and regular measurement of progress. “Our customers are enrolled in this design of project management, where weekly team meetings are organized and each level is monitored by the one above it, thereby ensuring adequate governance at every stage. This management strategy has been largely responsible for the timely completion of all our projects,” enunciates Ashok.
Despite a recent beginning in the market, Profinch Solutions has grown to be a trusted solution provider in this domain, having procured an esteemed clientele in the BFS segment across the globe. The company, which began as a six-member team, has grown in leaps and bounds since the acquisition of its first customer and now hopes to experience exponential growth in this space. Today the company has more than 100 full-time employees across its offices in Bangalore and Dubai. Having already established its mark in India, Africa and the Middle East, Profinch focuses on expansion into the APAC region, and later move into the South American and European markets in the years to come.
