All the FDI flowing into India in recent times has led to an unprecedented rise in the broking business. With India having just joined the elite 34 countries that are part of the FATF (Financial Action Task Force), banks and brokering houses all around the world are anticipating having to implement FATF recommendations, making Anti-Money Laundering solutions critical for statutory compliance.
Portfolio rationalization is now on every CTO's priority list, with lean IT environments becoming an important goal. Regulatory changes are making global trends possible in Indian markets- High-frequency quotes and Algo trading are a reality today. Since 73% of NYSE trading volumes are driven by Hi-frequency trading firms, rising sub continental markets are close on the heels of their cousins across the ocean.
At Religare Technologies, we keep an eye on the future, without forgetting the past. Taking full advantage of our technological capabilities, we have been witness to the evolution of trading from a one-to-one relationship to a reach business (online trading paradigm) to Mass wealth management, and with our customer centric approach, systems like CRM and RMS (risk management system) are helping our clients achieve and surpass financial objectives with the greatest ease. Our Credit Risk Management Solution and AML monitoring solutions are helping our clients mitigate the risks of which they have become more aware since the meltdown of 2008, and increase compliance and accountability. We also understand that the end game in Algo trading is with the operator with the lowest latency infrastructure, and tailor low-latency Algo trading solutions with Wall Street-proven technology to Dalal Street's local flavor/ own expertise. With SEBI having approved mobile trading, we are committed to helping brokers integrate the opportunity offered to their existing IT landscape through a completely platform independent mobile trading solution– adding a distribution channel to their existing business model.
With the world still reeling from the lessons learned from 2008, economists are debating a double dip recession – post 2008, banking will never be the same. Risk Management and Compliance have now become core functions to every bank’s strategy. The next wave of Core banking (CBS) implementation will include the large number of Tier II and Tier III Co-operative banks in India.
An innovative model is required to make CBS a viable option for these small banks as the sunk cost for CBS cannot be amortized without impacting their operating margins. With the power of conservation and rationalization being felt across the world, our application (Software as a Service-SaaS), hardware (Platform as a Service-PaaS & Infrastructure as a Service-IaaS) and portfolio rationalization solution has been specially designed to cater to the needs of CTOs across the world, through a hosted model bundled with our Data Center Solution.
Religare Technologies, along with its partners, offers a complete Core Banking hosted suite, which includes application, hardware, network, security and support on a "pay per use" model- making it uncomplicated for a small bank to adapt and modernize its infrastructure. As the industry trend is seen moving IT spends from a Capex to an Opex model, bankers are exploring new channels like mobile / hand held devices for penetrating the rural markets for financial Inclusion. Banks are looking to move out of the capital intensive ATM/Kiosk/POS network to a common branded consortium ATM/Kiosk network on shared service model, where they can extend their services pan India which operates on a transaction basis. Taking a cue and pre-empting market requirements, we at Religare Technologies have set in motion an ambitious project that promises to redefine the rules of the game: A pan-India ATM estate, soon to be added to our service offering, is a fledgling set for the high skies. This ATM network will operate on a hosted model for multiple banks, reducing transaction costs and meeting RBI's financial inclusion objectives, making ATM usage functions more effective for both the bank as well as its customer.
With the economy’s increased focus on financial inclusion, experts are looking to insurance as the businesses across the board are facing the challenges of high cost of premium, complex documentation, awareness of benefits, collection of premium on y-o-y basis, cumbersome claim settlement processes, and change of pricing model for premium from individual risk to community risk profile, among many others.
These stem from the complexity of performing distribution functions in markets as fragmented as those in India. Inclusion is not limited only to banking but is applicable in the insurance sector as well. Insurance Inclusion will provide rural India with the cover of insurance with low cost, safe and long-term serviceable insurance products.
Religare Technologies's Micro Insurance solution, along with our low-cost online distribution model will make insurance inclusion goals financially viable and feasible. Our solution enables alternative channels, including smart cards, mobile insurance, internet insurance & kiosk insurance platforms for distribution. Considering the challenges typical to the micro insurance industry, our solution takes into account the cost of premium collection, complex documentation and a simple and streamlined business work flow and process which is highly customizable.