With the surge of technological applications and change in the priorities of customer preferences, the BFSI sector has gained the confidence to deliver better banking facilities to customers. All financial institutions have been implementing IT to reposition themselves after recovery of global economy. Financial sector across the globe has thus been focusing to embrace mobility with experiments in new revenue streams to optimize the captured and uncaptured data. However, Retail bankers and financial institution’s ambitions to be positioned as technology driven organizations are often hindered after the increase in figures of poor outsourcing and delivery bills. In addition to this, the financial sector is also in dire straits with testing results and breach of data by online hackers.

Addressing these concerns, Pune based Verinite, is positioned in the market to manage and solve various perspectives of testing, information security, product development, Consultancy and mobility using its innovative technological solutions in BFSI sector. It has been helping banks, financial institutions, product companies and third-party payment processors to gain a competitive edge by collating the synergies of technology, people and processes. Within span of three years, Verinite has expanded its reach in economies such as East Africa, Middle East, India, South East Asia and UK.

During the initial years of working with big MNC’s in the BFSI sector, Ashish Katkar, Co-founder and Director of Verinite; noted the lack of matured and industry standard processes in channel enablement, service delivery management and compliance and quality assurance. He came to the conclusion that despite of good technology penetration in the sector, there remains a huge reluctance among the industry to adopt the same. Realizing the imperative need of a strong domain technology in BFSI, Ashish founded the company in 2011. “We are now confident of filling-up the gap of technology and business skills to serve the small and medium sized banks and Financial Institutions to address the unique trends and needs in emerging economies pertaining to information security, cards and frauds etc,” says Ashish.

Three Pillars for Successful Banking

Most emerging economies require an automated, structured, pervasive and measurable information security ecosystem for key business functions to coordinate with industry and central bank regulations. Secondly, consulting and deployment skills are also required to deliver channel enablement strategies to cater to changing customer needs. In addition to this implementation of GRC (Government Risk Compliance) and knowledge enhancement through awareness has also become a prerequisite for SMEs to compete with other large institutes across the globe. Verinite has been offering various solutions and guidance to the banking sector since its inception. “We have been intentionally focusing on the Retail Banking Industry constituting of cards, payments, core banking and lending procedures. This has allowed us to build a right domain, technology and product expertise by providing value for money services to the customers,” adds Ashish.

Catering to BFSI and ISV space

Ashish’s team offers services ranging from planning new initiatives to driving innovative IT cost transformations. Besides planning and consulting; Verinite also helps enterprises to design, develop, test, implement, maintain and support technology pertaining to web and mobile applications. Whereas, the quality assurances are ensured as the company performs the automation and penetration testing of applications for vulnerability assessments of IT infrastructure and security code reviews. In regards to Core IT Services; this Pune based team undertakes application development projects & management and integration projects with an aim to offer secured, reliable and scalable applications.

More IP solutions for BFSI in future

Verinite aims to reach target revenue of Rs.15 crore in coming years by developing at least 2 IP for solutions or products for Banking, analytics and mitigation of frauds. Secondly, the company would set up self-funded venture labs to solve complicated problems faced by banking sector. The Managing Director also plans to expand the company’s presence in developing economies to augment offerings in the areas such as mobility, business analytics and information security.

The key differentiator of Verinite has been a combination of domain, technology and applications in following areas:
1. Core Banking – Temenos T24, Infosys Finacle, Oracle Flexcube
2. Cards – HPS PowerCARD, Tsys Prime, Vision PLUS
3. Switching – BASE24
4. Risk – Triad, Probe
5. Fraud – PRM, Risk Net