A pioneering player in real-time analysis and decisioning
‘Innovative, Disruptive, Category Creator, Cutting Edge Technology and Trusted Partner’— are a few terms, that sum up the business values of Perfios Software Solutions. Being a key disruptor across the BFS industry leveraging technological advancements, the company has made its steadfast presence in its market niche. To that extent, their innovations have had a positive disruption on the industry practices, that testifies their impact scale.
To get in-depth insights into this decade-old business venture in detail, we sat down for a freewheeling conversation with the Co-Founder and CEO — V. R. Govindarajan that concluded in this gripping read.
Founded in 2008, as a product technology company- Perfios Software Solutions has become a reliable partner for businesses to aggregate both structured and unstructured data, as well as curate and analyse this data, to boost their decision-making processes. With its diverse product portfolio targeting Financial and Banking industry, Perfios endeavours to stimulate a substantial impact in the fintech ecosystem.
Today, its matchless product line has become the go-to digital solution for Loan application processed by Banks, NBFCs & Fintechs. At present, the company serves over 270+ financial institutions across different geographies. Addressing the services offered by them,
Mr Govindarajan asserts, “Perfios’s platform has been designed to analyse Statements (irrespective of whether they are e-statements, online statements or paper-based scanned images) for customer onboarding & credit-decisioning along with analysis of other financial documents like ITR, GST, Payslip, Financial Statements etc.”
Team Perfios has been striving on its unique theme – “One Thought One Dream One Team” since its inception. The core inspiration behind the formulation of the company’s exceptional offerings has been the intend to enable as well as drive an ecosystem, where all the financial decisions could be backed with the power of data science in real-time.
Currently, Perfios’s exclusive data analytics platform is being utilized by some eminent Financial Institutions across 20 countries, including India, Singapore, Malaysia, Indonesia, Vietnam, Philippines, Hongkong, the UAE, Middle East and Africa, which reveals a lot about its efficiency.
ABOUT THE USPs
Perfios’s proprietary technology facilitates seamless automation of the highly cumbersome manual processes, that serves as a platform bridging the gap between data and intelligent insights. Hence, its clientele can reap the benefits of automating data-driven, risk mitigated and frugal decisions.
In the current environment where customers are looking for quick Banking products, lenders are dealing with large amounts of disparate data, and impediment to stringent privacy and compliance environments, they are relying to partners like Perfios to help them achieve customer delight.
Across the financial institutions, the insurmountable range of unstructured & structured data needs to be managed for accurate decisioning making. Thereby, Perfios has extended a helping hand for seamless customer onboarding, digitising manual data to reduce fraud rates, and use analytical capabilities for decisioning, cross-sell & upsell.
Perfios accelerates the processing of large volumes of data eliminates slow, error-prone manual work by human to save time and improve data accuracy. That means response quickly to new opportunities, improve compliance transparency, power-up automated workflows with valuable data, and achieve faster turnaround time.
ENABLER OF REAL-TIME BUSINESS DECISIONS
Perfios technology platform and its solutions have made the entire credit decisioning process faster, cheaper, and smarter for their customers. Manual activities at Financial Institutions which earlier took weeks, even months are now done in real-time with much more accuracy. using their analytics platform. Perfios’ solutions range across the customer lifecycle:
- Origination & Onboarding
- Aggregation & Document Analysis
- Credit Decisioning
- Verification Services
- Personal Finance Management & Hyper Personalization
- Account Aggregation Solutions
Further expounding their USPs, the CEO walked us through the scale and size at which the company operates-
- 10 Million + Statements are processed on an average monthly.
- 1 Million + Scanned Statements processed every month.
- 500 Million plus transactions categorized monthly.
- 755 + Institutions supported.
- 2,500 + Bank Statement variations supported.
- 1,700 + Data Formats supported.
- Access to 850 + Data Sources.
