The traditional online banking system is facing various challenges like legacy infrastructure, outdated technology, lack of streamlined processes and stiff competitive landscape.The business of banking is changing. Rapid technology evolution and changing customer preferences are the norm. More and more customers are leaning towards digital savvy banks.Digital engagement for banking is increasing year on year and this trend is staying with us.
According to Accenture Global Banking Consumer Study 2020, while in 2018 only 32% consumers interacted with their bank through a mobile app or website once a week, this number has risen to 50% in the year 2020.
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To keep pace with these changes, banks must bring innovative, customer-centric products to the market faster, while ensuring the highest quality.
NEED OF THE HOUR-TECH AND DIGITAL SAVVY FINANCIAL EXPERTS
Financial enterprisesstruggle due to absence of techno functional experts who are equally versed with business process knowledge and technology. The entire digital ecosystem is built on agile methodology which means no matter how specific you try to be about the business requirements, you can’t hit bull’s eye.
According to Mckinsey & Company, digitizing the loan-closing and fulfillment experience, will speed the process and give customers the flexibility and freedom to view and sign documents online or with their mobile app. Typically, US consumers have to wait at least a month to get approval for a mortgage—digitizing this process and automating approvals and processing would shrink wait time from days to minutes.
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Based on the current Banking and Technological environment, some of the importantparameters that should be kept in mind while building digital platformsare-
TEAM FOCSFI
We are a bunch of bankers developing solutions for banks. We bring to the table, massive knowledge about banking domain, economy and risk management. Our development team brings in innovativeand emerging engineering expertise.
Inspired by the transformation of tomorrow and fueled by the promise of our banking experience and collaboration,our client centered approach sitsat the heart of everything we do.We know how the financial enterprises should operate to handle small and mid-size businesses andmeet their lending requirements. We are a great solution for Banks and Financial enterprises to pursue. Our team is open, responsive, proactiveand helps in building a comprehensive working relationship.
OUR VALUE PROPOSITION
We specialize in delivering disruptive digital capabilitiesfor medium and small sizeorganizations-driving lasting innovation and breakthrough engagement.We focus exclusively on Commercial andWholesale Banking, and therefore, bring to our clients a deep knowledge of the challenges, operations, and best practices in the KYC, Risk Management, Lending Domainsand Cloud based Digital Storage.
What medium andsmall business owners want to hearthe most is an “answer”and our automated tools on an intuitive digital platform, our experience and knowledge of the ecosystem,enables financial enterprises to truly dominate the marketplace and exceed their customers’ expectations.
A HOLISTIC SOLUTION
Focsfiprovides a comprehensive suite of products to banks that enable them to provide seamless banking services to customers without any hinderance. Some of the objectivesof our solutions are-
- To drive a better customer experience and customer centricity.
- To provide on-the-go credit decisioning which isaccurate and reliable.
- Operational efficiency in analysis and assessmentsfor seamlessnessand easefor the customer.
- Smooth and fast platforms with quicker turnaroundtime.
- Ability to link different data sources be it structured or non-structured.
We also have a digital platform which manages documents. It can automate the management of digital documents by businesses,featuring supervised machine learning, artificial intelligence, storage, security, version control and workflow managementalong with other exciting and advanced features. It has a streamlined process where a customer can go andupload documents and fill inall the information required. With the integration of intelligent technologies, ourloan managementplatform providesa list of documentation required,based on the type of loan applied for.
To allow financial enterprises manage KYC commitments atreduced costs, we provide a KYC management platform where we harness the power of AI and smart case management.The platform is built on open APIs which can integrate with in house compliance and finance systems to provide a 360-degree view of client KYC dashboard for quicker decisioning.
OUR FOCUS-SUPERIOR CLIENT EXPERIENCE
With the changing financial landscape,our solutions are focused on delivering positive business outcomes by performing critical business services. Our simplified, digitizedand automated platformshelp to accelerate delivery services which therein reduce analysis overhead.Standardization of delivery model lends the capability to deliver end to end services and reduce development operational cost. Cell team model conceptempowers clients to select the level of services to provide on demand capacity andreduce rework. With our platforms and services, we facilitate banks to serve their customers in the best possible manner by providing them with superior customer experience and thus improving on ROI.
Our solutions are here to revolutionize the service delivery capabilities of Financial Enterprises.We continuously strive to fulfil the ever-changing consumer requirements. All our efforts are constantly directed towards providing you a seamless and smooth experience through platforms that help you build a strong relationship with your customers.