PRIVACY AND SECURITY AT THE HEART
Security and data privacy is at the heart of all activities carried out at Perfios. They have strict internal policies and processes around data management and are regularly audited by the Big Four along with leading CERT-In Empanelled vendor for Information Security Audits
To make a difference in its market niche, Perfios has been extensively leveraging upon the usage of Artificial Intelligence (AI) & Machine Learning (ML) for pushing the boundaries of digital banking with their cutting edge technology. Their products are extensively consumed in Lending, Risk & Credit Scoring and Data Governance modules.
Perfios has always been a preferred choice by Financial Institutions due to their inherent domain expertise in handling complex data, constant innovation, highly customizable solutions, short deployment cycle and quick Go-To-Market implementation. Mr Govindarajan affirms that their proprietary technology is capable of categorizing millions of narrations every day which is the crux of their analysis, justifying their tech inclusiveness.
One of their products called “Perfios CAM” which generates Credit Assessment Memo report, that participates in the Bank’s underwriting process, enables the digitization of the process and helping the lender take an informed data-backed decision. It also provides cross validation across Financial documents and triangulates data while identifying any tampering to document and validates integrated reporting & analytics, thus simplifying an underwriters risk.
Perfios thrives on the idea that every innovation starts with an idea. Ever since its inception, the company has put sheer emphasis on innovating as well as experimenting. The CEO cites that innovation is their middle name and they give credence to this element for their process efficiency, which has also boosted their business productivity and overall organisational health. The positive work culture ensure that the employees feel the sense of belonging to the company and their contributions bring about a significant impact in company’s growth.
In order to maintain their leadership position, R&D is the lifeblood of product innovation. The co-founder addressed, “R&D plays a pivotal role as underlying technology gets frequently upgraded and to be on top of it we are required to continuously innovate to ensure we maintain and foster our leadership position.
POISE AS THE LEADING FIGURE
For Mr Govindarajan, being a hands-on leader is what leadership is all about. He avidly believes that motivated employees can help achieve the wildest of the dreams. Therefore, he always asserts on working in close association with his employees while offering them a holistic growth both on professional as well as personal front. Addressing the team building process, the influential leader says that most of the talented individuals intend to be part of the pioneering product building process.
Identifying this aspect, the company has offered quite generous ESOP plans for employees that can provide significant monetary upside also. So, a dynamic combo of both professional pride and monetary benefits induced talent heads to join hands with the organisation. No doubt that owing to his management acuity like mentioned in the premise above, the company has been growing consistently at an average rate of 100% year-on-year.
GOLDEN FEATHERS IN THE CAP
The journey for Perfios has been quite spectacular that is embellished by recognitions and rewards from some eminent institutions hailing from the different industrial sectors. Here, we have encompassed some worthy mentions below –
- The Economic Times BFSI Innovation Tribe Award 2018, in the Tech category
- Award for Best Fintech – Value Added Service in March 2018 – Business Today
- Technoviti Award for Innovation in BFSI in Feb 2018 – Banking Frontiers
- Economic Times BFSI Innovation Tribe Award in the Tech Category 2019
- Emerge50 Awards 2019 by NASSCOM – Ranked Among the Top 50 Organizations in the Fintech Category
- BTVI National Awards For Marketing Excellence In IT 2019 – Award For Analytical Innovation
- WCRC Transformational Brands 2019 – Perfios Software, India’s Transformational Brand 2019
- FICCI PICUP Fintech 2020 – Most Formidable FinTech Growth Story
- Business Today Money Today Financial Awards 2020 in the Best Fintech in Value Added Service
- In the year 2021, the company bagged Global Inflection Awards
- Alden Global & NASSCOM Centre of Excellence IOT & AI- Best Technology Vendor of the Year – Finserv.
For the upcoming years, the company will be fixated on nurturing its unwavering thought leadership position, with its committed focus on tech trends. And the senior executives have envisioned to make Perfios – the category creator in their chosen domain as well as geographies while making a robust identity as a global player in its key focus areas.
PARTING WORDS BY THE LUMINARY
“As an entrepreneur, one needs to be passionate about the chosen goals/vision and sustain it throughout the journey. The moment passion goes away, everything else will go down.
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